Ripple vs. SEC Lawsuit Believed to Be Drawing to an End

Updated:

The long-drawn lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC) could be inching to a close soon.

On Monday, attorney James Filan took to Twitter to reveal that Ripple CEO Brad Garlinghouse had filed an early motion for a summary judgment. The following day, Caroline D. Pham, a commissioner at the Commodity Futures Trading Commission (CFTC), held a private meeting with Brad Garlinghouse. This comes a few days after Ripple and the SEC filed separate motions to Judge Analisa Torres for a summary judgment.

That said, most crypto community members maintain a positive outlook on the case, with some expecting news of a settlement to push the price to notable highs. Also, expectations of a settlement seem to be prevalent in the market as Ripple Labs now argues that there is no investment contract in place. This makes the summary judgment filing an intelligent move as it could trigger a settlement plea from the SEC.

In other news, the cross-border payment company recently signed the Climate Pledge, joining over 375 businesses championing an initiative to prioritize the sustenance of the planet. The company also recently announced behemoth Philippines-based remittance service provider I-Remit will expand its Ripple On-Demand Liquidity (ODL) use to boost its cross-border treasury flows.

Key Ripple Levels to Watch — September 21

Ripple has had an aggressive trading session over the past few days, with the cryptocurrency tapping the $0.42 mark for the first time since June 1.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView.

XRP has been aggressively bullish over the past few days, posting a 28% rally since its lowest point on September 16. The cryptocurrency seems poised to resurface above the $0.44 pivot top in the coming days and possibly the $0.46 mark by the end of the month. The recent bullish price performance comes amid settlement chatters in the ongoing lawsuit against the SEC.

Meanwhile, my resistance levels are $0.4200, $0.4400, and $0.4600, and my support levels are $0.4000, $0.3900, and $0.3800.

Total Market Capitalization: $930.5 billion

Ripple Market Capitalization: $19.7 billion

Ripple Dominance: 2.12%

Market Rank: #7

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.