- 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.
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.