As a seasoned financial analyst with extensive experience in following the crypto market and securities law, I have closely monitored the ongoing Ripple XRP case between the SEC and Ripple Labs. Based on my research and understanding of this complex situation, here’s my take:
Latest Developments in the Ripple vs. SEC Legal Battle: There’s been renewed interest in the ongoing dispute between Ripple and the U.S. Securities and Exchange Commission, with rumors of a potential settlement swirling around.
Last week, the price of XRP reached a peak of $0.63 due to heightened anticipation surrounding its potential use in settlements and the prospect of an XRP-backed ETF. This optimism was further fueled by a number of positive developments, leading to substantial trading activity in Asian cryptocurrency markets such as South Korea.
Former SEC Lawyer Says Final Ruling In Weeks
The supporters of XRP are in a state of anticipation as they wait for Judge Torres’ final decision during the remedies phase. However, recent developments have sparked renewed discussion about potential settlements. These discussions were ignited by the US Securities and Exchange Commission’s secretive meeting, Ripple’s transfer of 150 million XRP, and CEO Brad Garlinghouse’s latest comments regarding settlement possibilities.
As a crypto investor, I’ve closely followed the developments in the ongoing Ripple-SEC case. According to former SEC securities lawyer Marc Fagel, no concrete evidence of a settlement has surfaced between the two parties. Moreover, he highlighted that the approval process for any potential settlement wouldn’t likely be discussed behind closed doors at this stage of the proceedings.
“Had the enforcement team reached a settlement agreement with Ripple, they would have informed the court to halt the implementation of the remedies decree pending SEC’s approval,” he explained further.
As a researcher, I can share that according to Fagel, we can expect the final judgment in the remedies phase to be handed down within the upcoming weeks. Furthermore, he is confident that Judge Torres will make a determination regarding the remedies. However, it seems unlikely that Judge Netburn will render a decision on the remaining motions in the near future.
Lawyers such as Bill Morgan and Fred Rispoli have previously expressed their anticipation for a final judgment regarding penalties by the end of July or the beginning of August. Additionally, Morgan addressed the rumors surrounding a potential settlement at the upcoming SEC meeting concerning the institution and settlement of administrative proceedings, clarifying that such discussions are not imminent.
Price Action Amid Ripple XRP Case News
As a researcher studying the cryptocurrency market, I’ve observed that XRP‘s price experienced a retreat following its impressive 25% surge last week. However, it’s important to note that the coin has risen by approximately 4% within the past day, now priced at around $0.60. Furthermore, there’s been a substantial 42% uptick in trading volume during this period, suggesting heightened trader engagement with XRP.
In the derivatives sector, there’s been a surge in call wagers among options traders. Simultaneously, the number of open futures contracts for XRP has grown by almost 6%, reaching $816.33 million. The demand for XRP is evident across all major crypto exchanges, with BitMEX spearheading this trend and witnessing a notable 17% rise in open interest within the past day.
Based on recent XRP price assessment, surpassing the $0.65 resistance level could propel the crypto asset upwards to reach $0.75. The digital currency is currently trading above both its 50-day Simple Moving Average (SMA) and 200-day SMA. With significant events on the horizon such as the launch of a spot Ethereum Exchange Traded Fund (ETF) and the Bitcoin Conference, there is anticipation for further price growth.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- MNT PREDICTION. MNT cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- ETHW PREDICTION. ETHW cryptocurrency
- Destiny 2 Player Transforms Their Warlock Into Team Fortress 2’s Medic
- Cardano Enters Chang Hard Fork Era With Node 9.1.0 Upgrade
- Survival Horror Games With an Unkillable Enemy
- Marvel Rivals Players Aren’t Happy With The Gold Rank Competitive Reward
2024-07-22 15:24