The XRP case between SEC and Ripple seems to be nearing its conclusion, with the SEC filing a settlement agreement. This significant development has led to an over 8% increase in XRP price, indicating a bullish outlook for the altcoin. Let's delve into the details of this long-awaited resolution.
The U.S. Securities and Exchange Commission (SEC) has reached a major milestone in its long-standing dispute with Ripple. In a court filing, the agency asked Judge Analisa Torres to set aside her previous ruling against Ripple.
This settlement agreement also entails that the monetary judgment be reduced to $50 million. Once the district court approves these orders, the SEC and Ripple can then seek dismissal of their respective appeal and cross-appeal.
Following this announcement, the price of XRP surged by over 15%, trading around $2.42. This resolution towards the end of the legal battle provides a bullish outlook for the altcoin, bringing much-needed clarity to the XRP market.
The next move could be significant, with technical indicators suggesting increasing volatility in recent days.
Currently at a key support/resistance level and in a liquidity zone, XRP could reach the range between $2.6 and $2.8 in the coming hours if it breaks the $2.42 level.
With the RSI not yet in overbought territory, the chances of further upside remain high.
This development in the SEC-Ripple case has triggered a positive response in the market, with investors watching for a favorable outcome. Resolving this legal battle could bring increased stability for XRP in the future, removing uncertainties surrounding the asset’s status.
It remains to be seen how this case progresses and its implications on the wider cryptocurrency market. This case has sparked keen interest in the crypto community, now hoping for a sustainable clarification of the regulatory framework applicable to XRP.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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