As a seasoned financial analyst with extensive experience in securities law and cryptocurrency markets, I’ve closely followed the Ripple XRP case unfolding between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Based on my analysis of recent developments, I believe that a settlement between the parties at this stage is highly unlikely.
Ripple XRP Case Developments: Following two consecutive closed-door meetings by the U.S. Securities and Exchange Commission (SEC), there are rumors of a potential settlement between Ripple and the regulatory body. Marc Fagel, a former SEC securities lawyer, shared his insights on the possibility of such an agreement being reached at this juncture.
Ex-SEC Refutes Settlement Talks in Closed-Door Meeting
Former SEC lawyer Marc Fagel clarifies the absence of ongoing settlement discussions in the Ripple vs. SEC case. He maintains his previous stance, indicating that neither Ripple Labs nor the SEC are actively pursuing a settlement at this time. Both parties have requested for final judgments instead.
For over 150 instances, almost weekly since the lawsuit was initiated, there have been speculations on Crypto Twitter about ongoing settlement talks. However, according to Fagel, this latest meeting is undeniably the one where a settlement will be reached. Contrary to previous assumptions, no settlement was actually being discussed in the prior sessions.
According to a report from CoinGape, the Securities and Exchange Commission (SEC) is set to explore various themes during its upcoming discussions. These include addressing injunctions in institutional actions and administrative proceedings, settling litigation claims, and overseeing enforcement proceedings.
There have been reports that the upcoming meeting aims to address the ongoing disputes regarding injunction claims and potential settlements in the Ripple XRP case, which comes on the heels of recent legal advancements in the Binance lawsuit. The financial community is keeping a close eye on these developments and eagerly awaiting any results from the meeting.
XRP Price Rallies Ahead Ripple XRP Case Deadline
During the ongoing legal battle, attorney Bill Morgan, an advocate for XRP, displayed enthusiasm over the cryptocurrency’s promising price trend before a forthcoming court decision. Morgan and Fred Rispoli expect the judge to hand down a ruling on penalties and injunction by late July or early August.
Within a month, the RSI is poised to snap its nearly 6.5-year bearish trend by signaling a bullish crossover. XRP investors are on the lookout for a breakthrough above the symmetrical triangle chart pattern, which has seen price action for years without resolution.
An analyst made an observation that every time the Relative Strength Index (RSI) formed a third bullish crossover on the monthly chart, there was a subsequent parabolic price increase for XRP. The digital currency’s value has jumped by 27% within a week, now standing at $0.543. Additionally, there was a significant surge in trading activity, with volume increasing by 66% over the past day, suggesting heightened market enthusiasm from investors.
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2024-07-16 13:47