The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) has sparked considerable interest, particularly around potential settlement speculation.
Recent Developments
Last week, XRP’s price surged to a high of $0.63 amid high expectations of a settlement and the possible launch of an XRP ETF, with significant trading volumes observed in Asian markets, particularly South Korea.
Former SEC Lawyer's Perspective
Former SEC securities lawyer Marc Fagel has refuted rumors of an imminent settlement between Ripple and the SEC. He clarified that there is no evidence suggesting a settlement is on the horizon. Fagel explained that if the SEC’s enforcement staff had negotiated a settlement with Ripple, they would have notified the court to delay the issuance of the remedies ruling until SEC approval.
Fagel expects Judge Torres to issue a final judgment in the remedies phase within the coming weeks. He also noted that a decision by Judge Netburn on the remaining motions is unlikely.
Other Legal Opinions
Other legal experts, including Bill Morgan and Fred Rispoli, have also commented on the timeline for a final judgment. They anticipate a ruling on penalties by the end of July or early August. Morgan dismissed settlement rumors related to an upcoming SEC meeting on the institution and settlement of administrative proceedings.
Price Action and Market Response
Following last week’s 25% rally, XRP’s price has seen some adjustments. Currently trading at $0.60, XRP experienced a 4% increase in the last 24 hours, with a 42% rise in trading volume, indicating heightened interest among traders.
In the derivatives market, options traders are placing more call bets, and futures open interest (OI) continues to rise. Options traders are betting on XRP reaching as high as $0.70, while total XRP futures OI increased by nearly 6% to $816.33 million. Notably, BitMEX led the way with a 17% increase in open interest over the last 24 hours.
Technical Analysis
According to XRP price analysis, a breakout above the $0.65 resistance could propel it to $0.75. The crypto asset is currently trading above the 50-day and 200-day Simple Moving Averages (SMA), with further upside expected due to upcoming events such as the spot Ethereum ETF launch and the Bitcoin Conference.
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