As the legal tussle between Ripple and the SEC intensifies with the recent sealed remedy reply brief, XRP’s price exhibits notable fluctuations in the market. Currently, XRP stands at $0.5413, marking a slight decrease of 0.27% within the past 24 hours. This period has seen XRP peak at around $0.57 before correcting downwards to a support level near $0.52.
SEC’s Sealed Remedy Reply Brief
The Securities and Exchange Commission () has introduced a new twist in its ongoing lawsuit with Ripple by submitting a sealed remedy reply brief, along with its exhibits. The contents of this brief remain undisclosed to the public, with only redacted versions set to be unveiled on Wednesday, May 8. This move adds to the intrigue surrounding the case, with both parties engaging in strategic maneuvers to safeguard their interests.
Parties on both sides, accompanied by third-party entities, have engaged in meticulous negotiations to determine which segments of the reply brief and its exhibits will be accessible to the public. The process involves classifying certain information as either Confidential or Highly Confidential. Subsequent actions are slated to unfold in the coming days, with letter-motions and proposed redactions scheduled for submission.
Ripple and SEC: Battle Over Penalties and Operational Impact
While legal proceedings unfold, Ripple continues to contest the SEC’s proposed penalties, which amount to nearly $2 billion in disgorgement, interest, and penalties. Ripple vehemently opposes this figure, advocating for a significantly lower amount of $10 million. The outcome of this dispute could profoundly impact Ripple’s operations, particularly concerning its sales to On-Demand Liquidity (ODL) customers.
Ashley Prosper, a legal observer, suggests that the ongoing exchange of replies may lay the groundwork for a potential settlement. However, she cautions against premature optimism, highlighting the possibility of protracted negotiations leading up to Judge Torres’ anticipated final ruling, speculated to be delivered in September.
Bill Morgan underscores the significance of the SEC’s response to Ripple’s plea against a permanent injunction. He emphasizes that beyond monetary fines, the court’s decision could fundamentally alter business operations, shaping its future trajectory within the crypto landscape.
Analyst Predictions for XRP Price
Several prominent analysts have recently offered bullish forecasts for XRP, suggesting potential upward movements in the digital asset’s price.
Mikybull Crypto has indicated that XRP may have reached its bottom. While he did not provide a specific target, his observation implies the possibility of a significant . Similarly, Captain Faibik, another respected analyst, shares this sentiment and has set a medium-term target of $2.5 for XRP. He believes that XRP is primed for a rebound, suggesting confidence in its future price trajectory.
Other analysts have weighed in with their predictions as well. Dark Defender has set a slightly lower but still significant target of $1.88 for XRP based on a symmetrical triangle formation. Despite the lower target, Dark Defender’s suggests the potential for a substantial climb, with previous forecasts hinting at an eventual rise to $5.85.
EGRAG CRYPTO has adopted a more comprehensive approach to forecasting XRP’s price movement over the next 300 days. This model outlines four key stages, starting with the Structural Formation stage, which presents the potential for the price to remain within the range of $0.53 to $0.58. The subsequent stages, labeled Sentiment Status and Macro Range, indicate further price increases, with potential ranges of $0.63 to $0.70 and $0.75 to $0.85, respectively.
In the final stage, the Psychological Battlefield, EGRAG CRYPTO highlights the $0.93 to $1 price range as critical, where emotions such as fear, greed, and overconfidence are likely to influence market dynamics. A monthly close above this range, according to the analyst, could signal a permanent shift away from prices below $1.
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