- XRP price has suffered 6% weekly decline as SEC lawsuit drags on, market participants await possible settlement.
- Ripple’s large wallet holders shed their XRP, while retail traders scooped up the asset in the last three months.
- Ripple and SEC could settle the lawsuit in a closed door meeting scheduled for November 30.
XRP price observed 6% weekly losses as the altcoin suffered a correction. The US Securities and Exchange Commission’s (SEC) lawsuit against payment giant, Ripple, dragged on. News of a closed doors meeting between the two parties on November 30 has fueled speculation of a settlement between the two parties.
XRP price is $0.6105 at the time of writing.
Also read: Binance to list BONK, will this Solana-based meme coin face same fate as PEPE?
Daily Digest Market Movers: Ripple could settle lawsuit with SEC, retail traders scoop up XRP tokens
- XRP price is $0.6105 on Thursday; the altcoin’s price is unchanged in the past day. XRPLedger’s native token noted 6% losses last week.
- The altcoin is likely to recover from the recent correction if the crossborder payment remittance firm, Ripple, settles with the US SEC.
- News of a closed-door meeting between the two parties has fueled speculation of a possible settlement of the financial regulator’s lawsuit against Ripple.
- According to the SEC website, the subject of the closed meeting will be institution and settlement of injunctive actions, institution and settlement of administrative proceedings, resolution of litigation claims, and matters related to litigation, examinations and enforcement proceedings.
- Pro-XRP attorney John Deaton told his 306,600 followers that in the event of a settlement, the odds are 90-10 in favor of Ripple. Deaton argues that Ripple could end up paying $20 million or less, a 99.9% legal victory for the firm.
- Negotiations are likely to be complex and difficult as the pivotal point of contention is the $770 million fine imposed on Ripple by the US SEC.
- Ripple’s large wallet investors distributed their XRP holdings over the past three months, while retail traders accumulated, based on Santiment data.
- XRP holders with 100,000 to 1,000,000 and 1 million to 10 million tokens, shed their holdings and retail traders consistently added XRP to their portfolio.
 [10.03.35, 23 Nov, 2023]-638363161576306561.png)
XRP token distribution by whales
Technical analysis: XRP price eyes recovery
XRP price could recover from its recent pullback and target the 50% retracement of the decline from the July 13 top of $0.9371 to the Aug 17 low of $0.4235. XRP price could therefore rally towards $0.6809, marking 11.7% rally from the current price.
XRP/USDT 1-day chart
A daily candlestick close below the 50-day Exponential Moving Average (EMA) at $0.5918, could invalidate the bullish thesis.
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.
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
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.