The cryptocurrency market has turned bullish, with Bitcoin Fear and Greed Index hits 65%. Over $1 million poured into XRP funds this week, representing a 250% increase as the SEC case inches closer to a potential settlement. Could a verdict be on the horizon?
Since the beginning of the SEC case, rumors of a “settlement” have been rife. While many analysts predict a possible settlement, Marc Fagel, a former SEC attorney, has denied these rumors. He noted that both sides are still waiting for the district court’s decision. Fagel noted that these closed-door meetings are routine and are not indicative of settlement negotiations.
Legal experts give their opinion
Legal experts suggest that a settlement between Ripple and the SEC is unlikely, given Ripple’s recent legal successes. Fagel reiterated his position, saying that these meetings have been common since the case began. The SEC’s next meeting could be about injunctive relief or settlements, but Fagel’s comments imply that a resolution is not imminent.
Amidst rumors of a settlement, attention has turned to possible financial penalties for Ripple. The SEC claims that Ripple sold XRP to some institutions without proper registration. Ripple maintains that these transactions were legitimate and has proposed a $10 million fine.
In response, the SEC reduced its initial fine request from $2 billion to $102 million.
XRP Price Evolution
THE XRP Recent performance has seen a remarkable 27% increase, recently regaining the $0.543 mark after rising over 17% last week. Investors took the opportunity to buy the dip when prices broke below $0.40, leading to an increase in trading activity.
Pro-XRP attorney Bill Morgan said he was excited about the strong price action for XRP ahead of a key decision in the case. Morgan and fellow attorney Fred Rispoli expect a decision on penalties and injunctions by late July or early August.
Technical analysis: a bullish outlook
On the technical front, XRP’s RSI indicator is approaching a breakout of a 6.5-year downtrend, which could lead to a bullish crossover and a significant upside move for XRP. Historical patterns suggest that the third bullish crossover on the monthly RSI often precedes a parabolic move. Price has been consolidating in a symmetrical triangle pattern for years, and traders are closely watching for a breakout.
In summary, while the legal battle between Ripple and the SEC remains unresolved and no immediate settlement is in sight, XRP is showing strong bullish signals. The market remains optimistic about the potential outcomes and traders are eagerly awaiting further developments in this high-stakes case.
Also read: XRP News Today: Ripple’s $1 Million Donation to Support John Deaton and Unseat Warren
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