Ripple (XRP)’s value remains broadly unchanged this Monday, reflecting a marginal 0.30% gain for the day, following a 3.74% loss in the past week. The upcoming crucial date in the SEC vs. Ripple lawsuit is February 12, marking the conclusion of the remedies-related discovery period. According to legal expert Bill Morgan, presiding Judge Analisa Torres might need to make a decision on the regulator’s motion to compel before the deadline.
Market Movers Digest: Ripple Settles for Nearly $10 Million
The legal battle between the SEC and Ripple has exerted substantial influence on XRP price since its inception. The company secured a pivotal victory in July when Judge Torres ruled that XRP was not considered a security by itself.
The most recent development in the lawsuit involves the US regulator’s motion to compel Ripple to disclose detailed financial statements for 2022 and 2023, along with post-complaint contracts governing XRP sales to institutional investors. The company strongly opposed this move and submitted a response letter countering the motion, asserting that the regulator’s lawyers have presented factual mischaracterizations.
| Note: XRP holders are eagerly anticipating the February 12 deadline for the completion of the remedies-related discovery. |
Legal Experts Weigh In
Legal expert Bill Morgan anticipates Judge Torres ruling on the motion before the February 12 deadline, and Attorney John Deaton, associated with the SEC vs. Ripple lawsuit, suggests in a recent video that Ripple could pay nearly $10 million to settle the lawsuit.
Deaton suggests that Ripple is likely to demonstrate that a vast majority of its institutional sales were to accredited investors, an exception to Section 5 of the Securities Act. Deaton predicts that Judge Torres is likely to impose a fine on Ripple significantly less than its $200 million legal fees, estimating a probable fine of $10 million.
XRP Technical Analysis
VR Soldier analysts note that the short-term outlook for XRP price is bearish, they predict that Ripple (XRP) will retest support at $0.468 before recovery.
At the time of writing, XRP price is $0.5033 however, experts suggest that the altcoin is poised to revisit its support at $0.468 before starting a recovery from the $0.532 support line. Once these two conditions are met, the long-term outlook turns bullish, and investors can anticipate XRP resuming its uptrend, with $0.696 as the primary target to the upside. A retest of the $0.468 support level and a failure to rebound from it could indicate weakness in the trend and potentially invalidate the bullish thesis. XRP price might experience an approximate 18% decline, reaching the $0.379 support.
About Ripple (XRP)
Ripple is a peer-to-peer ecosystem with a differentiated ledger (a system of gateways or gates), and XRP is its native cryptocurrency, which, unlike Bitcoin, does not use blockchain technology. At the same time, the Ripple cryptocurrency is in many ways similar to Bitcoin – it is a decentralized virtual architecture, the presence of an intra-system coin. According to the developers, the project was created as a kind of addition to Bitcoin, but not as a competitor. The fundamental goal is to create a global network within which clients can exchange digital assets. At the same time, the task is to increase processing speed and throughput capabilities while reducing commission fees.
