Key Takeaways:
- A legal analyst speculates that a settlement between the parties is not in the immediate future.
- XRP rose up with the crypto market to register 47.7% growth since July 21.
NEW DELHI (CoinChapter.com) — Ripple Labs’ legal battle with the U.S Securities and Exchanges Commission (SEC) may not end soon, according to Mr. James K. Filan, an attorney with ties to the XRP community. The attorney shared his views on the social media platform Twitter on Friday.
Meanwhile, Ripple’s in-house crypto XRP rode the crypto market bull run to gain by 47.7%, going from July 21’s low of $0.51 to July 30’s high of $0.764.
No Settlement In Sight…
Attorney James Filan shared a series of tweets, highlighting his views regarding Ripple’s lawsuit settlement chances. However, he remarked at the beginning that all his observations are mere speculation at the moment.
His statements come when social media is rife with rumors of a settlement between Ripple and the SEC. Mr. Filan, though, feels a settlement is not happening anytime soon.
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The lack of any news about the deposition of former SEC director William Hinman also adds fuel to settlement rumors.
However, Mr. Filan believes the testimony took place on July 27, as Ripple would let go of such an opportunity. He pointed out that Ripple said Mr. Hinman had ‘unique first-hand knowledge‘ of the SEC’s dealings with third parties or the regulator’s approval of Mr. Hinman’s speech about cryptocurrencies.
The defense lawyer believes Ripple gained valuable information from the Hinman deposition, critical to the Howey Test, the fair notice defense, and other charges.
Moreover, Mr. Filan speculated that Ripple gathered information about who Hinman and others talked with and what they said. As such, Ripple may be accumulating more information from these people.
He concluded by pointing out that Ripple is not looking to hurt the SEC. Instead, it is searching for clarity in the process. He dubbed the current situation as a ‘war‘ and advised the XRP community to “settle in for the long haul.”
XRP Goes Green On The Price Chart
XRP, Ripple Labs’ native cryptocurrency, registered an impressive uptrend after breaking above the May-July descending trend line on July 21. However, following its 13.5% breakout on July 28, XRP recorded a diminished gain (2.19%) on Thursday.
XRP started its upward rally from the $0.509 support level, making it critical support if the rally fails.
Moreover, XRP is trading above the 50-Day (Red) Moving Average trendline, which means it is short-term bullish. However, the crypto is bearish in the long-term range, as the 200-Day (Blue) MA trendline is above XRP prices, acting as resistance at the $0.778 level.
Also Read: XRP reaches monthly high after Ripple opens liquidity tunnel between Japan and Philippines.
The digital asset’s 20-Day (Purple) Exponential MA and 50-Day MA lines may form a support confluence at $0.659. As a result, bulls may try to hold on to this level if a pullback occurs.
However, barring an extended sell-off, XRP should steer clear of sub-$0.65 levels.
The $0.778 resistance level would likely cap any upside movement. However, if bulls manage to breach it, the next resistance level is at $0.883. Interestingly, $0.883 acted as support for XRP’s bull run in April 2021, in which the crypto reached 2021’s high of $1.98.
The relative strength index for XRP pulled back before reaching the overbought region, putting to rest any trend reversal fears. At present, XRP’s RSI is neutral at 60.96. Moreover, the trend-based momentum oscillator MACD is giving bullish signals for XRP.
The MACD histogram is charting bars above zero, which means that the MACD line (difference of 12-Day and 26-Day EMA) is above the MACD signal line (9-Day EMA of MACD). The significant difference between the two trend lines indicates XRP is likely to continue its bullish rally.
At the time of writing, XRP was trading at $0.724, down 3.30% on the day.
