The United States Securities and Exchange Commission (SEC) is poised to settle its legal dispute with Ripple, as expected by the Ripple community. After XRP conquered the $0.40 price threshold recently, this encouraging turn of events can offer strong support for its current campaign to $0.45.
As anticipated by the Ripple community, the United States Securities and Exchange Commission (SEC) is prepared to resolve its legal disagreement with Ripple. Recently, XRP overcame the $0.40 price barrier, and this promising development can support its current drive to $0.45.
The lawsuit between Ripple Labs and the SEC continues to be a key factor in XRP’s price trajectory, particularly at this critical juncture. Since the next court date has been set for November 30, both parties are expected to submit reply briefs in response to each other’s requests for summary judgment in five days.
These response briefs will be submitted temporarily under seal because the public will have adequate access to them starting on December 5 after the necessary redactions.
The SEC was eventually required by law to turn up information about Bill Hinman’s speech at the 2018 FinTech Week Conference after a series of motions and back-and-forths. After Judge Torres disregarded their arguments, the agency had been compelled to submit the necessary papers to Ripple two months prior.
Members of the cryptocurrency ecosystem claim that Ripple is better positioned to negotiate a settlement with the SEC because it has the records. Bill Morgan, a US attorney and supporter of cryptocurrency, recently indicated that the financial watchdog might seek a settlement in favour of Ripple Labs to maintain the confidentiality of the documents about Hinman’s speech.
Furthermore, if Judge Torres considers the numerous amicus papers submitted supporting Ripple to be relevant, they might help the technology company win the case. Nine of the 11 recently submitted amicus briefs supported Ripple, as various parties sought to stress the benefits of XRP and the reasons it is not a security.
Campaign to Reach $0.45 Zone for XRP
Ripple may have a legal advantage in the lawsuit based on these indicators. Because of this, XRP has gained positive sentiment as the contagion weakens, which masks the panic unleashed by the continuing FTX issue. Consequently, the asset has recently increased in value; according to CMC statistics, it increased by 9.14%.
The only asset on the top 15 list of cryptocurrencies by market cap that has gained during the past day is XRP, which has a 24-hour gain of 8.59%. Among the top 15 assets, the asset has increased in value the most in the last seven days, only behind LTC.
However, as of the time of publication, XRP is comfortably trading above the $0.40 mark, with a value of $0.4137. The asset has recovered despite the day’s gloomy start, showing a gain of 8.59% over the last 24 hours. The asset overcame the first substantial resistance level at $0.4132 due to a breakout following yesterday’s high recovery of $0.40475.
If the bulls can maintain the recent advance, the asset appears ready to rally to the second significant resistance level at $0.4244. Expectations of an SEC settlement might adequately support the asset’s excursion to the third major resistance at $0.4551.
Furthermore, a divergence from expected occurrences is likely to bring a rejection at the $0.4244 resistance. In this instance, $0.3825 remains the asset’s initial significant support. If market sentiment were to change due to additional unfavourable stories, a break below $0.38 may set off a rapid slide that would send XRP falling to the second important support level at $0.3629
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