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Following Ripple's decision to decline the Securities and Exchange Commission's (SEC) offer to reduce the proposed penalty to $102.6 million, the XRP price prediction indicates that the coin is currently in a vulnerable scenario regarding its value.
Although it was anticipated, Ripple's action could have consequences for the firm, which has spent more than two hundred million dollars fighting the litigation, and for the XRP token that is linked with it.
During the trading hours in the United States on Tuesday, the price of XRP remained stable at $0.4830, representing a growth of 0.8% in twenty-four hours and a 1.5% increase over the previous seven days. In comparison to other cryptocurrencies, XRP has a market cap of $27 billion, moving it up to the seventh spot on CoinMarketCap.
The 14% increase in volume, which brought the total to $862 million, indicates increased interest among traders. If sentiment continues to improve this week, the price of XRP may be able to take advantage of major bull market indications and possibly climb above $0.75.
Ripple Rejects SEC Settlement Proposal, Legal Battle Intensifies as U.S. Elections Loom
Ripple, a well-known blockchain company, has suffered another setback in the ongoing legal struggle between the Securities and Exchange Commission (SEC) of the United States and Ripple, a prominent blockchain company. Ripple has rejected a proposal by the SEC that would have reduced the penalty from $2 billion to $102 million, as per Coingape.
This action by Ripple comes at a crucial moment for all of the parties involved and represents the growing dissatisfaction that has been occurring. Even though the matter is currently in the trial stage, it is not apparent whether Ripple and the SEC will reach a settlement or whether they will allow the action to continue until a decision is made by the court.
The case will also be decided during the year of the United States Elections; hence, its significance is heightened in light of the impending political shifts. Given that the firm recommended a penalty of ten million dollars, Ripple does not believe that the reduction to 101 million dollars is reasonable.
Ripple and the SEC are getting ready to engage in a protracted conflict, and investors appear to be concerned about the influence that this conflict will have on the price of XRP, which has remained notably subdued in comparison to the prices of other cryptocurrencies, such as Bitcoin and Ethereum.
The Securities and Exchange Commission (SEC) asserts that it is responsible for safeguarding investors. However, opponents have accused it of filing illegitimate litigation against cryptocurrency startups such as Ripple Labs.
Ripple's case may have potentially far-reaching repercussions not only for XRP but also for the cryptocurrency industry as a whole. Ripple supporters and stakeholders hope that the judge, Torres, will decide in favor of the cryptocurrency company. This would likely establish a precedent and prevent abusive actions taken against cryptocurrency companies.
Elections in the United States are coming up later this year, and there are indications of a political change. Former President Donald Trump appears to be gaining ground on current President Biden, which indicates an imminent transfer in power. The cryptocurrency industry has previously anticipated that the influence of SEC Chair Gary Gensler will diminish, which will pave the way for a new dispensation, particularly regarding cryptocurrency legislation.
XRP Builds Strong Support at $0.48, Poised for Potential Bull Run to $1 in July
The price of XRP is developing strong support at $0.48, and there are indications that a bottoming-out level is emerging. The delay chart reveals that the support level at $0.45 has, on numerous occasions over the past year, been the catalyst for significant bounces.
Those who are bullish on XRP will feel liberated to continue their push for gains to $1 in July if the cryptocurrency recovers and breaks over the barrier level at $0.5.
A purchase signal displayed by the Moving Average Convergence Divergence (MACD) indicator indicates that traders are prepared to fall behind XRP. Bringing down significant obstacles such as $0.6 and $0.75 might make the bull run even more pronounced.
If the court decides in favor of Ripple, XRP will not only gain legitimacy among investors worldwide but also experience a spike in demand, which might support a parabolic rally to new all-time highs, with $10 looming as an achievable target.
Photo: Microsoft Bing
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