As the Ripple vs. U.S. Securities and Exchange Commission (SEC) case continues to unfold, former SEC lawyer Marc Fagel recently provided insights on the potential for a settlement during the current phase. Speculations have been rampant, especially following the SEC’s recent closed-door meetings, but Fagel offered a clearer picture of the situation.
Ex-SEC Lawyer Refutes Settlement Speculation
Marc Fagel, a former SEC securities lawyer, has addressed the ongoing rumors about a potential settlement between Ripple and the SEC. He stated that both parties are not actively pursuing a settlement at this stage and are awaiting the district court’s decision in the remedies phase. Both Ripple Labs and the SEC have requested a final judgment.
Fagel commented, “They’ve had about 150 of these nearly-weekly meetings since the case was filed, and Crypto Twitter was convinced a settlement was being discussed at every one of those meetings, but this is DEFINITELY the one!” His statement was clear in dismissing the settlement rumors.
According to CoinGape, the SEC’s meetings cover topics like the institution and settlement of injunctive actions, administrative proceedings, resolving litigation claims, and enforcement proceedings. The recent meeting is rumored to focus on resolving injunction claims or reaching a settlement in the Ripple XRP case, especially amidst new developments in the Binance lawsuit. Market participants are closely monitoring the outcome of these discussions.
XRP Price Rally Ahead of Case Deadline
Pro-XRP lawyer Bill Morgan expressed optimism regarding XRP's strong price action ahead of key rulings in the case. Both Morgan and fellow lawyer Fred Rispoli anticipate a ruling on penalties and injunctions by the end of July or early August.
On the monthly timeframe, XRP’s Relative Strength Index (RSI) is about to break a 6.5-year downtrend, indicating a potential bullish cross. XRP holders are keenly watching for a breakout above the symmetrical triangle pattern, in which the price has been consolidating for years. Historical trends suggest that the third bullish cross on the monthly RSI often precedes a parabolic price move.
Recently, XRP’s price has surged by 27% in a week, currently trading at $0.543. Additionally, trading volume has increased by 66% in the past 24 hours, reflecting rising trader interest.
Conclusion
While the Ripple vs. SEC case remains in the spotlight, speculations about an imminent settlement have been dismissed by former SEC lawyer Marc Fagel. However, the anticipation around the final judgment and the potential bullish breakout for XRP keeps the market and the crypto community on edge. As legal developments unfold, XRP’s price action continues to attract significant attention.
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