Ripple XRP Case Update: Ex-SEC Lawyer Foresees Ripple Case Resolution by Early August
Highlights
- Former SEC securities lawyer Marc Fagel said there’s no evidence of a settlement between Ripple and SEC.
- Fagel asserts final judgment by Judge Torres will come in the coming weeks.
- XRP price continue to move upside after 25% rally last week.
Ripple XRP Case Update: The closely watched legal battle between Ripple and the US Securities and Exchange Commission (SEC) gained notable traction amid settlement speculation.
XRP price also hit a high of $0.63 last week due to growing settlement speculations and XRP ETF buzz amid various positive developments. XRP especially saw massive trading volumes from Asian crypto markets including South Korea. However, XRP price has since stabilized with the price ranging at $0.60.
Former SEC Lawyer Says Final Ruling In Weeks
The XRP army awaits final judgment in the remedies phase by Judge Torres. However, settlement speculations were suddenly stirred up due to the U.S. SEC’s closed-door meeting, Ripple’s 150 million XRP move, and CEO Brad Garlinhouse’s recent comments on settlement prospects.
Former SEC securities lawyer Marc Fagel said there’s no evidence of a settlement between Ripple and SEC. He also explained that approval of the settlement would likely not be considered at a closed meeting, especially at this point in the Ripple XRP case.
“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,” he added.
Commenting on the final judgment in the remedies phase, Fagel asserts it will happen in the weeks ahead. He also believes Judge Torres will issue a final verdict regarding remedies, with a decision by Judge Netburn on the remaining motions unlikely.
Other lawyers including Bill Morgan and Fred Rispoli have already commented on their expectations of a final judgment on penalties by the end of July or early August. Morgan also dispelled settlement speculation over the upcoming SEC meeting on institution and settlement of administrative proceedings.
Also Read: Ripple CTO David Schwartz Bets on Joe Biden’s Replacement for Crypto Vote
Price Action Amid Ripple XRP Case News
XRP price has retraced in the last day despite gains after an over 25% rally last week. The price plummeted by over 1.5% to in the last 24 hours, currently trading at $0.60. Concurrently, XRP’s market capitalization and 24 hour trading volume dipped by 1.35% and 14.58% respectively to $33,655,155,851 and $1,735,762,991, indicating a decline in interest among traders.
In the derivatives market, options traders are making lesser call bets and futures open interests continue to decline. Options traders bet for as high as $0.63, while total XRP futures OI declined nearly 3% to $795.61 million. However, buying activity is seen across some crypto exchanges, with Bitget leading with a 4% increase in open interest in 24 hours.
According to an XRP price analysis, a breakout above $0.65 resistance would catapult it to $0.75. The crypto asset is trading above the 50-day and 200-day SMA, with more upside expected due to amid events including the spot Ethereum ETF launch on Tuesday and Bitcoin Conference set to happen on the 27th of July. Moreover, with the anticipation of a win in the Ripple lawsuit, analyst forecast that a Ripple IPO and XRP ETF would be anticipated in late 2024 or 2025.
Also Read: Shytoshi Kusama Spotlights Shiba Inu’s TREAT Token Blunder
- Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act
- Crypto Market Correction Intensifies As S&P 500, DXY Enter Dangerous Territory
- BitGo To Follow Gemini’s Footsteps With US IPO After 4x Revenue Surge
- Michael Saylor Predicts Bitcoin Will Outperform S&P 500 Forever
- Crypto Market Eyes Upside as FTX Set to Repay $1.6B to Customers
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
