XRP News – XRP Legal Battle: Ex-SEC Insider Forecasts Judgment Day
XRP News – The closely watched legal battle between Ripple and the US Securities and Exchange Commission (SEC) has gained notable traction amid growing settlement speculation. This development has sparked considerable interest among investors and the broader cryptocurrency community.
XRP Price Surge Amid Settlement Buzz and ETF Speculations
Last week, XRP’s price surged to a high of $0.63 due to increasing settlement speculations and buzz around a potential XRP ETF. The crypto asset saw massive trading volumes, particularly from Asian markets, including South Korea, further driving its price action.
Former SEC Lawyer Predicts Final Ruling Imminent
The XRP community eagerly awaits the final judgment in the remedies phase by Judge Torres. Settlement rumors were fueled by the U.S. SEC’s recent closed-door meeting, Ripple’s transfer of 150 million XRP, and CEO Brad Garlinghouse’s comments on settlement prospects.
However, former SEC securities lawyer Marc Fagel clarified there is no evidence of a settlement between Ripple and the SEC. He explained that the approval of any settlement would likely not occur during a closed meeting at this stage in the case. Fagel stated, “If the enforcement staff had negotiated a settlement with Ripple, they would have notified the court to prevent the issuance of the remedies ruling while awaiting SEC approval.”
Fagel believes that the final ruling in the remedies phase will occur in the coming weeks, with Judge Torres expected to issue the final verdict. He also indicated that a decision by Judge Netburn on the remaining motions is unlikely.
Legal Experts Weigh In on Final Judgment Timing
Other legal experts, including Bill Morgan and Fred Rispoli, have also shared their expectations regarding the final judgment on penalties. They predict a final judgment by the end of July or early August. Morgan dismissed settlement speculation related to the upcoming SEC meeting on administrative proceedings.
XRP Price Action Amid Ripple XRP Case News
Following an over 25% rally last week, XRP’s price has consolidated, trading at around $0.60 after a 4% increase in the last 24 hours. The trading volume surged by 42%, indicating heightened interest among traders.
In the derivatives market, options traders are increasingly making call bets, with futures open interest continuing to rise. Options traders are betting on XRP reaching as high as $0.70, while total XRP futures open interest jumped nearly 6% to $816.33 million. BitMEX led the market with a 17% increase in open interest over the last 24 hours.
According to XRP price analysis, a breakout above the $0.65 resistance could propel the price to $0.75. The crypto asset is trading above both the 50-day and 200-day simple moving averages (SMA), with further upside expected amid events such as the potential launch of a spot Ethereum ETF and the upcoming Bitcoin Conference.
Ripple’s ongoing legal battle with the SEC continues to capture the attention of the cryptocurrency market. As speculations about a settlement persist and the final ruling approaches, XRP’s price and trading activity remain highly volatile. Investors and market participants are closely monitoring the developments, anticipating significant impacts on XRP’s future.
Frequently Asked Questions (FAQ) – Ripple XRP Case Update
When did the Ripple vs. SEC case begin?
The legal battle between Ripple and the SEC started in December 2020 when the SEC filed a lawsuit alleging that Ripple had sold XRP tokens as unregistered securities.
Why has the price of XRP recently increased?
XRP’s price surged recently due to growing speculation about a potential settlement between Ripple and the SEC, as well as buzz surrounding a possible XRP ETF. Additionally, significant trading volumes from Asian markets, including South Korea, contributed to the price increase.
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