- Ripple and the SEC have a scheduled closed-door meeting on July 25, a resolution in the lawsuit is expected.
- XRP hovers around $0.62 early on Thursday, sustaining recent gains.
- XRP traders anticipate an end of the SEC lawsuit by July 31, per Attorney Fred Rispoli’s recent comments.
Ripple (XRP) hovers above key support at $0.62 as traders await a resolution in the US Securities & Exchange Commission (SEC) lawsuit. The meeting is scheduled to occur behind closed doors on July 25.
According to pro-crypto attorney Fred Rispoli, the lawsuit against Ripple could end by July 2024.
Daily digest market movers: Ripple lawsuit could see resolution soon, traders await meeting outcome
- The SEC and Ripple are preparing for a closed-door meeting scheduled for July 25.
- The agenda of the meeting is unknown, and it is expected that progress will be made either on settlement or resolution talks between the two parties.
- Attorney Fred Rispoli has predicted that the Ripple lawsuit could end soon, and Judge Analisa Torres could rule on the case by the end of July.
- In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse said that he cannot comment on “settlement” however, he expects a resolution soon.
- Ripple pocketed a partial victory when Judge Analisa Torres ruled that XRP was not a security in July 2023.
- The judge is expected to rule on a fine to be imposed on Ripple for alleged violation of securities laws.
- It remains to be seen whether the regulator appeals Judge Analisa Torres’ ruling.
Technical analysis: XRP could extend gains by nearly 15{3da602ca2e5ba97d747a870ebcce8c95d74f6ad8c291505a4dfd45401c18df38}
Ripple has been in an upward trend since July 8, and the altcoin could extend gains by another 14.30{3da602ca2e5ba97d747a870ebcce8c95d74f6ad8c291505a4dfd45401c18df38} to hit its target of $0.70. The $0.60 is a psychological support level for Ripple. The altcoin could find support at $0.5632, and $0.5797, the two levels are significant as the first represents 50{3da602ca2e5ba97d747a870ebcce8c95d74f6ad8c291505a4dfd45401c18df38} Fibonacci retracement level of the decline from the March 11 top of $0.7440 to the July 5 low of $0.3823.
The momentum indicator, Moving Average Convergence Divergence (MACD), signals underlying positive momentum in Ripple price trend.
XRP/USDT daily chart
A daily candlestick close below the support at $0.5797 could invalidate the bullish thesis for Ripple.
