- Speculation is rising around a possible settlement in the Ripple vs. SEC lawsuit, with calls for significant policy changes to benefit the crypto market.
- XRP has been performing well, with investors watching for potential price increases amid ongoing legal developments.
Speculation about a possible settlement in the Ripple vs. SEC lawsuit intensified on July 23, fueled by comments suggesting Kamala Harris might adopt a more favorable stance on cryptocurrencies. Lawyer James Murphy, known as MetaLawMan, dismissed these claims, urging the community to focus on actions rather than words.
The XRP lawsuit has been a hot topic in the crypto world, attracting significant attention from investors. Amid speculations about Kamala Harris’s potential crypto-friendly stance, analysts predict major breakthroughs in the Ripple lawsuit, according to a CNF update. MetaLawMan urged the community to concentrate on substantial actions, not mere words. He suggested Harris take genuine steps, such as acknowledging and revoking Operation Chokepoint 2.0, firing SEC Chairman Gary Gensler, and dropping cases against major crypto firms like Coinbase, Ripple, Binance, and Kraken. Additionally, he called for the repeal of the controversial SAB 121 and for Custodia Bank to be granted a Federal Reserve master account.
MetaLawMan’s comments have sparked discussions, suggesting that a policy shift could significantly impact the legal landscape for digital assets. The XRP price has shown strength in recent weeks, eyeing a move towards $1, reported Crypto News Flash. As of now, XRP is trading 1.83% up at $0.6127, with a market cap of $34.2 billion. XRP remains well above the 50-day and 200-day EMAs, confirming bullish price signals. A breakout above $0.60 could pave the way for a move towards $0.65, potentially bringing the $0.6609 resistance level into play.
Potential Market Shifts
The SEC vs. Ripple case and developments in US politics require close monitoring. Conversely, if XRP falls below the $0.5739 support level, it could signal a decline towards the 200-day EMA. With a 14-day RSI reading of 65.29, XRP might rise to the July 17 high of $0.6378 before entering overbought territory. As the lawsuit proceeds, investors may apply more upward pressure on XRP.
In July 2023, Judge Analisa Torres ruled that Ripple violated US securities laws by selling unregistered XRP to institutional investors. However, she determined that the Programmatic Sales of XRP did not meet the third prong of the Howey Test. A settlement would eliminate the uncertainty surrounding the penalty Ripple must pay for these violations. Moreover, it would halt the SEC’s plans to appeal the ruling on Programmatic Sales of XRP, establishing a significant precedent for the US digital asset market.
With the potential for a settlement and policy shifts, the future of XRP remains a focal point for the crypto community. Whether these developments will boost the price of XRP is yet to be seen, but the ongoing discussions and legal battles are certainly setting the stage for significant market shifts.
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