In the high-stakes Ripple vs. SEC showdown, Ripple teeters on the brink of a $10 million settlement. Despite market fluctuations, XRP remains defiant, showing a glimmer of green after a tumultuous week. Will this be the calm before the storm, or are we witnessing a turning tide?
Dive deeper to unveil the latest twists, expert insights, and XRP’s technical outlook – could a bullish future be on the horizon?
SEC vs. Ripple Drama
The SEC and Ripple have been in a court battle for a while regarding Ripple’s sale of XRP in an unregistered security offering. This legal fight has significantly impacted XRP’s value, causing its price to drop from an all-time high of $3.4 to $0.51.
Fast forward to now, the SEC wants Ripple to share detailed financial information for the years 2022 and 2023. They also want information about contracts governing XRP sales to big investors.
Earlier Coinpedia reported that Ripple has strongly opposed the SEC’s latest move, filing a response letter disputing the motion to compel, citing factual mischaracterizations by the regulator’s lawyers.
Also Read: Ripple vs SEC: Bill Morgan Blasts Misinformations, Provides Clarity on XRP Lawsuit
Insights from Legal Experts
A renowned attorney & crypto enthusiast Bill Morgan thinks Judge Torres is going to lay down the law on the SEC’s request before we hit that February 12 deadline.
On the settlement front, Attorney John Deaton suggests a possible resolution involving Ripple paying close to $10 million.
Looking ahead, Deaton predicts that any fine imposed by Judge Torres is likely to be far less than Ripple’s hefty $200 million legal fees, possibly around $10 million. This legal situation has caught the attention of those involved in XRP, and they are eager to see how the court will decide.
XRP Technical Analysis
Turning to technical analysis, a well-known crypto analyst Akash Girimath, offers insights into XRP’s short-term outlook. Girimath suggests a bearish trend, anticipating a potential dip below the $0.468 support level before staging a recovery from the $0.532 support line.
If these conditions are met, the long-term outlook could shift to bullish, with an upward target of $0.696. However, Girimath warns that a failure to bounce from the $0.468 support could signal weakness, potentially leading to an 18% crash to the $0.379 support level.
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