2024-8-1 23:17 |
Ripple is once again back in the limelight as its long-standing legal brawl with the United States Securities and Exchange Commission (SEC) nears its tail end.
XRP’s monthly volatility meanwhile has dropped to its lowest level ever, transcending the zone that preceded the phenomenal 60,000% price rally which ended in early 2018.
Ripple-SEC Conclusion Imminent?As reported by ZyCrypto, a Tuesday filing showed that the U.S. Securities and Exchange Commission (SEC) wants to amend its complaint against crypto exchange Binance, including concerning Third Party Crypto Asset Securities, which likely means that the Judge won’t have to decide whether ten tokens such as Solana’s SOL, Cardano (ADA), and Polygon’s MATIC are unregistered securities at this time.
Although the filing did not name XRP, commentators are taking it to be a sign that the legal dispute between the SEC and Ripple could be coming to a close. Unconfirmed reports indicate that Judge Analisa Torres is currently deliberating the final judgment in the four-year-long court case.
Ripple notched a partial victory in the case last July after Judge Torres declared that XRP sales to retail investors on exchanges did not qualify as securities. While this was seen as a momentous win for Ripple and the crypto industry at large, the blockchain payments firm was not completely off the hook. The court’s final ruling will determine whether Ripple shells out its proposed $10 million or the SEC’s $103 million demand.
Further fuelling speculation of an imminent resolution is an allegedly leaked schedule showing that the SEC is set to hold a closed-door meeting with Ripple on August 1. It’s worth mentioning that the agency’s official website does not mention Ripple or the XRP cryptocurrency in the upcoming meeting.
Historical Pattern Signals Huge XRP Move NighRipple’s XRP has been on a tear in July. The token has jumped by over 34% in the past month, outperforming many of its peers on the market.
Analyst Tony Severino believes the price of XRP could soon rocket even further based on a historical pattern that previously heralded a spectacular bull run. As per Severino, XRP’s monthly Bollinger Bands are the tightest they have ever been.
“Tighter than before the historic 60,000% rally that ended in early 2018,” the crypto trader noted.
Created by John Bollinger in the 1980s, Bollinger Bands measures market volatility and potential price movements. When these bands tighten, it indicates that the asset endured a prolonged low volatility period and is primed for a major price move in either direction.
From a fundamental perspective, the main narrative that may accompany XRP’s upside move is a favorable ruling in the Ripple suit. Many believe a ruling in Ripple’s favor would also open the door for XRP to secure spot exchange-traded funds (ETFs) on Wall Street.
XRP traded at $0.62 at press time, reflecting a 6.2% gain over the past 24 hours.
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