Ripple vs. SEC: Community Speculate a Settlement Following a Motion Seal
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Ripple Lab’s recent Letter Motion to Seal Exhibits has sparked optimism in the cryptocurrency community over the possibility of a settlement in the ongoing legal battle between Ripple and the SEC. A case settlement would benefit the price of XRP significantly, considering that the crypto’s capped performance stems from the lingering lawsuit.
The court case has dragged on for about eight months with significant uncertainty about the direction of the case. Nonetheless, the defendant, Ripple, currently holds more leverage over the Commission in the lawsuit. By proposing an orderly settlement, the defendant offers the regulatory body a dignity-preserved way out while courting demand for its token.
The defendant’s Motion to Seal has sparked settlement speculations, especially following William Hinman’s deposition documentation. The payment solutions company offered to sell parts of Hinman’s deposition transcript, which—reports show—was Ripple’s ticket to winning the case.
That said, the defendant’s refusal to disclose the SEC officials named in the lawsuit had added to the settlement speculations. However, the company argues that its motion to seal is to ensure that the XRP Lawsuit does not become a mere trend. The company added that the Seal would protect the ideals of the US judicature over the education of the common man.
Key Ripple Levels to Watch — August 11
XRP continues to trade on strong bullish momentum as the cryptocurrency market enters a new bull run. On Wednesday, the sixth-largest cryptocurrency peaked at a ten-week high near $1.1000. However, it failed to sustain this spike and plummeted to the $0.9275 support level, where bulls facilitated another price rally.
That said, the cryptocurrency now heads for the $1.100 psychological resistance again but first needs to clear the $1.0500 barrier. A break above this barrier could propel XRP above the $1.1000 level to the next psychological barrier at $1.2000.
Meanwhile, our resistance levels are $1.0500, $1.1000, and 1.1500, and our support levels are $1.0000, $0.9500, and $0.9275.
Total Market Capitalization: $1.95 trillion
Ripple Market Capitalization: $47.8 billion
Ripple Dominance: 2.44%
Market Rank: #6
