The post Ripple vs. SEC: Settlement Rumors Debunked, XRP Price Shows Bullish Signals appeared first on Coinpedia Fintech News
The crypto market turned bullish, and Bitcoin’s fear and greed index hit 65%. Over $1 million poured into XRP funds this week (up 250%) as the SEC case nears a settlement! Could a verdict be on the horizon?
Since the case started one thing that has been buzzing is the “settlement” news, so far dozens of analysts have predicted a possible settlement. Weighing on the matter, former SEC lawyer Marc Fagel has denied rumors of settlement talks in their closed-door meetings, reaffirming that both parties await the district court’s decision. Despite ongoing speculation, Fagel highlighted that these meetings have been routine since the case began, with no settlement currently being pursued.
Ex-SEC Lawyer Denies Settlement Speculations
Legal experts suggest that a settlement between Ripple and the SEC remains improbable, given Ripple’s string of courtroom victories. Fagel noted that such meetings have been common since the case began, and he reiterated his stance against settlement rumors. The upcoming SEC meeting is expected to address injunction claims or settlements, but Fagel’s comments suggest that a resolution in the Ripple case is not imminent.
The Penalty Dilemma
After settlement rumors, the case’s current focal point revolves around the potential financial penalties Ripple might face. The SEC argues that Ripple sold XRP to certain institutions without proper registration. Ripple counters that these transactions were legitimate and has proposed a $10 million fine. In response, the SEC has reduced its original fine demand from $2 billion to $102 million.
XRP Price Action
The XRP’s recent performance has experienced a remarkable 27% rally, recently reclaiming the $0.543 mark after a more than 17% increase last week. Investors seized the opportunity to buy the dip when prices dipped below $0.40, resulting in heightened trading activity.
Pro-XRP lawyer Bill Morgan expressed excitement about the strong price action in XRP ahead of the key ruling in the case. Morgan and fellow lawyer Fred Rispoli anticipate a ruling on penalties and injunctions by late July or early August.
Bullish Indicators
On the technical front, XRP’s RSI indicator is approaching a breakout of a 6.5-year downtrend, which could lead to a bullish cross and a significant upward move for XRP. Historical patterns suggest that the third bullish cross on the monthly RSI often precedes a parabolic move. The price has been consolidating within a symmetrical triangle pattern for years, and traders are closely watching for a breakout.
In short, while the legal battle between Ripple and the SEC remains unresolved with no immediate settlement, XRP is showing strong bullish signals. The market is optimistic about the potential outcomes, and traders eagerly anticipate the next moves in this high-stakes case.
