- Ripple CEO Brad Garlinghouse indicated a potential settlement in the long-running SEC lawsuit, sparking optimism among XRP traders.
- XRP has maintained significant gains, trading around $0.60, with technical indicators suggesting further upward momentum.
Ripple CEO Hints at Imminent Resolution
Ripple CEO Brad Garlinghouse recently shed light on the ongoing SEC lawsuit in a Bloomberg interview, indicating that a settlement might be on the horizon. Garlinghouse’s comments have sparked optimism within the cryptocurrency community, as traders and investors closely watch the developments in the legal battle that has spanned several years.
XRP Maintains Gains Amid Market Uncertainty
As of early Monday, XRP is trading around the key psychological level of $0.60. The altcoin has managed to sustain over 21% gains from the past week, following its highest weekly gain of 2024, which saw a remarkable 40% increase. The correlation between Bitcoin and XRP, currently at 0.67, suggests a moderate influence of Bitcoin’s price trends on XRP’s movements.
SEC vs. Ripple: A Costly Battle
The lawsuit, which has cost Ripple over $150 million in litigation expenses, revolves around whether XRP should be classified as a security. Garlinghouse reiterated that XRP is not a security, a stance upheld by Judge Analisa Torres in her ruling. The judge affirmed that XRP is not a security in secondary-market sales or sales across exchange platforms.
Garlinghouse expressed his desire for “regulation and clarity,” attributing the prolonged legal tussle to SEC Chair Gary Gensler’s approach, which he believes has complicated the situation over the past five years. Despite being unable to comment directly on the settlement, Garlinghouse hinted at a potential resolution soon, with a private meeting with the SEC scheduled for July 25.
Technical Analysis: XRP’s Upward Momentum
XRP is currently in an upward trend, forming higher highs and higher lows on the daily chart. The altcoin is facing resistance at $0.6666, the 78.6% Fibonacci retracement level from its decline earlier this year. If XRP breaks through this resistance, it could extend its gains by nearly 15% to reach $0.70, a crucial level for the cryptocurrency.
The Moving Average Convergence Divergence (MACD) indicator suggests positive momentum in Ripple’s uptrend. However, XRP could find support at $0.5632, the 50% Fibonacci retracement level of the decline. A daily close below $0.60 could invalidate the bullish outlook for XRP, potentially leading to a retracement.
Looking Ahead: Awaiting the Verdict
The cryptocurrency community is eagerly awaiting the outcome of the upcoming meeting between Ripple and the SEC. A favorable settlement could not only boost XRP’s price but also set a precedent for other cryptocurrencies facing regulatory scrutiny. For now, XRP traders remain cautiously optimistic, keeping a close eye on technical indicators and market trends.
As the lawsuit nears its conclusion, Ripple’s quest for regulatory clarity could finally be within reach, potentially heralding a new era of growth and stability for XRP and the broader cryptocurrency market.
