- SEC did not ask Ripple to pay $102.6 million in penalty, attorney Jeremy Hogan says it was a legal argument.
- SEC vs. Ripple lawsuit awaits final ruling from Judge Analisa Torres.
- XRP hovers around psychological support level at $0.60, early on July 26.
Pro-crypto attorney says Securities & Exchange Commission (SEC) and Ripple could settle in a “compromise” and not a win for the two parties. Attorney Bill Morgan, Fred Rispoli and Jeremy Hogan commented on the recent events in the SEC vs. Ripple lawsuit, the closed-doors meeting and the likelihood of a settlement.
XRP trades at $0.59, early on Friday.
Daily digest market movers: Pro-crypto attorneys comment on SEC vs. Ripple lawsuit developments
- Pro crypto attorney Jeremy Morgan says that the SEC did not ask Ripple for $102.6 million in its filing. Instead, the regulator noted that even by Ripple’s argument the fine would be $102.6 million, far exceeding the remittance firm’s $10 million offer.
ME: The SEC isn’t requesting a penalty of $102 million, it’s arguing that even applying Ripple’s logic to the Terra settlement, the penalty should be $102 million.
Also Me: What are the CHANCES? pic.twitter.com/MhQDPLV5s9
— Jeremy Hogan (@attorneyjeremy1) June 15, 2024
- Ripple had argued in its filing that a $10 million fine would be apt for the alleged securities law violation.
- Attorney Fred Rispoli predicted that the SEC vs. Ripple lawsuit will end by the end of July 2024.
- In a recent tweet attorney Bill Morgan commented on the closed-doors meeting with the SEC and said that a settlement is most likely with a compromise rather than a win for the parties.
Settlements generally end matters in dispute including appeal rights in the current proceedings. The more likely difficulty is other Ripple XRP sales since December 2020 and future Ripple sales of XRP. https://t.co/V4DaPeqXz6
— bill morgan (@Belisarius2020) July 25, 2024
Technical analysis: XRP hovers above key psychological support
Ripple is currently in an upward trend that started on July 8, the altcoin could extend gains by 18% and hit its target at $0.70, as seen in XRP/USDT daily chart. In its rally, Ripple faces resistance at the 78.6% Fibonacci retracement level of the decline from March 11 top of $0.7440 to the July 5 low of $0.3823.
The momentum indicator, Moving Average Convergence Divergence (MACD) supports Ripple’s gains, green histogram bars indicate underlying positive momentum in Ripple’s price trend.
XRP/USDT daily chart
XRP could find support at $0.5632, the 50% Fibonacci retracement level and the Fair Value Gap (FVG) with upper and lower boundary at $0.5703 and $0.5404, as seen in the chart.
