Ripple update: SEC is not asking for $102.6 million in fines, attorney says its an argument in lawsuit
|- SEC did not ask Ripple to pay $102.6 million in penalty, attorney Jeremy Hogan says it was a legal argument.
- SEC vs. Ripple lawsuit awaits final ruling from Judge Analisa Torres.
- XRP hovers around psychological support level at $0.60, early on July 26.
Pro-crypto attorney says Securities & Exchange Commission (SEC) and Ripple could settle in a “compromise” and not a win for the two parties. Attorney Bill Morgan, Fred Rispoli and Jeremy Hogan commented on the recent events in the SEC vs. Ripple lawsuit, the closed-doors meeting and the likelihood of a settlement.
XRP trades at $0.59, early on Friday.
Daily digest market movers: Pro-crypto attorneys comment on SEC vs. Ripple lawsuit developments
- Pro crypto attorney Jeremy Morgan says that the SEC did not ask Ripple for $102.6 million in its filing. Instead, the regulator noted that even by Ripple’s argument the fine would be $102.6 million, far exceeding the remittance firm’s $10 million offer.
ME: The SEC isn't requesting a penalty of $102 million, it's arguing that even applying Ripple's logic to the Terra settlement, the penalty should be $102 million.
— Jeremy Hogan (@attorneyjeremy1) June 15, 2024
Also Me: What are the CHANCES? pic.twitter.com/MhQDPLV5s9
ME: The SEC isn't requesting a penalty of $102 million, it's arguing that even applying Ripple's logic to the Terra settlement, the penalty should be $102 million.
— Jeremy Hogan (@attorneyjeremy1) June 15, 2024
Also Me: What are the CHANCES? pic.twitter.com/MhQDPLV5s9
- Ripple had argued in its filing that a $10 million fine would be apt for the alleged securities law violation.
- Attorney Fred Rispoli predicted that the SEC vs. Ripple lawsuit will end by the end of July 2024.
- In a recent tweet attorney Bill Morgan commented on the closed-doors meeting with the SEC and said that a settlement is most likely with a compromise rather than a win for the parties.
Settlements generally end matters in dispute including appeal rights in the current proceedings. The more likely difficulty is other Ripple XRP sales since December 2020 and future Ripple sales of XRP. https://t.co/V4DaPeqXz6
— bill morgan (@Belisarius2020) July 25, 2024
Settlements generally end matters in dispute including appeal rights in the current proceedings. The more likely difficulty is other Ripple XRP sales since December 2020 and future Ripple sales of XRP. https://t.co/V4DaPeqXz6
— bill morgan (@Belisarius2020) July 25, 2024
Technical analysis: XRP hovers above key psychological support
Ripple is currently in an upward trend that started on July 8, the altcoin could extend gains by 18% and hit its target at $0.70, as seen in XRP/USDT daily chart. In its rally, Ripple faces resistance at the 78.6% Fibonacci retracement level of the decline from March 11 top of $0.7440 to the July 5 low of $0.3823.
The momentum indicator, Moving Average Convergence Divergence (MACD) supports Ripple’s gains, green histogram bars indicate underlying positive momentum in Ripple’s price trend.
XRP/USDT daily chart
XRP could find support at $0.5632, the 50% Fibonacci retracement level and the Fair Value Gap (FVG) with upper and lower boundary at $0.5703 and $0.5404, as seen in the chart.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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