Ripple lawsuit could settle soon, says Brad Garlinghouse, XRP trades around $0.60 (2024)

  • Ripple CEO Brad Garlinghouse commented on what to expect from the SEC lawsuit in a recent Bloomberg interview.
  • Garlinghouse expects the lawsuit to end soon, when asked about a settlement, the Ripple CEO says a resolution is expected.
  • XRP hovers around $0.60, sustains over 21% gains from the last seven days.

Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.

Securities & Exchange Commission (SEC) vs. Ripple lawsuit and Bitcoin price trend have been the key market movers for the altcoin in July. The correlation between Bitcoin and XRP is 0.67, considered as moderate.

Daily digest market movers: Ripple CEO comments on settlement talks in SEC lawsuit

  • Ripple CEO Brad Garlinghouse recently appeared in a Bloomberg interview and shared his thoughts on SEC lawsuit and the process of litigation that the payment firm has spent over $150 million on.
  • The executive hinted that the company’s long legal battle with the US financial regulator could settle during a private meeting with the SEC on July 25.
  • Throughout the lawsuit, Garlinghouse said XRP is not a security and in her ruling, Judge Analisa Torres upheld the same. XRP is not a security in secondary-market sales or sales across exchange platforms.
  • The Ripple CEO says they want “regulation and clarity.”
  • Garlinghouse holds SEC Chair Gary Gensler responsible for making the situation worse than it was five years ago, when Ripple seeked clarity from the regulator.
  • While the CEO cannot comment on the SEC vs. Ripple lawsuit settlement directly, he was quoted as saying, “we can expect a resolution soon.”

  • XRP traders are awaiting the meeting and the end of the SEC lawsuit.

Technical analysis: XRP hovers around $0.60

Ripple is currently in an upward trend, forming higher highs and higher lows on the daily chart. XRP could extend its gains by nearly 15% and hit $0.70, a key level for the altcoin. Ripple faces resistance at $0.6666, the 78.6% Fibonacci resistance of the decline from the March 11 top of $0.7440 to the July 5 bottom of $0.3823.

The Moving Average Convergence Divergence (MACD) indicator suggests there is underlying positive momentum in Ripple’s uptrend.

XRP/USDT daily chart

Ripple could find support at $0.5632, the 50% Fibonacci retracement level of the decline. A daily candlestick close under $0.60 could invalidate the bullish thesis for the altcoin.

SEC vs Ripple lawsuit FAQs

It depends on the transaction, according to a court ruling released on July 14: For institutional investors or over-the-counter sales, XRP is a security. For retail investors who bought the token via programmatic sales on exchanges, on-demand liquidity services and other platforms, XRP is not a security.

The United States Securities & Exchange Commission (SEC) accused Ripple and its executives of raising more than $1.3 billion through an unregistered asset offering of the XRP token. While the judge ruled that programmatic sales aren’t considered securities, sales of XRP tokens to institutional investors are indeed investment contracts. In this last case, Ripple did breach the US securities law and will need to keep litigating over the around $729 million it received under written contracts.

The ruling offers a partial win for both Ripple and the SEC, depending on what one looks at. Ripple gets a big win over the fact that programmatic sales aren’t considered securities, and this could bode well for the broader crypto sector as most of the assets eyed by the SEC’s crackdown are handled by decentralized entities that sold their tokens mostly to retail investors via exchange platforms, experts say. Still, the ruling doesn’t help much to answer the key question of what makes a digital asset a security, so it isn’t clear yet if this lawsuit will set precedent for other open cases that affect dozens of digital assets. Topics such as which is the right degree of decentralization to avoid the “security” label or where to draw the line between institutional and programmatic sales are likely to persist.

The SEC has stepped up its enforcement actions toward the blockchain and digital assets industry, filing charges against platforms such as Coinbase or Binance for allegedly violating the US Securities law. The SEC claims that the majority of crypto assets are securities and thus subject to strict regulation. While defendants can use parts of Ripple’s ruling in their favor, the SEC can also find reasons in it to keep its current strategy of regulation by enforcement.

The court decision is a partial summary judgment. The ruling can be appealed once a final judgment is issued or if the judge allows it before then. The case is in a pretrial phase, in which both Ripple and the SEC still have the chance to settle.

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Ripple lawsuit could settle soon, says Brad Garlinghouse, XRP trades around $0.60 (2024)

FAQs

Ripple lawsuit could settle soon, says Brad Garlinghouse, XRP trades around $0.60? ›

Ripple CEO Brad Garlinghouse commented on what to expect from the SEC lawsuit in a recent Bloomberg interview. Garlinghouse expects the lawsuit to end soon, when asked about a settlement, the Ripple CEO says a resolution is expected. XRP hovers around $0.60, sustains over 21% gains from the last seven days.

How much is the XRP settlement? ›

Ripple's lawsuit settlement with a $125 million fine establishes XRP as a non-security in the US, boosting market confidence. XRP surged 27% post-settlement, reaching $0.64, with potential to rise to $0.97 due to improved fundamentals and favorable macroeconomic conditions.

Will Ripple stop selling XRP? ›

And the injunction means that while legally per the decision XRP is “l*ttle more than an alphanumeric cryptographic sequence” and not itself a security, Ripple cannot continue selling the token to U.S. accredited investors.

Is Ripple going to settle with SEC? ›

Ripple Labs won the case, with Judge Torres ruling that Ripple did not violate the law when XRP was sold on public exchanges. Judge Torres cuts the fine for Ripple by 94%, the case is over.

Is the XRP lawsuit almost over? ›

A final wildcard in the legal tussle over XRP and other cryptocurrencies is the slow nature of the appeals process, meaning that any higher court ruling in the Ripple case is highly unlikely before 2025 while any Supreme Court ruling would almost certainly have to wait till 2026 or later.

What will 1 XRP be worth in 2025? ›

Ripple (XRP) Price Prediction Table
YearAverage Price*Percent Increase
2024$0.760-%
2025$1.2665.79%
2026$1.8748.41%
2027$2.7144.92%
7 more rows

Will Ripple win a court case? ›

Ripple secured a partial victory in July 2023, with the court ruling that only institutional sales of the XRP token, not programmatic sales to retail investors, were unregistered securities offerings.

How high can XRP go? ›

If the crypto market cap hits $3 trillion and XRP retains its current 1.10% dominance, its price could ascend to $0.589 by 2025. In a more bullish scenario of the crypto market surging to $10 Trillion, the price of XRP could soar to a staggering $1.96, resulting in a potential 4x return for investors by 2030.

What is the price prediction for XRP Ripple after lawsuit? ›

Ripple price continues to retrace but may find support at the $0.544 level before potentially resuming an upward rally.

What if XRP wins lawsuit price prediction? ›

If the dispute with the SEC reaches a favorable final conclusion, it's reasonable to anticipate that investor interest in XRP could spike. This would likely fuel new growth and potentially lead to an uptick in its price.

Did Ripple XRP win the lawsuit? ›

Key Takeaways. Ripple Labs has been ordered to pay a $125 million fine to the Securities and Exchange Commission (SEC), a fraction of the nearly $2 billion penalty federal regulators had sought.

How much will 1 XRP cost in 2030? ›

XRP Prediction Table
YearMinimum PriceMaximum Price
2030$6.15$7.54
2031$9.12$10.77
2032$13.42$16.11
2033$19.69$23.48
8 more rows

Will XRP hit 1000? ›

For XRP to clinch a $1,000 price, it would need to skyrocket by a massive 188,543% from its current value of $0.5301. With this price potentially pushing XRP's market cap to an unimaginable $55 trillion, some industry commentators have strongly expressed doubts.

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