Altcoin
Former SEC Denies Settlement, Predicts Final Judgment
Ripple XRP Case News: The long-running case between Ripple and the US Securities and Exchange Commission (SEC) saw major buzz amid settlement speculation.
XRP price also hit a high of $0.63 last week due to high expectations on settlement and XRP ETF amid various positive developments. XRP especially saw massive trading volumes from Asian crypto markets including South Korea.
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, 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 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 pared some gains after an over 25% rally last week. The price jumped 4% in the last 24 hours, currently trading at $0.60. Moreover, the trading volume has increased by 42%, indicating a rise in interest among traders.
In the derivatives market, options traders are making more call bets and futures open interests continue to rise. Options traders bet for as high as $0.70, while total XRP futures OI jumped nearly 6% to $816.33 million. Buying activity is seen across all crypto exchanges, with BitMEX leading with a 17% 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 spot Ethereum ETF launch and Bitcoin Conference.
Also Read: Shytoshi Kusama Spotlights Shiba Inu’s TREAT Token Blunder
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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