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- The SEC has dropped its lawsuit against Ripple’s CEO Brad Garlinghouse and Executive Chairman Christian Larsen.
- Speculations rise around a potential settlement between SEC and Ripple, influenced by the Coinbase motion to dismiss.
SEC v. Ripple: The Evolving Battlefront
Despite the SEC’s recent decision to retract its case against Ripple’s CEO and Executive Chairman, the broader litigation remains shrouded in uncertainty. While the crypto industry rejoices in Ripple’s recent wins, the overarching narrative is getting ready for the settlement as Crypto News Flash reported.
Hogan’s Take on the Case
Jeremy Hogan, Partner at Hogan & Hogan, vocalized a sentiment resonating within the crypto community, “For all intents and purposes, the Ripple v. SEC case is over.” He stressed that while significant hearings loom over Ripple, potential fines up to $770 million, the primary concern for the general public has dissipated:
For all intents and purposes, the Ripple v. SEC case is over. Yes, important hearings will be held in the coming months (deciding a judgment of up to $770 million is of course important). But, YOUR time for hand wringing over this case is done. IMO.
He added further:
The SEC dismissed the rest of the case, so there will be no trial next year. The facts have been set – nothing new or surprising will be coming out. Which means the Court will be issuing a Final Judgment (probably) sometime next year. Only Ripple needs to worry about that.
Hogan further clarified that, while the SEC dismissed most of the case, which negates a trial next year, Ripple still awaits a probable Final Judgment in the coming year. Adding to the unpredictability,
Hogan mentioned,
The case could settle anytime before the Final Judgment.
Simultaneously, avenues remain open for both parties to file appeals. He previously predicted an 18.987% chance of a settlement by December 21, 2023.
Famous attorney Jeremy Hogan outlines that after the #SEC dropped the charges against #Ripple CEO Brad Garlinghouse and C. L., a settlement in the #XRP lawsuit is much more likely!
Don't miss the XRP train when the price pumps 100%! 🚀🚀🚀 https://t.co/xes51E8UCN pic.twitter.com/GiHzeNO6Mp
— Collin Brown (@CollinBrownXRP) October 21, 2023
Settlement Dynamics and the Coinbase Factor
With the lawsuit against Garlinghouse and Larsen dropped, speculations are rife about the SEC’s next move. The regulator’s plan for a briefing schedule suggests a potential settlement or appeal in the works.
An intriguing element in this matrix is the pending court ruling on Coinbase’s motion to dismiss SEC charges. John E. Deaton, the founder of CryptoLaw US, posits that a favorable judgment for Coinbase might coax the SEC into settling with Ripple. He speculates the SEC might aim for a swift wrap-up to push Ripple into a substantial settlement before any ruling on the Coinbase case.
Ripple’s Resilient Streak
Ripple’s legal battles with the SEC have undeniably tarnished its image. Following the initial SEC lawsuit, a wave of U.S. exchanges delisted XRP, and Ripple’s alliances within the industry showed strain. The case, accusing Ripple and its leaders of illicitly selling over $1.3 billion in XRP, has been a black mark against the firm.
However, Ripple’s recent legal victories have reignited hope among its supporters. Judge Analisa Torres ruled in favor of Ripple on several counts, bringing much-needed respite to the beleaguered company.
The SEC’s surprising decision to drop charges against the company’s top executives, especially with prejudice, signals a potential shift in the narrative. But while this victory casts the SEC’s tactics under scrutiny, it’s evident that the crypto regulatory landscape remains an intricate and evolving battlefield.
XRP Price Analysis: Buckle Up for a Potential Surge?
After recent legal developments surrounding Ripple, many are keeping a close eye on XRP’s price behavior. Here’s a succinct analysis of the current dynamics:
- Technical Indicators Sending Bullish Signals: XRP has recently been hovering above both the 50-day and 200-day Exponential Moving Averages (EMAs). This positioning is considered bullish. Further amplifying the bullish sentiment is the convergence of the 50-day EMA on the 200-day EMA. If these lines cross, it could signify a possible near-term bearish trend reversal.
- Targeted Resistance: If XRP successfully climbs back to the $0.53 mark, the next likely resistance level to watch would be $0.5470, closely followed by the trend line.
- Market Influences: The crypto market, particularly XRP, is being significantly influenced by various factors. These include the ongoing regulatory scrutiny by US lawmakers, the SEC v Ripple case, developments in the Coinbase case, and buzz surrounding Crypto-spot ETFs.
- Potential Downside: On the flip side, if XRP breaks below the mentioned EMAs, it would open the doors for bears to target the $0.5042 support level. If that level succumbs, the $0.4700 support could be the next destination.
- RSI Insights: The 14-day Relative Strength Index (RSI) for XRP is at 57.34, indicating that there’s room for an upward movement towards the $0.5470 resistance level before it reaches the ‘overbought’ threshold.
- Bold Predictions: Noted crypto analyst Pundit has illustrated an intriguing Elliott Wave trajectory for XRP. If this analysis plays out, XRP holders might witness potential price targets of either $18 or $13. This could represent a tremendous upside for the cryptocurrency.
In conclusion, while the legal battles and regulatory frameworks remain in flux, XRP’s technical indicators suggest a vibrant market response. As always, investors are advised to tread with caution and make informed decisions.
