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Is the Case Inching Toward a Conclusion?
The US Securities and Exchange Commission (SEC) has shifted its approach towards the digital asset industry following the departure of its former Chairman, Gary Gensler. Under the new regime led by Mark Uyeda, the agency has dropped or paused several lawsuits against crypto entities, including Coinbase, Binance, Uniswap, Kraken, and more. However, the most notable case against Ripple remains pending.
Over the past few weeks, speculation has been rising that the two sides may soon reach a mutual agreement. Popular attorney Fred Rispoli assumed that the official end of the legal battle might occur before April 16, which marks Ripple’s scheduled filing of their appellate brief.
Fox Business journalist Eleanor Terrett claimed she has inside information that the lawsuit “is in the process of wrapping up and could be over soon.” According to her sources, the delay in reaching a settlement is due to Ripple’s legal team negotiating more favorable terms regarding the $125 million penalty that Judge Torres ordered on the company last summer.
Terrett was also told that the SEC’s new leadership has been closely reviewing the case and now appears uncertain about whether the firm actually breached any rules. However, Judge Torres previously ruled that Ripple’s institutional sales of XRP did, in fact, violate federal securities laws.
XRP Price Outlook
An eventual conclusion of the case is expected to trigger substantial volatility in the price of Ripple’s native token. Currently, the asset is worth around $2.30 (per CoinGecko’s data), with numerous market observers envisioning a massive bull run in the near future.
X user Crypto General recently suggested that XRP has been holding above the breakout level of $0.94, describing this as “a great sign of strength.” The analyst also stated that the valuation has retested the support levels and appears ready for the next move to the upside.
“My target for the short term would be around $9. But overall, I am even more bullish, being a USA project and all the cases by SEC have been taken back, it is bound to pump hard,” they stated.
EGRAG CRYPTO made an even more optimistic forecast, believing XRP could be gearing up for the next “big leap,” predicting a price explosion in the $27-$222 range. However, such high levels would require the token’s market capitalization to skyrocket to at least $1.5 trillion, making the projection highly implausible.
How’s DOGE Doing?
Last but not least, we will touch upon Dogecoin, whose price has been on a serious downtrend lately. As of this writing, the meme coin trades at $0.17, representing a 15% decline on a weekly scale.
Earlier this month, the popular X user Ali Martinez assumed that DOGE could remain on a bullish path as long as its value stays above the $0.17 support zone. Nevertheless, the price briefly plunged way below the depicted level over the past few days before the bulls stepped in again.
Conclusion
The case between Ripple and the SEC may be nearing a resolution, with speculation suggesting a potential settlement could be reached before April 16. This development could lead to significant volatility in the price of XRP, with analysts predicting a massive bull run in the near future. Meanwhile, DOGE has been experiencing a downtrend, but some analysts remain bullish if it stays above the $0.17 support zone.
FAQs
Q: What is the current status of the Ripple-SEC case?
A: The case is ongoing, with speculation suggesting a potential settlement could be reached before April 16.
Q: What is the current price of XRP?
A: The current price of XRP is approximately $2.30 (per CoinGecko’s data).
Q: What is the expected outcome of the Ripple-SEC case?
A: Analysts predict a massive bull run in the price of XRP if the case is settled in a favorable manner.
Q: How is DOGE performing?
A: DOGE has been experiencing a serious downtrend, with a 15% decline on a weekly scale.
Q: What is the current price of DOGE?
A: The current price of DOGE is approximately $0.17.
