XRP hovers around key support at $0.60 as attorney says SEC is not asking for $102.6 million penalty
- SEC did not ask Ripple to pay $102.6 million in penalty, attorney Jeremy Hogan says it was a legal argument.
- SEC vs. Ripple lawsuit awaits final ruling from Judge Analisa Torres.
- XRP hovers around psychological support level at $0.60, early on July 26.
Pro-crypto attorney says Securities & Exchange Commission (SEC) and Ripple could settle in a “compromise” and not a win for the two parties. Attorney Bill Morgan, Fred Rispoli and Jeremy Hogan commented on the recent events in the SEC vs. Ripple lawsuit, the closed-doors meeting and the likelihood of a settlement.
XRP trades at $0.59, early on Friday.
Daily digest market movers: Pro-crypto attorneys comment on SEC vs. Ripple lawsuit developments
- Pro crypto attorney Jeremy Morgan says that the SEC did not ask Ripple for $102.6 million in its filing. Instead, the regulator noted that even by Ripple’s argument the fine would be $102.6 million, far exceeding the remittance firm’s $10 million offer.
ME: The SEC isn't requesting a penalty of $102 million, it's arguing that even applying Ripple's logic to the Terra settlement, the penalty should be $102 million.
— Jeremy Hogan (@attorneyjeremy1) June 15, 2024
Also Me: What are the CHANCES? pic.twitter.com/MhQDPLV5s9
- Ripple had argued in its filing that a $10 million fine would be apt for the alleged securities law violation.
- Attorney Fred Rispoli predicted that the SEC vs. Ripple lawsuit will end by the end of July 2024.
- In a recent tweet attorney Bill Morgan commented on the closed-doors meeting with the SEC and said that a settlement is most likely with a compromise rather than a win for the parties.
Settlements generally end matters in dispute including appeal rights in the current proceedings. The more likely difficulty is other Ripple XRP sales since December 2020 and future Ripple sales of XRP. https://t.co/V4DaPeqXz6
— bill morgan (@Belisarius2020) July 25, 2024
Technical analysis: XRP hovers above key psychological support
Ripple is currently in an upward trend that started on July 8, the altcoin could extend gains by 18% and hit its target at $0.70, as seen in XRP/USDT daily chart. In its rally, Ripple faces resistance at the 78.6% Fibonacci retracement level of the decline from March 11 top of $0.7440 to the July 5 low of $0.3823.
The momentum indicator, Moving Average Convergence Divergence (MACD) supports Ripple’s gains, green histogram bars indicate underlying positive momentum in Ripple’s price trend.
XRP/USDT daily chart
XRP could find support at $0.5632, the 50% Fibonacci retracement level and the Fair Value Gap (FVG) with upper and lower boundary at $0.5703 and $0.5404, as seen in the chart.
Crypto ETF FAQs
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.
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