Thursday, July 25, 2024

XRP Could Extend Gains on Ripple’s Favorable SEC$20 million Settlement.

The Securities and Exchange Commission (SEC), a US financial regulator, and Ripple are expected to resolve their legal dispute for $20 million or less. An advocate for XRP expressed his opinions about Ripple defeating the regulator in the case of a settlement.

The price of XRP is currently $0.6789 on Binance. Over the past month, holders of the altcoin have consistently profited from it.

Daily Digest Market Movers: Ripple may settle a case for $20 million or less, and XRP price increases are expected to continue.

  • The US SEC approached the cross-border payment settlement company Ripple for a $770 million settlement. John Deaton, an advocate for Riverside, claims that the firm might settle the case for $20 million or less.
  • Crypto market players believe that both parties will win in the SEC v. Ripple lawsuit 50/50; however, Deaton contends that Ripple will likely win 90/10 if a settlement of $20 million or less is reached.
  • Judge Analisa Torres has approved an order that deals with the two sides’ request to set up a briefing schedule to talk about the sales of the asset by institutions in the SEC v. Ripple case. By no later than November 9, a combined briefing schedule between the SEC and the Ripple is anticipated.
  • XRP wallets that have between 100,000 and 1 billion XRP in them have steadily accumulated the cryptocurrency despite October’s price upswing. These wallets have the most XRP tokens that have been observed since 2023, according to Santiment, an on-chain cryptocurrency tracker.
  • As may be observed in the figure below, wallets holding up to one billion XRP tokens currently possess 45.8% of the asset’s total supply.
  • A significant increase in XRP conversation followed traders’ acquisition of the asset, the biggest since mid-July 2023. For the first time since August 2023, the price of XRP increased above $0.68.

Technical Analysis: The price of XRP is expected to continue rising.

The price of XRP is expected to rise by an additional 7% following a 23% surge in the last week. The price of XRP may rise from $0.6770 to resistance at the 61.8% Fibonacci retracement level, or $0.7414, as can be seen in the chart below. The altcoin has gained 7.57% as of this transaction.

Should the price of XRP be able to break over the barrier, it is probably going to keep rising in the direction of $0.7530, which is the lower bound of the fair value gap. The price of XRP will probably experience a correction after the gap is closed. If the bullish hypothesis is proven false and the price of XRP falls to the 38.2% Fibonacci retracement line, Ripple may reach $0.6205.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular