The company faces legal challenges, including a lawsuit against the US Securities and Exchange Commission (SEC) and a civil securities lawsuit against CEO Brad Garlinghouse. Analysts predict potential significant gains if certain technical patterns form.

The SEC's Chief of the Crypto Asset and Cyber Unit, David Hirsh, resigned earlier this week. Hirsh spent almost a decade with the agency, and some speculate that he will start working for pump.fun, a Solana-based marketplace. However, Hirsh labeled the rumors "false."

Ripple faces another civil securities lawsuit for "misleading statements" made by CEO Brad Garlinghouse in a 2017 interview. Garlinghouse said he was "very, very long" on XRP, while in reality, he sold millions of tokens in that same year, according to the lawsuit.

Despite the recent market retreat, XRP has been stable, hovering around the $0.50 mark and spiking by 3% on a weekly scale. One analyst believes that XRP could form a "perfect Hammer formation," which could be followed by a "mega pump" if it closes above $0.55-$0.58 by the end of June.

If XRP closes above $0.55-$0.58, it could lead to a pump of around 1700% ($8) starting in July 2024. If XRP needs more time, the pump could be around 5500%, taking it to $27. Another analyst, JAVON MARKS, is bullish, forecasting a price explosion to $20 "and even higher" if XRP mirrors its performance from previous years.

Ripple announced the launch of a stablecoin pegged to the American dollar, called Ripple USD (RLUSD). It will be available on the XRP Ledger and Ethereum and will go live later in 2024. The launch of RLUSD could potentially increase the adoption of XRP and lead to higher prices. However, the cryptocurrency market is highly volatile, and prices can fluctuate rapidly.