Ripple Rallies Amid Echoes of Possible Settlement
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The long-drawn SEC vs. Ripple Labs lawsuit has reached a crossroad between agreeing on a settlement or extending the case for an additional six months.
According to the XRP lawsuit calendar from James Filan, the upcoming deadline poses a compelling concern for the US Securities and Exchange Commission, as it could push the plaintiff towards an amicable settlement. Filan posted the calendar on his Twitter feed this morning, noting that:
“#XRPCommunity #SECGov v. #Ripple #XRP Below is an updated schedule. Although it has been quiet publicly, you will see that the parties have a lot of work to do based on recent decisions on discovery disputes.”
Meanwhile, the Commission must discover and answer manifolds previously tagged “irrelevant” positions to the plaintiff by next month. Many of these critical deadlines came about last month, where the court granted and rejected some parts of two motions for both parties.
The first motion was Ripple’s Motion to Compel the regulatory authority to produce depositions regarding the Commission’s Howey Test blanket application theory. The second motion was the plaintiff’s, seeking a protective order under FRCP 26(c)(1), which exonerated the SEC from any constraint to respond to the 29,947 requests for admissions (RFAs).
That said, the defendant now holds a dominant position in the lawsuit. This status could push the SEC to agree to provide legal clarity on whether XRP is a security or not, which could snowball into a settlement.
Key Ripple Levels to Watch — November 8
XRP appears to have taken the echoes of a possible settlement well as the seventh-largest cryptocurrency recorded an intraday rally of over 7% and a seven-day jump of more than 15%.
XRP came close to touching the $1.3000 psychological resistance earlier today, but bulls ran out of steam, causing the price to fall to the $1.2530 level. That said, the embattled cryptocurrency has held up well above the $1.2500 zone over the past hours and should make another attempt at the $1.3000 level soon.
Meanwhile, my resistance levels are $1.2000, $1.2250, and 1.2500, and my support levels are $1.1500, $1.1000, and $1.0500.
Total Market Capitalization: $2.86 trillion
Ripple Market Capitalization: $59.3 billion
Ripple Dominance: 2.07%
Market Rank: #7
