In the world of cryptocurrency, Ripple (XRP) has been a subject of heated debate and regulatory scrutiny for some time now.
The Securities and Exchange Commission (SEC) had originally sought a massive $770 million settlement from the cross-border payment settlement firm, Ripple.
However, recent developments suggest that the cryptocurrency giant may come out victorious with a much lighter settlement, possibly as low as $20 million.
Pro-XRP attorney John Deaton shared his insights on this potential game-changing development in the ongoing legal battle between Ripple and the SEC.
XRP’s Impressive Price Performance
As of the time of writing, XRP is trading at $0.6789 on Binance, marking a consistent uptrend over the past month. XRP investors have witnessed significant gains, and the future appears promising.
The crypto community is buzzing with speculation about what lies ahead.
A Pro-Ripple Attorney’s Optimistic Perspective
Crypto market participants have been divided over the SEC v. Ripple lawsuit, with many considering it a 50-50 situation for both parties. However, attorney John Deaton presents a compelling argument for Ripple’s potential win.
He believes that a settlement of $20 million or less would tip the scales heavily in Ripple’s favor, making it a 90-10 victory in the company’s favor.
The people who’ve argued that the SEC got a 50-50 victory in the @Ripple case are 💯 wrong. It was more like 90-10 in Ripple’s favor. If Ripple ends up paying $20M or less it’s a 99.9% legal victory. https://t.co/Xe6SYBiTCJ
— John E Deaton (@JohnEDeaton1) November 4, 2023
Legal Proceedings and Potential Settlement
In the SEC v. Ripple lawsuit, Judge Analisa Torres has recently approved an order for the two parties to propose a briefing schedule to address institutional sales of the asset.
This development suggests that a settlement may be on the horizon, with both parties expected to provide a joint briefing schedule no later than November 9.
While the exact terms of the potential settlement remain unknown, the idea of a much-reduced settlement is generating optimism in the Ripple community.
XRP Accumulation and Rising Interest
Notably, XRP wallets holding between 100,000 and 1 billion XRP have been consistently accumulating the cryptocurrency, even as its price has been on an upward trajectory throughout October.
This accumulation trend has pushed the percentage of XRP held by these wallets to 45.8% of the asset’s total supply.
Additionally, this accumulation was accompanied by a surge in XRP-related discussions, one of the most significant spikes seen since mid-July 2023.
Technical Analysis: What’s Next for XRP Price?
From a technical standpoint, XRP’s price is poised to extend its gains. After a remarkable 23% rally in the past week, XRP could see an additional 7% increase, taking it to the resistance level at the 61.8% Fibonacci retracement, currently at $0.7414.
If this resistance is breached, XRP could continue its rally towards the lower boundary of the Fair Value Gap at $0.7530. However, once this gap is filled, a correction may be on the horizon.
On the flip side, in the event that the bullish thesis is invalidated, and XRP price drops to the 38.2% Fibonacci retracement level, it could dip to $0.6205.
This technical analysis underlines the importance of keeping a close eye on XRP’s price movements in the coming weeks, especially in the context of the potential lawsuit settlement.
In conclusion, the cryptocurrency world is eagerly watching Ripple’s legal battle with the SEC, as a settlement of $20 million or less could have far-reaching implications for both the company and XRP investors.
With XRP’s price performance on the rise and the potential for a favorable legal resolution, the future looks promising for Ripple. Stay tuned for more updates on this intriguing crypto saga.