XRP News Today: SEC vs. Ripple Settlement Rumors Ignite XRP Surge

XRP continued to gain momentum, with $0.60 in reach. Following a 3.15% gain on Monday, July 15, XRP rallied 7.89% to close at $0.5796. Significantly, XRP outperformed the broader crypto market, which rose by 0.12% to a total market capitalization of $2.327 trillion.

Market Speculation: SEC vs. Ripple Settlement Rumours Circulate

Speculation about an SEC v Ripple case settlement boosted demand for XRP. On Friday, July 12, news of the SEC scheduling a closed meeting at their headquarters in Washington fueled excitement about a possible settlement.

According to the meeting agenda, items for discussion include settlements, enforcement proceedings, and resolution to litigation claims.

A court verdict in the SEC v Ripple case is imminent. Pro-XRP lawyer Fred Rispoli recently predicted a July verdict. Meanwhile, Ripple expects a ruling in the coming months.

Judge Analisa Torres will decide the penalty Ripple must pay for violating US securities laws. In July 2023, Judge Torres ruled that Ripple breached US securities laws by selling unregistered XRP to institutional investors.

Is the SEC likely to settle with a court verdict imminent?

Former SEC lawyer Marc Fagel poured cold water on the chances of a settlement, stating,

“I mean, they’ve had about 150 of these nearly-weekly meetings since the case was filed, and Crypto Twitter was convinced a settlement was being discussed at every one of those meetings, but this is DEFINITELY the one!”

Fagel concluded,

“It’s not the one.”

A settlement would prevent the SEC from appealing any SEC vs. Ripple case rulings.

On Friday, July 12, Ripple Chief Legal Officer Stuart Alderoty said that the SEC told the court it would not challenge the court ruling that XRP is not a security.

In the court rulings of July 13, 2023, Judge Torres concluded that programmatic sales of XRP do not satisfy the third prong of the Howey Test.

Legal Proceedings in California

However, the outcome of the case in California could motivate the SEC to appeal the Programmatic Sales judgment.

In June 2024, Judge Phyllis J. Hamilton ruled that the cause of action for misleading statements concerning the offer or sale of securities under California state law would go to trial.

The plaintiff claims that Ripple CEO Brad Garlinghouse made statements that meet the third prong of the Howey Test. The plaintiff also alleges that Ripple used promotional materials, meeting the third prong.

The Third Prong of the Howey test refers to the expectation of profits due to the effort of others.

Court Rulings and XRP Price Trends

Court rulings in the SEC vs. Ripple case can materially influence XRP price trends. XRP surged to a July 13, 2023, high of $0.9327 in reaction to Judge Torres’s rulings before falling below the $0.60 handle. Investor fears of an SEC appeal against the Programmatic Sales ruling triggered the retreat.

A settlement could see XRP target $1.00.

Investors should remain alert with the SEC vs. Ripple case verdict pending. Stay updated with our latest news and analysis to manage exposures to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP remained comfortably above the 50-day and 200-day EMAs, affirming the bullish price signals.

An XRP return to the $0.60 handle would support a move toward the $0.6609 resistance level.

SEC vs. Ripple case-related news requires consideration.

Conversely, an XRP drop below the $0.5739 support level could bring the 200-day EMA into play. A fall through the 200-day EMA could give the bears a run at the $0.50 handle.

With a 14-day RSI reading of 73.25, XRP sits in overbought territory. Selling pressure may intensify at the July 16 high of $0.5953.