XRP Skyrockets 40% As Speculation Of Ripple-SEC Settlement Gains Momentum

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As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and legal disputes. The current situation surrounding XRP and Ripple’s ongoing legal battle with the SEC is one that piques my interest for several reasons.

In the heart of an intense legal dispute with potential industry-wide repercussions, XRP has emerged as the frontrunner in the recent cryptocurrency price rise. This surge comes as rumors swirl that Ripple, the payment solutions firm managing XRP, is nearing a resolution with US regulatory authorities.

Ripple-SEC Legal Dispute Continues

In the last week, XRP has witnessed a significant surge of approximately 40%, reaching a present value of $0.6161 in trading. This is the highest XRP price point since April. Meanwhile, the market as a whole has only experienced a more moderate rise of roughly 12% during this timeframe.

A legal conflict arises from a lawsuit initiated by the US Securities and Exchange Commission (SEC) against Ripple Labs in 2020. The SEC claimed that Ripple had broken the rules by selling XRP in an unregistered securities offering.

Last July, a US District Judge handed down a decision that went against the Securities and Exchange Commission (SEC). In this case, the judge determined that the sale of XRP to individual investors through exchanges did not qualify as investment contracts.

As an analyst, I’d rephrase it as: A “closed-door” session is listed on the SEC’s calendar for the 18th of July, fueling curiosity among investors and traders regarding its potential impact on XRP‘s ongoing regulatory situation. The SEC has chosen to remain silent on the matter.

Instead of “However, Marc Fagel, a former SEC lawyer, dispelled rumors of an impending settlement between the SEC and Ripple, noting that such private meetings have been standard practice since the lawsuit commenced,” you could also say:

Fred Rispoli, a lawyer who supports Ripple, shared his doubts about reaching a pre-trial settlement in the ongoing case. Although discussions over unresolved issues are feasible, he considered it uncertain for a decision to be made prior to the court’s ruling.

According to Rispoli’s prediction, Judge Torres may impose a fine below $25 million against Ripple without requiring disgorgement, which is significantly lower than the SEC’s suggested penalty of $102.6 million. Meanwhile, Ripple has put forth a proposed penalty amounting to $10 million.

XRP Price Breakout, Analyst Anticipates Tremendous Gains

As the XRP price reaches a peak not seen in the past 4 months following a significant decline, cryptocurrency analyst Dark Defender posits that the digital asset may experience substantial growth if it manages to surpass a crucial threshold during this ongoing surge.

In a recent social media update, I, Dark Defender, noted that XRP had bounced back from its previous significant resistance level at $0.3917 and entered the qualification phase.

Based on Dark Defender’s analysis, if XRP surpasses the $0.6649 mark, it may be poised for significant growth, potentially reaching the price range between $18 and $36. This represents a potential increase of approximately 2,800% to hit $18, and an even greater jump of around 5,700% to reach $36.

Furthermore, the token has surpassed its 200-day moving average (MA) in the exponential form, signified by the yellow line on the XRP/USD daily chart, which once served as a substantial barrier for price advancement.

If the price of XRP rises above its 200-day moving average, there is a historical trend suggesting potential price growth. As illustrated in the chart below, price increases have often followed when XRP trades above this benchmark.

XRP Skyrockets 40% As Speculation Of Ripple-SEC Settlement Gains Momentum

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2024-07-18 00:04