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Transaction Rumors Denied, XRP Price Shows Bullish Signals
The cryptocurrency market has turned bullish and Bitcoin Fear and Greed Index Soars 65%. Over $1M Poured Into XRP Funds This Week (Up 250%) As SEC Case Nears Settlement! Could a Verdict Be On The Horizon?
Since the case began, one thing that has been making a lot of noise is the news of the “settlement”, so far dozens of analysts have predicted a possible settlement. Assessing the issue, former SEC lawyer Marc Fagel has denied rumors of settlement talks in their closed-door meetings, reiterating that both sides are awaiting the district court’s decision. Despite the ongoing speculation, Fagel stressed that these meetings have been routine since the beginning of the case, with no settlement currently being sought.
Former SEC Lawyer Denies Deal Speculation
Legal experts suggest that a settlement between Ripple and the SEC remains unlikely, given Ripple’s string of court victories. Fagel noted that such meetings have been common since the case began and reiterated his stance against settlement rumors. The upcoming SEC meeting is expected to address injunction requests or settlements, but Fagel’s comments suggest that a resolution in the Ripple case is not imminent.
The Penalty Dilemma
Following rumors of a settlement, the current focus of the case revolves around the potential financial penalties Ripple could face. The SEC alleges that Ripple sold XRP to certain institutions without proper registration. Ripple counters that these transactions were legitimate and has proposed a $10 million fine. In response, the SEC has reduced its original fine request from $2 billion to $102 million.
XRP Price Action
THE XRP Recent performance has seen a remarkable 27% rally, recently reclaiming the $0.543 level after a 17% increase last week. Investors took the opportunity to buy the dip when prices fell below $0.40, resulting in increased trading activity.
Pro-XRP attorney Bill Morgan has expressed excitement over the strong price action in XRP ahead of a key ruling in the case. Morgan and fellow attorney Fred Rispoli expect a ruling on sanctions and injunctions by late July or early August.
Bullish indicators
On the technical front, XRP’s RSI indicator is approaching a breakout of a 6.5-year downtrend, which could lead to a bullish cross and a significant move higher for XRP. Historical patterns suggest that the third bullish cross on the monthly RSI often precedes a parabolic move. The price has been consolidating inside a symmetrical triangle pattern for years and traders are watching closely for a breakout.
In short, while the legal battle between Ripple and the SEC remains unresolved without an immediate settlement, XRP is showing strong bullish signals. The market is optimistic about the potential outcomes and traders are anxiously awaiting the next moves in this high-stakes case.
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