XRP Price Eyes $0.56 Target Amidst Optimism Over SEC v. Ripple Lawsuit Settlement

• Amidst speculation that Ripple Labs could go into a settlement with the U.S. SEC, XRP investors are eyeing the $0.56 price target.
• Legal experts have suggested that a settlement under $20 million could be viewed as a win for Ripple and could see the SEC save face.

XRP investors are hugely bullish about the coming months, with legal experts foreseeing a conclusion to the SEC v. Ripple lawsuit. In a recent podcast, crypto lawyer James Murphy predicted a settlement in the SEC v. Ripple lawsuit.

Rumors about a possible settlement between Ripple Labs and the SEC began last year.  Legal experts have pointed out that this could possibly be the best outcome for both parties. On one hand, the regulatory agency is facing a court loss. Ripple on the other hand, despite celebrating minor wins and looking likely to win the case, has suffered a waste of resources and time in the case which has been going on for the past 3 years. A settlement can allow Ripple to put the case behind it and focus on the development of its ecosystem.

Outspoken cryptocurrency attorney John E. Deaton last year suggested that a settlement under $20 million in the Ripple XRP lawsuit against the SEC would be a significant legal victory for Ripple.

James Murphy’s comments come at the back of nearly 5% gains for XRP. Speaking on the gains, the lawyer attributed this to either a possible settlement or the court recently granting Ripple’s request to extend the remedies-related discovery deadline by a week.

Expanding on a possible settlement, the lawyer pointed out that 2024 is an election year which could influence regulators’ decisions. With a shakeup likely to occur on the U.S. political scene, there could be a management change in the SEC. The current management could look to take a win or possibly save face before stepping out and/or the new management could look to settle the case which has taken years for the SEC to prove.

At the time of writing, XRP is trading at $0.53 after a nearly 3% surge in the last 24 hours. On the weekly chart, the altcoin has gained nearly 6% with a market cap of $29 billion.

The next key target for the coin is $0.56 which will act as a resistance. If broken, it will forge a path to $0.60 which could form local support on the way to $1.

Although XRP has impressed in recent months, investors are aware that the token has much greater potential. For years, its development has been hindered by the ongoing case, with investors, specifically institutional investors shying away from going all in on the digital asset. Investors have further blamed the ongoing case for the failure of any financial institution filing for a spot ETF following the approval of a Bitcoin spot ETF and numerous ether ETF filings.

With the possibility of a settlement and institutional investors taking an interest, experts foresee the digital asset revisiting its all-time high of $3.40.