Ripple-SEC Settlement “Unlikely To Happen” Soon
LUCKNOW (CoinChapter.com) – The closed door meeting of the U.S. Securities and Exchange Commission (SEC) and Ripple on July 25 is over now. The crypto community had anticipated that this meeting might mark the end of the lawsuit, but no official announcement has yet been made. However, Pro-crypto attorney Fred Rispoli recently suggested that the lawsuit could end by July 31.
XRP Lawyer Warns Against Premature Celebration
XRP lawyer Bill Morgan has cautioned against premature celebration. On July 26, Morgan took to social media platform X to address the growing speculation. He emphasized that any potential settlement would likely be a compromise rather than a decisive victory for either party.
Source: X
Morgan also pointed out a significant obstacle that Ripple might face even if a settlement is reached. He noted, “The more likely difficulty is other Ripple XRP sales since December 2020 and future Ripple sales of XRP.”
Adding to the discussion, former SEC lawyer Marc Fagel shared insights on the settlement process and the SEC’s financial demands. Fagel explained that a settlement would preclude either party from appealing, which he believes makes a settlement unlikely at this stage. He also addressed the SEC’s penalty request, stating, “The SEC requested a $1B penalty. That is the only SEC position before the court.”
Closed SEC Meetings Held Frequently — Settlement Likely Not on the Agenda
Fagel further dismissed speculation that the July 25 closed-door SEC meeting was directly related to a Ripple settlement. He explained the nature of such meetings, suggesting that settlement discussions, if they exist, would likely not be part of the official agenda.
Fagel dismissed speculation surrounding SEC’s closed meeting. Source: X
The high-stakes legal battle began in December 2020 when the SEC sued Ripple for allegedly conducting an unregistered securities offering through XRP sales. In July 2023, Ripple secured a partial victory when Judge Analisa Torres ruled that XRP was not inherently a security. However, the judge is still expected to decide on potential fines for Ripple’s alleged violations of securities laws.
Amid this news and ongoing speculation, XRP is currently trading at $0.59262, down 1.13% from a day ago. Technical analysis suggests that XRP is in a neutral to slightly bullish short-term trend, with the 9-day Simple Moving Average at 0.59460, just above the current price.
XRP/USD Daily Price Chart. Source: TradingView
The Relative Strength Index (RSI) of 61.12 indicates that XRP is approaching overbought territory but still has room for potential upward movement. In the short term, XRP is likely to continue fluctuating within its current range. A breakthrough above the $0.61 resistance level could see XRP testing recent highs around $0.64.
If any positive news comes from the ongoing legal proceedings, XRP could target the $0.70-$0.75 range, which served as a resistance level earlier in the year. On the other hand, any negative news could prompt a retreat to support levels around $0.55 or even $0.50.
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