Can a $10 Million Ripple Settlement Ultimately Bring Resolution to the XRP Lawsuit against SEC?
In the high-stakes battle between Ripple and the SEC, the possibility of a $10 million settlement looms. Despite a turbulent week, XRP remains defiant, showing a slight increase in value. The question now is whether this is a temporary calm before the storm or a sign of a turning tide.
The SEC and Ripple have been embroiled in a legal fight over whether XRP should be classified as a security. This legal battle has had a significant impact on XRP’s value, causing it to plummet from its all-time high of $3.4 to its current trading price of $0.5046.
Now, the SEC is demanding that Ripple provide detailed financial information for the years 2022 and 2023, as well as information about contracts governing XRP sales to major investors. Ripple has strongly opposed this request, filing a response letter that disputes the SEC’s motion to compel and accuses the regulator’s lawyers of mischaracterizing the facts.
Legal experts have weighed in on the situation, with attorney Bill Morgan predicting that Judge Torres will make a ruling on the SEC’s request before the February 12 deadline. As for a potential settlement, attorney John Deaton suggests that Ripple may end up paying around $10 million. Deaton also believes that any fine imposed by Judge Torres will likely be much lower than Ripple’s legal fees of $200 million.
In terms of technical analysis, crypto analyst Akash Girimath offers insights into XRP’s short-term outlook. Girimath predicts a bearish trend, with a potential drop below the $0.468 support level followed by a recovery from the $0.532 support line. If these conditions are met, the long-term outlook could shift to bullish, with a target price of $0.696. However, Girimath warns that a failure to bounce back from the $0.468 support level could indicate weakness and lead to an 18% crash to the $0.379 support level.
The legal battle between Ripple and the SEC has caught the attention of those involved in XRP, and they eagerly await the court’s decision. In the meantime, it remains to be seen how this drama will unfold and what impact it will have on XRP’s future.