XRP price could extend gains with Ripple’s likely win through $20 million settlement with SEC
Ripple could pay $20 million in settlement, this would be a victory against the SEC, according to Attorney John Deaton.
XRP price climbed 23% against Bitcoin in the past week; Ripple crossed the $0.68 level for the first time since August.
XRP gains are likely sustainable as wallets holding between 100,000 to 1 billion XRP tokens have accumulated Ripple at their highest level in 2023.
Ripple is likely to settle its lawsuit with the US financial regulator, Securities and Exchange Commission (SEC), at $20 million or less. Pro-XRP attorney shared his views on Ripple’s victory against the regulator in the event of a settlement.
XRP price is $0.6789 on Binance at the time of writing. The altcoin has yielded consistent gains for holders over the past month.
Daily Digest Market Movers: XRP price gains likely to extend, Ripple could settle lawsuit for $20 million or less
The US SEC seeked a $770 million settlement from cross-border payment settlement firm, Ripple. However, according to pro-Ripple attorney John Deaton, the firm could settle the lawsuit for $20 million or less.
Crypto market participants consider the outcome of the SEC v. Ripple lawsuit a 50-50 win for both parties, however, Deaton argues that with a $20 million or lower settlement, it is likely to be a 90-10 win, with Ripple taking the lead.
In the SEC v. Ripple lawsuit, judge Analisa Torres has approved an order regarding the two parties’ joint request to propose a briefing schedule to address the institutional sales of the asset. The SEC and the Ripple are expected to provide a joint briefing schedule no later than November 9.
XRP wallets holding between 100,000 and 1 billion XRP have consistently accumulated the altcoin, despite the uptrend in its price throughout October. These wallets hold the highest level of XRP tokens, seen in 2023, according to on-chain crypto tracker, Santiment.
Wallets with up to 1 billion XRP tokens now hold 45.8% of the asset’s total supply, as seen in the chart below.
The accumulation of the asset by traders was accompanied by a large spike in XRP discussion, one of the largest since mid-July 2023.
XRP price climbed above $0.68 for the first time since August 2023.
Technical Analysis: XRP price likely to extend its gains
XRP price is on track to post an additional 7% gains after its 23% rally over the past week. As seen in the chart below, XRP price could climb from $0.6770 to resistance at 61.8% Fibonacci retracement level at $0.7414. This move marks 7.57% in gains for the altcoin.
If XRP price successfully breaches the resistance, it is likely to continue rallying towards the lower boundary of the Fair Value Gap, at $0.7530. Once the gap is filled, XRP price is likely to witness a correction. In the event that the bullish thesis is invalidated and XRP price drops to 38.2% Fibonacci retracement level, Ripple could hit $0.6205.