SEC vs. Ripple lawsuit closed-door meeting could result in resolution, XRP hovers around $0.62

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  • Ripple and the SEC have a scheduled closed-door meeting on July 25, a resolution in the lawsuit is expected. 
  • XRP hovers around $0.62 early on Thursday, sustaining recent gains. 
  • XRP traders anticipate an end of the SEC lawsuit by July 31, per Attorney Fred Rispoli’s recent comments. 

Ripple (XRP) hovers above key support at $0.62 as traders await a resolution in the US Securities & Exchange Commission (SEC) lawsuit. The meeting is scheduled to occur behind closed doors on July 25. 

According to pro-crypto attorney Fred Rispoli, the lawsuit against Ripple could end by July 2024. 

Daily digest market movers: Ripple lawsuit could see resolution soon, traders await meeting outcome

  • The SEC and Ripple are preparing for a closed-door meeting scheduled for July 25. 
  • The agenda of the meeting is unknown, and it is expected that progress will be made either on settlement or resolution talks between the two parties. 
  • Attorney Fred Rispoli has predicted that the Ripple lawsuit could end soon, and Judge Analisa Torres could rule on the case by the end of July. 
  • In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse said that he cannot comment on “settlement” however, he expects a resolution soon. 
  • Ripple pocketed a partial victory when Judge Analisa Torres ruled that XRP was not a security in July 2023. 
  • The judge is expected to rule on a fine to be imposed on Ripple for alleged violation of securities laws.
  • It remains to be seen whether the regulator appeals Judge Analisa Torres’ ruling. 

Technical analysis: XRP could extend gains by nearly 15%

Ripple has been in an upward trend since July 8, and the altcoin could extend gains by another 14.30% to hit its target of $0.70. The $0.60 is a psychological support level for Ripple. The altcoin could find support at $0.5632, and $0.5797, the two levels are significant as the first represents 50% Fibonacci retracement level of the decline from the March 11 top of $0.7440 to the July 5 low of $0.3823. 

The momentum indicator, Moving Average Convergence Divergence (MACD), signals underlying positive momentum in Ripple price trend. 

XRP/USDT daily chart
A daily candlestick close below the support at $0.5797 could invalidate the bullish thesis for Ripple. 

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