Ripple price is on a rebound after declining for two consecutive days. Its total market capitalization was at $75.04 billion.
Ripple has been entangled in a legal battle with the SEC since 2020 over the sale of XRP in an unregistered securities offering. The legal tussle has been through several twists and turns over the last few months making the outcome of the case unpredictable.
Attorney Jeremy Horgan who has been covering the lawsuit hinted that a settlement was around the corner. His statement stirred XRP holders and might have pushed the Ripple price upwards.
However, legal expert James Filan stated that XRP’s holders should not expect a settlement between the US Securities and Exchange Commission (SEC) and Ripple soon. According to Filan, the lawsuit between Ripple and SEC is a war and bulls should buckle in for the long haul.
Filan stated that “The goal is to clean this mess up and move forward. So, I don’t think a settlement is coming anytime soon. This is a war. I think we should settle in for the long haul.”
According to analysts, Ripple still has room for explosive growth even in the face of its legal war with the SEC. Ripple is set to tap into the $1.8 billion annual remittance market between the Philippines and Japan.
Ripple price pulled back from its intraday high at $0.7740 earlier on Monday. At the time of writing, the altcoin advanced 3.38% at $0.7488. For the past two weeks, it has roughly risen by 36.38%.
On the daily chart, XRP is trading above the 25 and 50-day exponential moving averages. In the near term, I expect the Ripple price to find support within the 50-day EMA at $0.7067.
If Ripple extends its gains, bulls will be targeting the psychological level at $1.000. However, if the trend extends to the downside, the bears will be targeting a psychological level of $0.6000.