Amid these regulatory challenges, Ripple’s Chief Financial Officer, Kristina Campbell, has departed from the company, XRP under pressure.
XRP supporters and the cryptocurrency community are eagerly awaiting the outcome of the Ripple-SEC lawsuit, as a favorable settlement could potentially lead to the next bull run.
San Francisco-based blockchain startup Ripple continues to face challenges amid its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). Last week US Judge Analissa Torres rejected SEC’s appeal for interlocutory motion in the Ripple lawsuit.
Additionally, the judge has also pushed for a settlement between Ripple and SEC. While the Ripple vs. SEC trial will begin six months from now in April 2024, there’s been a major rejig taking place in the company. Amid the ongoing regulatory battle, Ripple’s Chief Financial Officer has left the company in an announcement this week.
Ripple CFO Bids Adieu
Kristina Campbell, who served as Ripple’s Chief Financial Officer for the past two and a half years, has left the cryptocurrency company to assume the same role at the healthcare firm Maven Clinic. She shared this news on her personal LinkedIn profile, expressing her appreciation to Ripple and her former colleagues:
“I would like to express my deep gratitude to everyone at Ripple for making the past few years so memorable.”
This transition occurs in the midst of an ongoing legal battle between Ripple and its prominent adversary, the United States Securities and Exchange Commission (SEC). Ripple is currently holding the advantage in this dispute, having secured two consecutive victories in court.
Recently, U.S. Judge Analisa Torres dismissed the SEC’s request to appeal the July ruling, which concluded that the XRP sales conducted by the firm in previous years did not qualify as offerings of investment contracts. She also set April 23, 2024, as the trial date.
Ripple Settlement Can Trigger Bull Run
XRP supporters and the entire cryptocurrency community are eagerly awaiting the conclusive settlement of the Ripple-SEC lawsuit. This outcome holds the potential to spark a significant price surge for XRP and foster a more favorable regulatory landscape in the United States.
As projected by ChatGPT, a potential victory for Ripple is among the factors that could fuel a bullish market in 2024. These factors encompass fresh banking alliances, trends in the crypto market, technological innovations, supply and demand dynamics, speculative activity, and various other elements.
However, the XRP price has lost early October gains slipping under $0.50 once again. As of press time, XRP is trading 3.14% down at a price of $0.48. The recent price pressure on XRP comes amid a sell-off in the broader cryptocurrency market.
XRP’s price appears poised for a substantial decline as it confirms a symmetrical triangle pattern on the daily chart. Furthermore, the cross-border remittance token remains situated below three significant moving averages, including the 21-day EMA, 100-day EMA, and 200-day EMA.
The Relative Strength Index (RSI) has retreated from the overbought region, dipping below the midpoint and edging closer to the oversold territory. Should the bulls not act assertively to protect the immediate support level at $0.48, the prospects for an immediate recovery will diminish significantly.
If a resurgence doesn’t materialize at the $0.48 level, some investors might also opt to shift their focus to alternative cryptocurrencies. The presence of the triangle pattern suggests that XRP’s price could potentially descend by approximately 34% from the breakout point at $0.51 to $0.33.
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