Will XRP Price Rebound Sharply This Week?

XRP (XRP) price opened its new weekly session in positive territory, rising by over 1.50% to reach an intraday high of $0.552 on Sept. 2.

Ripple Has Already Paid $125M to SEC: XRP Analyst

XRP’s gains today follow growing speculation that Ripple might settle its lawsuit with the United States Securities and Exchange Commission (SEC) by the end of this week, particularly after XRP analyst JackTheRippler told his 232,700 followers that Ripple may have already paid the SEC $125 million in fines.

🚨RUMORS: @Ripple has already paid $125 million to the SEC, and a major announcement is expected to be published next week! 👀 #XRP pic.twitter.com/shqpNaHLVc

— JackTheRippler ©️ (@RippleXrpie) August 30, 2024

If the SEC has indeed accepted this penalty amount, it would indicate that the regulatory agency has decided not to appeal U.S. District Court Judge Analisa Torres’ ruling, which significantly reduced the initial fine from $2 billion to $125 million.

Previously, the market was anticipating a possible appeal, as the SEC had been expected to contest the reduction in the fine. These fears contributed to XRP’s declines following the Aug. 8 ruling; its down by over 14% since then.

However, as of now, there is no official confirmation or credible evidence to support these claims. Ripple’s leadership, including CEO Brad Garlinghouse, has not made any statements verifying that a settlement has been reached or a fine has been paid. Additionally, legal experts and analysts closely following the case have not reported any verified developments indicating a settlement has occurred.

XRP Tests Support That Last Sent Its Price Soaring by Over 50%

XRP’s price rebound today occurred near the lower trendline of its prevailing ascending triangle pattern. The cryptocurrency has recovered sharply after testing the same level in recent weeks, namely its 50% gains in July, which, from a fractal analysis standpoint, increases the odds of another price recovery ahead.

Adding to the bullish outlook is XRP’s 200-day exponential moving average (200-day EMA; the blue wave), which has served as strong support during the August 2024 consolidation trend.

Should XRP undergo a rebound, its price will likely eye a run-up toward the ascending triangle’s upper trendline at around $0.630, up about 15% from the current price levels.

Furthermore, these gains may appear in the days leading up to the Federal Reserve’s interest rate decision on Sept. 19, with bond traders seeing a 100% possibility of a 50 basis point (bps) rate cut. Lower interest rates are considered bullish for non-yielding assets like cryptocurrencies, which may help XRP hit its ascending triangle’s upside target in September.