- Ripple filed a letter requesting stay of monetary portion of the court’s judgment in the SEC vs. Ripple lawsuit and received SEC approval.
- The two parties consent on the request for temporary postponement of the $125 million fine.
- XRP slips to $0.54 as the altcoin faces a correction in the aftermath of the recent correction in crypto prices earlier this week.
Ripple (XRP) dipped to $0.54, erasing 1.81% of its value on the day. The payment remittance firm had submitted a letter requesting a stay on the monetary portion, the $125 million settlement in its recent lawsuit, on August 7. The Securities & Exchange Commission (SEC) consented to the request.
Daily digest market movers: Ripple and SEC agree to postpone the monetary fines imposed in lawsuit
- The final ruling in the SEC vs. Ripple lawsuit was considered a partial victory for both parties. The ruling judge, Analisa Torres, upheld the ruling that XRP is not a security in
- secondary market transactions on crypto exchange platforms.
- A fine of $125 million was imposed on Ripple for securities law violation and the firm requested a stay on this monetary portion of the ruling on August 7.
- The letter requesting this temporary postponement of the fine received the SEC’s consent as well, per September 4 filing in the court.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple has filed a letter requesting a stay of the monetary portion of the Court’s Judgment entered on August 7, 2024. The SEC has consented to the request for a stay. pic.twitter.com/zo68dq6D8j
— James K. Filan (@FilanLaw) September 4, 2024
- XRP traders are waiting to see whether the regulator will appeal the final ruling in the lawsuit.
- If there is an appeal, it could negatively impact XRP’s legal clarity.
Technical analysis: XRP could extend losses by nearly 5%
XRP has been in a multi-month downward trend that started on July 13, when the altcoin was at $0.9380. XRP is likely to extend losses by 4.72% and sweep liquidity at $0.5188. This marks a key support level for the altcoin as it is the lower boundary of a Fair Value Gap (FVG).
The Moving Average Convergence Divergence (MACD) shows red histogram bars under the neutral line, which signifies that there is underlying negative momentum in the XRP price trend.
XRP/USDT daily chart
A daily candlestick close above $0.5785 could invalidate the bearish thesis. XRP could target the psychologically important $0.60 level.
Open Interest, funding rate FAQs
Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.
Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.