The crypto market has turned bullish, with Bitcoin’s fear and greed index hitting 65%. Over $1 million has poured into XRP funds this week, marking a 250% increase as the SEC case nears a potential settlement. Could a verdict be on the horizon?
Since the SEC case began, “settlement” rumors have been rampant. Despite numerous analysts predicting a possible settlement, former SEC lawyer Marc Fagel has dismissed these rumors. He emphasized that both parties are still awaiting the district court’s decision. Fagel noted that these closed-door meetings are routine and not indicative of any settlement talks.
Legal Experts Weigh In
Legal experts suggest a settlement between Ripple and the SEC is unlikely, considering Ripple’s recent courtroom successes. Fagel reiterated his stance, stating that these meetings have been common since the case started. The upcoming SEC meeting may address injunction claims or settlements, but Fagel’s comments imply that a resolution is not imminent.
Amid settlement rumors, the focus has shifted to potential financial penalties for Ripple. The SEC claims Ripple sold XRP to certain institutions without proper registration. Ripple argues these transactions were legitimate and has proposed a $10 million fine.
In response, the SEC has reduced its original fine demand from $2 billion to $102 million.
XRP Price Action
The XRP’s recent performance has experienced a remarkable 27% rally, recently reclaiming the $0.543 mark after a more than 17% increase last week. Investors seized the opportunity to buy the dip when prices dipped below $0.40, resulting in heightened trading activity.
Pro-XRP lawyer Bill Morgan expressed excitement about XRP’s strong price action ahead of a key ruling in the case. Morgan and fellow lawyer Fred Rispoli anticipate a ruling on penalties and injunctions by late July or early August.
Technical Analysis: A Bullish Outlook
On the technical front, XRP’s RSI indicator is approaching a breakout of a 6.5-year downtrend, which could lead to a bullish cross and a significant upward move for XRP. Historical patterns suggest that the third bullish cross on the monthly RSI often precedes a parabolic move. The price has been consolidating within a symmetrical triangle pattern for years, and traders are closely watching for a breakout.
In summary, while the legal battle between Ripple and the SEC remains unresolved with no immediate settlement in sight, XRP is exhibiting strong bullish signals. The market remains optimistic about potential outcomes, and traders eagerly await the next developments in this high-stakes case.
Also Read: XRP News Today: Ripple’s $1M Donation to Support John Deaton and Unseat Warren
The XRP rally is gaining momentum. Are you buying the dip or waiting for a pullback?
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