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Highlights
- SEC folded and reduced the proposed fine from $2 billion to $102.6 million.
- Ripple wants a $10 million maximum penalty based on the SEC vs. TFL settlement.
- Ripple’s CLO Stuart Alderoty questions SEC’s integrity
XRP Price Prediction: The price of XRP gained 2% in the past week, but is down 1.2% in the last 24 hours. The price of the asset hovered around $0.487 during European business hours on Friday. The daily trading volume of the asset also surged by 9%, signaling a recent increase in market activity. Among other things, this increase may be caused by recent developments in the Ripple vs. SEC lawsuit, which has mostly played out in Ripple’s favor.
XRP Price Prediction: Bulls Target $0.6
XRP price has been trending below the 50-day and 200-day simple moving averages (SMA) for some time now. Although this is not bullish for the asset, it has remained inside a consolidation zone for the past 2.5 months, establishing a strong support base.
The relative strength index (RSI 14) is below the midpoint at 43. It has been struggling to stay above the 50 level, occasionally and briefly breaking above it a few times in the past. This is an indicator of struggling bulls. The RSI line (purple) is also above its moving average (yellow), indicating some support might be available for the asset around the 40 level.
The Open Interest (OI) for XRP is up 9.7% in the past week, per Coinalyze, indicating that money is flowing into the asset. Furthermore, the daily trading volume to XRP is up 9% in the last 24 hours to $921 million, signaling investor interest.
XRP price has sufficient room to move higher and reclaim $0.6, but it may face some resistance around $0.51 and $0.54. On the flip side, $0.45 presents a robust support barrier, below which XRP may find additional support at $0.42 and $0.38.
Ripple vs SEC Lawsuit, XRP Investors Remain Optimistic
The past few days have been eventful for the Ripple and XRP community. The S.E.C’s Chief of Crypto Asset and Cyber Unit, David Hirsh, resigned from his post, a move that came as a blow from the regulatory agency. Hirsh had served in that office for the last 9 years.
Furthermore, following the dropping of investigations into Ethereum 2.0 by the SEC, XRP investors have become more optimistic. Stuart Alderoty, Ripple’s Chief Legal Officer, took the opportunity to shed light on the SEC’s lack of regulatory clarity.
A big win for Consensys, though questions remain. Does this mean the SEC thinks Consensys’ offers and sales of ETH are not securities transactions and/or that ETH itself is not a security? What will Gensler say if now asked? What is the status of MetaMask and staking?
This is…
— Stuart Alderoty (@s_alderoty) June 19, 2024
Additionally, following the SEC vs. Terraform Labs settlement, Ripple wrote to the court explaining why, based on the Terraform Labs settlement, they shouldn’t pay anything above $10 million in fines. Following this move, the SEC folded to and reduced the proposed fine from $2 billion to $102.6 million. However, Ripple insists on a maximum of $10 million. The lawsuit has already entered its trial phase and may result in volatility for the price of XRP.
In a recent development, a California judge has disagreed with Judge Analisa Torres and sent the Ripple vs. SEC lawsuit to trial. However, the judge dismissed four of the class action claims, allowing only one related to Ripple CEO Brad Garlinghouse to proceed. The trial is expected to cause volatility in the price of XRP.
Bottom Line
As the lawsuit enters the trial phase, investors eagerly await the outcome of the case. Will the SEC release Ripple the way they did for Ethereum? In the meantime, the developments around the case are causing market XRP price volatility, as witnessed in its increased duality trading volume.
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