XRP price could extend gains with Ripple’s likely win through $20 million settlement with SEC
- Ripple could pay $20 million in settlement, this would be a victory against the SEC, according to Attorney John Deaton.
- XRP price climbed 23% against Bitcoin in the past week; Ripple crossed the $0.68 level for the first time since August.
- XRP gains are likely sustainable as wallets holding between 100,000 to 1 billion XRP tokens have accumulated Ripple at their highest level in 2023.
Ripple is likely to settle its lawsuit with the US financial regulator, Securities and Exchange Commission (SEC), at $20 million or less. Pro-XRP attorney shared his views on Ripple’s victory against the regulator in the event of a settlement.
XRP price is $0.6789 on Binance at the time of writing. The altcoin has yielded consistent gains for holders over the past month.
Also read: Ripple price rally to $0.66 likely with bullish developments in the altcoin
Daily Digest Market Movers: XRP price gains likely to extend, Ripple could settle lawsuit for $20 million or less
- The US SEC seeked a $770 million settlement from cross-border payment settlement firm, Ripple. However, according to pro-Ripple attorney John Deaton, the firm could settle the lawsuit for $20 million or less.
- Crypto market participants consider the outcome of the SEC v. Ripple lawsuit a 50-50 win for both parties, however, Deaton argues that with a $20 million or lower settlement, it is likely to be a 90-10 win, with Ripple taking the lead.
The people who’ve argued that the SEC got a 50-50 victory in the @Ripple case are wrong. It was more like 90-10 in Ripple’s favor. If Ripple ends up paying $20M or less it’s a 99.9% legal victory. https://t.co/Xe6SYBiTCJ
— John E Deaton (@JohnEDeaton1) November 4, 2023
- In the SEC v. Ripple lawsuit, judge Analisa Torres has approved an order regarding the two parties’ joint request to propose a briefing schedule to address the institutional sales of the asset. The SEC and the Ripple are expected to provide a joint briefing schedule no later than November 9.
- XRP wallets holding between 100,000 and 1 billion XRP have consistently accumulated the altcoin, despite the uptrend in its price throughout October. These wallets hold the highest level of XRP tokens, seen in 2023, according to on-chain crypto tracker, Santiment.
- Wallets with up to 1 billion XRP tokens now hold 45.8% of the asset’s total supply, as seen in the chart below.
- The accumulation of the asset by traders was accompanied by a large spike in XRP discussion, one of the largest since mid-July 2023.
- XRP price climbed above $0.68 for the first time since August 2023.
XRP wallets with 100,000 to 1 billion XRP hold 45.8% of the token’s supply
Technical Analysis: XRP price likely to extend its gains
XRP price is on track to post an additional 7% gains after its 23% rally over the past week. As seen in the chart below, XRP price could climb from $0.6770 to resistance at 61.8% Fibonacci retracement level at $0.7414. This move marks 7.57% in gains for the altcoin.
XRP/USDT one-day price chart on Binance
If XRP price successfully breaches the resistance, it is likely to continue rallying towards the lower boundary of the Fair Value Gap, at $0.7530. Once the gap is filled, XRP price is likely to witness a correction. In the event that the bullish thesis is invalidated and XRP price drops to 38.2% Fibonacci retracement level, Ripple could hit $0.6205.
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
