Ripple: XRP pops Champagne in Red Sea
Ripple's XRP increased roughly a fifth of its value in just one week amid the ongoing market correction
Quick overview
- Ripple's XRP surged by about 20% in one week, currently trading at $2.184, fueled by a broader market rally led by Bitcoin's rise past $100,000.
- Concerns have arisen from a senior SEC official regarding the proposed settlement terms, which could set a concerning precedent for future digital asset enforcement.
- Key indicators suggest XRP may continue its upward trend, with a potential target of $3 in the near future.
- The ongoing legal battle between Ripple Labs and the SEC, which began in 2020, faces new scrutiny as an SEC commissioner warns that the settlement could undermine regulatory authority.
Ripple’s XRP increased roughly a fifth of its value in just one week amid the ongoing market correction. Ripple is still on the rise, trading at $2.184 on Tuesday, driven by a broad bullish surge that saw Bitcoin surpass $100,000 last week.
Bulls have a lot on their hands, as a senior SEC official has publicly objected to the proposed settlement terms, raising concerns about the precedent it could set for future enforcement in the digital asset sector. Several buy signals from key indicators suggest that XRP can potentially extend its rally, targeting $3 in the coming days.
The RSI indicator shows that XRP is neither overbought nor oversold, leaving room for a more bullish run. According to the settlement proposal filed with the US District Court, Ripple would reimburse the SEC $50 million and return the roughly $75 million held in escrow
A legal process that started in 2020 was thought to end with the agreement, which is still pending judicial approval.
SEC has been under fire for a recent development in the ongoing legal battle between Ripple Labs and the agency. An SEC commissioner filed a dissenting statement with Judge Analisa Torres claiming that the agreement might be construed as undermining the court’s jurisdiction.
The official cautioned that the proposed terms might incentivize cryptocurrency companies to minimize the risk of regulatory sanctions. The commissioner specifically cited the decision not to levy further fines, arguing that it might give market participants the impression that securities law infractions might go mostly unpunished.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals