The Ripple case has been sent to settlement negotiations by a U.S. district court.
At the time of writing, XRP is trading at $0.49, down 1.36% in the last 24 hours.
As the Ripple vs SEC XRP case continues, rumors of a potential settlement between the two giants continue to circulate. The Ripple case has been sent to settlement negotiations by a U.S. district court. The move follows Judge Phyllis Hamilton’s decision to reject many class action lawsuits. While permitting the trial of Ripple CEO Brad Garlinghouse.
The central issue is Garlinghouse’s assertion in an interview from 2017 that he was “very, very long” on XRP. However, he supposedly sold a lot of tokens around that time as well.
Bearish Overview
Redefining XRP’s regulatory categorization and its position in the crypto market may depend on the result of the current case. In the midst of the current market downturn, XRP is battling long-term negative pressure. Many factors have been working together to drive the digital asset’s price down. These include regulatory hurdles, general market mood, and macroeconomic uncertainty.
Traders and investors are more worried about XRP’s near-term performance since the price has failed to sustain important support levels so far. After an unsuccessful effort to rise, the price of XRP has now started to decrease, and it is aggressively trading below the 100-day Simple Moving Average (SMA) in the 4-hour period.
At the time of writing, XRP is trading at $0.49, down 1.36% in the last 24 hours as per data from CMC. If the price manages to go below $0.49 level, then it will likely go further to test $0.48 key support level. However, if the price surges above $0.50 level then it will likely test $0.51 resistance level.
