Ripple XRP Case Update: Former SEC lawyer refutes settlement claims at current point in remedies phase and foresees Judge Torres’s final ruling in coming weeks. By Varinder Singh 8 hours ago Updated 4 hours ago
Highlights
- Former SEC securities lawyer Marc Fagel said there’s no evidence of a settlement between Ripple and SEC.
- Fagel asserts final judgment by Judge Torres will come in the coming weeks.
- XRP price continue to move upside after 25% rally last week.
Ripple XRP Case Update: The closely watched legal battle between Ripple and the US Securities and Exchange Commission (SEC) gained notable traction amid settlement speculation.
XRP price also hit a high of $0.63 last week due to growing settlement speculations and XRP ETF buzz amid various positive developments. XRP especially saw massive trading volumes from Asian crypto markets including South Korea.
Former SEC Lawyer Says Final Ruling In Weeks
The XRP army awaits final judgment in the remedies phase by Judge Torres. However, settlement speculations were suddenly stirred up due to the U.S. SEC’s closed-door meeting, Ripple’s 150 million XRP move, and CEO Brad Garlinhouse’s recent comments on settlement prospects.
Former SEC securities lawyer Marc Fagel said there’s no evidence of a settlement between Ripple and SEC. He also explained that approval of the settlement would likely not be considered at a closed meeting, especially at this point in the Ripple XRP case.
“If the enforcement staff had negotiated a settlement with Ripple, they would have notified the court to prevent the issuance of the remedies ruling while awaiting SEC approval,” he added.
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Commenting on the final judgment in the remedies phase, Fagel asserts it will happen in the weeks ahead. He also believes Judge Torres will issue a final verdict regarding remedies, with a decision by Judge Netburn on the remaining motions unlikely.
Other lawyers including Bill Morgan and Fred Rispoli have already commented on their expectations of a final judgment on penalties by the end of July or early August. Morgan also dispelled settlement speculation over the upcoming SEC meeting on institution and settlement of administrative proceedings.
Price Action Amid Ripple XRP Case News
XRP price pared some gains after an over 25% rally last week. The price jumped 4% in the last 24 hours, currently trading at $0.60. Moreover, the trading volume has increased by 42%, indicating a rise in interest among traders.
In the derivatives market, options traders are making more call bets and futures open interests continue to rise. Options traders bet for as high as $0.70, while total XRP futures OI jumped nearly 6% to $816.33 million. Buying activity is seen across all crypto exchanges, with BitMEX leading with a 17% increase in open interest in 24 hours.
Source: CoinGlass
According to an XRP price analysis, a breakout above $0.65 resistance would catapult it to $0.75. The crypto asset is trading above the 50-day and 200-day SMA, with more upside expected due to amid events including spot Ethereum ETF launch and Bitcoin Conference.