XRP Speculations Intensify as Ripple-SEC Settlement is Near

Yesterday, July 23, XRP's price declined, reversing gains made the previous day, mirroring a broader market downturn.

Speculation about a possible settlement in the Ripple vs. SEC case intensified, with many expecting discussions during the SEC’s closed meeting on July 25. Earlier this month, Judge Analisa Torres ruled that Ripple’s sale of unregistered XRP to institutional investors violated securities laws, though Programmatic Sales of XRP did not meet the Howey Test’s third standart.

A settlement would clarify the penalties Ripple faces and potentially prevent the SEC from appealing the ruling on Programmatic Sales, setting a significant precedent for the U.S. digital asset industry.

Following the ruling on July 13, 2023, XRP surged to a high of $0.9327 but later fell below $0.60 in August amid fears of an SEC appeal. A definitive resolution of the case could boost XRP back towards $1. At the time of writing, XRP is trading at $0.60 with a 26% drop in trading volume in the past 24 hours.

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Coinbase’s 2023 #StandWithCrypto campaign aimed to increase crypto awareness among lawmakers, reflecting the growing influence of the 52 million Americans who own crypto. This number likely grew with the launch of the U.S. spot BTC ETF market.

The political landscape, with Vice President Harris stepping in for President Biden, may provide an opportunity for a shift in the Democrats’ stance on cryptocurrency.

Investors should stay alert as settlement discussions progress. XRP remains above key moving averages, suggesting bullish momentum.

Alexander Stefanov