Ripple, the San Francisco-based blockchain company, has recently experienced some positive developments in its ongoing legal battle with the Securities and Exchange Commission (SEC). The SEC has dropped its lawsuit against Ripple’s CEO Brad Garlinghouse and Executive Chairman Christian Larsen, causing speculations to rise about a potential settlement between the two parties.
The SEC v. Ripple case has been a long and uncertain journey for both Ripple and the crypto industry as a whole. However, with the dismissal of the lawsuit against Garlinghouse and Larsen, the possibility of a settlement between Ripple and the SEC has become more likely.
Jeremy Hogan, a partner at Hogan & Hogan and a prominent attorney in the crypto space, has stated that “for all intents and purposes, the Ripple v. SEC case is over.” While there are still important hearings and potential fines up to $770 million looming over Ripple, Hogan believes that the primary concern for the general public has dissipated. He also clarified that while most of the case has been dismissed, Ripple still awaits a probable Final Judgment in the coming year.
Hogan further speculated that the case could settle anytime before the Final Judgment, and both parties still have the option to file appeals. He previously predicted a 18.987% chance of a settlement by December 21, 2023.
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An intriguing factor in the settlement dynamics is the pending court ruling on Coinbase’s motion to dismiss SEC charges. John E. Deaton, the founder of CryptoLaw US, suggests that a favorable judgment for Coinbase might push the SEC into settling with Ripple. The SEC could aim to wrap up the case swiftly and push Ripple into a substantial settlement before any ruling on the Coinbase case.
Ripple’s legal battles with the SEC have undoubtedly tarnished its image and caused a wave of delistings of its native cryptocurrency, XRP, from U.S. exchanges. However, recent legal victories, including the dismissal of charges against Ripple’s top executives, have brought hope to Ripple and its supporters. Judge Analisa Torres ruled in favor of Ripple on several counts, signaling a potential shift in the narrative.
These positive developments have also had an impact on the price of XRP. Technical indicators suggest a bullish trend for XRP, with the cryptocurrency hovering above the 50-day and 200-day Exponential Moving Averages (EMAs). The convergence of these EMAs could signify a possible near-term bearish trend reversal. 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. On the downside, if XRP breaks below the mentioned EMAs, it could target the $0.5042 and $0.4700 support levels.
Noted crypto analyst Pundit has made bold predictions for XRP, illustrating an intriguing Elliott Wave trajectory. If this analysis plays out, XRP could reach potential price targets of either $18 or $13, representing a significant upside for the cryptocurrency.
In conclusion, while the outcome of Ripple’s legal battle with the SEC remains uncertain, recent developments have reignited hope for Ripple and its supporters. XRP’s technical indicators suggest a vibrant market response, but investors are advised to proceed with caution and make informed decisions.
Disclaimer: The content mentioned above is for informational purposes only and should not be considered financial or investment advice. It is always recommended to do your own research and consult with a professional investment advisor before making any investment decisions.
