XRP, at the center of a high-stakes legal battle with significant industry implications, has led the recent surge in crypto prices amid growing speculation that Ripple, the blockchain payments company behind XRP, is close to a new course could be. settlement with US regulators.
The legal dispute between Ripple and SEC continues
Over the past week, XRP has seen a substantial rally of over 40%, reaching a current trading price of $0.6161. This marks the highest level XRP has reached since April, while overall market has seen a more modest increase of around 12% over the same period.
The legal dispute stems from a lawsuit filed against Ripple Labs by the US Securities and Exchange Commission (SEC) in 2020. The SEC alleged that Ripple violated its rules by conducting an “unregistered securities offering” through the sale of XRP.
In one fell swoop for the SEC, a U.S. District Judge ruled in July last year that sales of XRP to retail investors on exchanges did not constitute investment contracts.
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Adding fuel to the speculation is a “closed meeting” on the SEC’s website scheduled for July 18. Although an SEC spokesperson declined to comment, investors and traders are interpreting this as a potential development in the status of XRP.
However, former SEC attorney Marc Fagel turned down rumors of an impending settlement between the SEC and Ripple, stating that these types of closed-door meetings have been routine since the lawsuit was filed.
So does pro-XRP advocate Fred Rispoli weighed in, expressing skepticism about the likelihood of a preliminary settlement. While negotiations on outstanding arguments are possible, Rispoli added that a resolution before the court’s ruling seems unlikely.
Rispoli speculates that Judge Analisa Torres will impose a fine of less than $25 million and will not order a stay against Ripple, which contrasts with the SEC’s request for a $102.6 million fine. Ripple, on the other hand, has proposed a $10 million fine.
XRP Price Breakout, Analyst Expects Huge Gains
With the
In a social media messageDark Defender highlighted that XRP has entered qualifying mode by recovering from the last “line” at $0.3917.
According to Dark Defender, if the last.
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Moreover, the token has crossed the 200-day mark exponential moving average (EMA), marked by the yellow line on the daily XRP/USD chart, which was previously a notable wall of resistance.
If consolidation occurs above the 200-day EMA, further price appreciation could be seen as trading above it has always resulted in notable gains for the XRP price, as seen in the chart below.
Featured image of DALL-E, chart from TradingView.com
