๐ฐ๐ฐXRP rises beyond $0.50 as Ripple prepares for $2 billion SEC penalty
Ripple will submit its SEC opposition brief on Monday.
Ripple will reply to the SEC's remedies-related opening brief's $2 billion fine proposal.
XRP went over $0.50 after almost a week of resistance.
On Monday, XRP reached $0.54 before Ripple filed its answer to the SEC remedies-related opening brief. XRP investors eagerly anticipate the payment firm's reaction to the regulator's $2 billion penalty proposal.
Ripple will respond to the SEC's opening brief, which requested $2 billion in penalties, on Monday with its remedy-related opposing brief. Like the SEC's short, Ripple's brief won't be released until Wednesday, although sections of it may be.
The lawsuit's developments boost XRP's price, so holders await Ripple's answer. One of Ripple's final opportunities to argue against penalties is the opposing brief.
In a Fox Business interview, Ripple CEO Brad Garlinghouse expressed confidence about the payment firm's development ambitions, stablecoin, and XRP usage. Learn about it here.
Since the court concluded the payment business breached the law, pro-Ripple attorney Bill Morgan stated Ripple will have to pay โsome finesโ and there may be no settlement. Ripple sells XRP to hedge funds, which the SEC claims is an unlicensed securities offering.
Options The previous day, Coinglass data showed XRP open interest increased over 15%. An rise in Open Interest and price usually indicates traders building long bets.
Technical analysis: XRP may challenge $0.60.
After a week of consolidation, XRP surpassed $0.50 barrier. From its April 13 low of $0.4188, the cryptocurrency has recovered 25%. Next resistance is psychologically critical $0.60 and the April 9 peak of $0.6431.
Fisher Transform Indicator confirms XRP bullish trend reversal. This technical indicator helps traders detect asset price turning moments and extreme prices.
The transform passed above the signal line, signifying a bullish trend reversal and opportunities for sidelined buyers to acquire XRP.
