Ripple XRP Case Update: Ex-SEC lawyer Marc Fagel reflects on settlement prospect in remedies phase. XRP price nears a parabolic move? By Varinder Singh 21 hours ago Updated 18 hours ago
Highlights
- Former SEC securities lawyer Marc Fagel reflects on speculation of possible settlement between Ripple and US SEC.
- The parties are not seeking any settlement and await the district court’s decision currently.
- The meeting is rumored to focus on resolving injunction claims or settlement.
- XRP RSI is about to break 6.5-year downtrend with a pending bullish cross.
Ripple XRP Case Update: As the U.S. Securities and Exchange Commission’s (SEC) back-to-back closed door meeting sparked settlement speculations, former SEC securities lawyer Marc Fagel shed light on whether a settlement between Ripple and US SEC can even happen at the current stage.
Ex-SEC Refutes Settlement Talks in Closed-Door Meeting
Ex-SEC lawyer Marc Fagel clears 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 Fagel.” 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 Ripple XRP case amid recent legal developments in the Binance lawsuit. Market participants are closely monitoring developments and await any outcome from the meeting.
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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 27% in a week, with the price currently trading at $0.543. Moreover, trading volume has spiked 66% in the last 24 hours, indicating rising interest among traders.