XRP on track to make a recovery as lawyers expect settlement in SEC vs. Ripple lawsuit
- XRP price outlook is bullish as the asset tests the supply zone at $0.5174.
- Pro-XRP attorney John Deaton shared his views on the likelihood of a settlement by the SEC in its lawsuit against Ripple.
- Ripple CEO Brad Garlinghouse critiques the SEC and Chair Gary Gensler for their stance on the crypto ecosystem.
XRP price’s long-term outlook is currently bullish, as the altcoin tests the supply zone at $0.5174. The possibility of a settlement in the Securities & Exchange Commission (SEC) vs. Ripple lawsuit and Ripple CEO Brad Garlinghouse’s statements in Mainnet 2023 set the stage for recovery.
Also read: Robert Kiyosaki warns of stock crash, says Bitcoin is a bargain today
XRP price recovery likely to continue with settlement in SEC vs. Ripple case
In a recent X.com space, pro-XRP attorney John Deaton shed light on the likelihood of a settlement in the SEC vs. Ripple lawsuit. The lawyer explained how the SEC could consider settling with Ripple if the outcome did not influence its litigation against other cryptocurrencies and firms. In the case of Ripple, the status of XRP as a security or non-security has a direct impact on the regulator’s lawsuit against Coinbase.
The SEC is, therefore, less likely to settle the case with Ripple and rather pursue the interlocutory appeal in an attempt to overturn Judge Analisa Torres’ ruling, according to Deaton.
Ripple executives call out SEC and Chair Gary Gensler for approach on crypto
CEO Brad Garlinghouse has expressed his discontent with the US financial regulator in interviews and appearances, like the one on September 20 at the Mainnet 2023 event. Garlinghouse took to the stage to critique the stance of the SEC and Chair Gensler on the crypto ecosystem. Find out more about it here.
XRP price outlook turns bullish
Lockridge Okoth, a technical analyst at FXStreet, evaluated the XRP price chart and shared his outlook on the altcoin. Okoth notes that the asset is currently testing the supply zone at $0.5174 and that la successful breach of this level could push XRP price to $0.5337. This level is significant as it marks the mean threshold of the zone and a decisive break would give bulls an opportunity to push XRP price higher.
XRP/USDT one-day price chart on Binance
Okoth believes that a rejection from the $0.5337 level could push XRP lower to test the foot of the uptrend at $0.4600. At the time of writing, XRP price is $0.5166 on Binance.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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