XRP, at the center of a high-stakes legal battle with major implications for the industry, has taken the lead in the recent surge in cryptocurrency prices amid growing speculation that Ripple, the blockchain payments company behind XRP, may be close to Colony With US regulators.
Legal dispute between Ripple and the SEC continues
Over the past week, XRP has seen a massive surge of over 40%, reaching a current trading price of $0.6161. This represents the highest level XRP has reached since April, while the total price of XRP has reached $0.6161. market It saw a more modest increase of about 12% during the same period.
The legal dispute stems from a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs in 2020. The SEC alleged that Ripple violated its rules by conducting an “unregistered securities offering” through the sale of XRP.
In a blow to the SEC, a U.S. District Court judge has ruled that to rule In July of last year, Bitcoin announced that the sale of XRP to retail investors on exchanges did not constitute investment contracts.
Related reading
Further fueling speculation is a “closed-door meeting” on the SEC website, scheduled for July 18. Although an SEC spokesperson declined to comment, investors and traders are interpreting this as a potential development in XRP’s situation.
However, former SEC attorney Mark Fagel He was fired Rumors have swirled about an imminent settlement between the SEC and Ripple, with some reports suggesting that closed-door meetings of this kind have been routine since the lawsuit was filed.
Pro-XRP lawyer Fred Rispoli also I weighed Rispoli expressed skepticism about the possibility of reaching a settlement before the verdict. While negotiations on the remaining arguments are possible, Rispoli added that reaching a resolution before the court’s verdict seems unlikely.
Rispoli expects Judge Analisa Torres to order a fine of less than $25 million on Ripple, in contrast to the SEC’s request for a fine of $102.6 million. Ripple, on the other hand, has proposed a fine of $10 million.
XRP Price Surges, Analyst Predicts Huge Gains
With XRP price hitting a 4-month high after a sharp downtrend, crypto analyst Dark Defender has stated that the token could be on its way to explosive gains if a single key level is breached during the current rally.
in Posted on social mediaDark Defender highlighted that XRP entered qualification mode by bouncing off the recent “boundary” at $0.3917.
According to Dark Defender, if XRP manages to rise above $0.6649, it could embark on a journey towards the $18 to $36 price range, which would mean a 2,810% jump to the former and a potential 5,740% rise to the latter.
Related reading
Additionally, the token has surpassed 200 days. Exponential Moving Average (EMA), which is marked by the yellow line on the daily chart of the XRP/USD pair, which was previously a notable resistance wall.
If a consolidation occurs above its 200-day EMA, we could see further price gains as trading above it has always led to significant gains for the XRP price, as shown in the chart below.
Featured image by DALL-E, chart by TradingView.com
