SEC vs. Ripple showdown, closed-door meeting hours away
- Ripple and the SEC have a scheduled closed-door meeting on July 25, a resolution in the lawsuit is expected.
- XRP hovers around $0.62 early on Thursday, sustaining recent gains.
- XRP traders anticipate an end of the SEC lawsuit by July 31, per Attorney Fred Rispoli’s recent comments.
Ripple (XRP) hovers above key support at $0.62 as traders await a resolution in the US Securities & Exchange Commission (SEC) lawsuit. The meeting is scheduled to occur behind closed doors on July 25.
According to pro-crypto attorney Fred Rispoli, the lawsuit against Ripple could end by July 2024.
Daily digest market movers: Ripple lawsuit could see resolution soon, traders await meeting outcome
- The SEC and Ripple are preparing for a closed-door meeting scheduled for July 25.
- The agenda of the meeting is unknown, and it is expected that progress will be made either on settlement or resolution talks between the two parties.
- Attorney Fred Rispoli has predicted that the Ripple lawsuit could end soon, and Judge Analisa Torres could rule on the case by the end of July.
- In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse said that he cannot comment on “settlement” however, he expects a resolution soon.
- Ripple pocketed a partial victory when Judge Analisa Torres ruled that XRP was not a security in July 2023.
- The judge is expected to rule on a fine to be imposed on Ripple for alleged violation of securities laws.
- It remains to be seen whether the regulator appeals Judge Analisa Torres’ ruling.
Technical analysis: XRP could extend gains by nearly 15%
Ripple has been in an upward trend since July 8, and the altcoin could extend gains by another 14.30% to hit its target of $0.70. The $0.60 is a psychological support level for Ripple. The altcoin could find support at $0.5632, and $0.5797, the two levels are significant as the first represents 50% Fibonacci retracement level of the decline from the March 11 top of $0.7440 to the July 5 low of $0.3823.
The momentum indicator, Moving Average Convergence Divergence (MACD), signals underlying positive momentum in Ripple price trend.
XRP/USDT daily chart
A daily candlestick close below the support at $0.5797 could invalidate the bullish thesis for Ripple.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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