Ripple XRP Case Update: Settlement Talks Still On Table? XRP Eyes Further Rally (2024)

Ripple XRP Case Update: The speculations over a secret settlement have soared recently as the U.S. Securities and Exchange Commission (SEC) announced a closed-door meeting. However, the latest meeting that was scheduled to take place on July 18 is canceled due to unknown reasons, impacting the XRP price.

Previously, ex-SEC lawyer Marc fa*gel has weighed in on the speculations, giving insights if the Ripple Vs US SEC settlement is happening anytime soon. On the other hand, the speculations and other market developments have led to a robust rally in XRP price.

The recent buying pressure has also driven the crypto to a symmetrical triangle breakout towards $1.

Ex-SEC Refutes Settlement Talks in Closed-Door Meeting

Ex-SEC lawyer Marc fa*gel has previously cleared the air on settlement speculation in Ripple vs SEC case. He reaffirmed his earlier position that the parties are not currently seeking any settlement and await the district court’s decision in the remedies phase. Both Ripple Labs and the U.S. SEC have asked for final judgment.

“They’ve had about 150 of these nearly-weekly meetings since the case was filed, and Crypto Twitter was convinced a settlement was being discussed at every one of those meetings, but this is DEFINITELY the one!, said fa*gel.” He clearly denied any settlement.

As CoinGape reported, the SEC will discuss topics including institution and settlement of injunctive actions and administrative proceedings, resolving litigation claims, and enforcement proceedings.

The meeting is rumored to focus on resolving injunction claims or settlement in the Ripple XRP case amid recent legal developments in the Binance lawsuit. Market participants are closely monitoring developments and await any outcome from the meeting.

However, according to recent updates, the SEC meeting is called-off due to unknown reasons. However, the market participants cited the Spot Ethereum ETF’s potential approval behind the cancellation of the meeting.

Also Read: Ripple Donates Million To Unseat Senator Warren And Elect John Deaton

XRP Price Rallies Ahead Ripple XRP Case Deadline

Meanwhile, pro-XRP lawyer Bill Morgan expressed excitement about strong price action in XRP ahead key ruling in the case. Morgan and Fred Rispoli anticipate a ruling on penalties and injunction in July end or early August.

In the monthly timeframe, the RSI is about to break 6.5-year downtrend with a pending bullish cross. XRP holders are awaiting a breakout above the symmetrical triangle pattern. The price has been consolidating in the formation for years now.

The analyst also pointed out that the 3rd bullish cross on the monthly RSI had always been followed by a parabolic move. XRP price has rallied 40% in a week. However, the price currently traded at $0.58, after touching a 24-hour high of $0.636. Moreover, trading volume rose 6% in the last 24 hours, indicating stable interest among traders.

XRP eyes at least $1 after the recent breakout above the trendline pattern. Total futures open interest has skyrocketed more than 22% to 1.35 billion in the last 24 hours. Buying activity is observed across crypto exchanges.

Also Read: Ripple SEC Settlement Speculation Grows Amid 150M XRP Payment

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