The legal battle between the Securities and Exchange Commission (SEC) and Ripple Labs has reached a critical phase in the resolution process. Today, the SEC is expected to present its opening summary of settlement proposals. However, both parties have requested that these documents remain confidential from the public.
Ripple Executive Provides Clarification
The presentation scheduled for Friday, March 22, holds significant importance for both the crypto world and investors. This step towards resolving the dispute could positively influence XRP‘s price and create market volatility.
Ripple‘s CTO David Schwartz recently made a statement regarding allegations about the company’s XRP token sales. According to Schwartz, Ripple conducts its token sales openly on exchanges but avoids affecting the market price of the token. The payment transfer company does not sell XRP at the prices listed on crypto exchanges.
Community Concerns Arise
Following these statements, the Ripple community has expressed concerns about the company’s token sales. However, as Schwartz mentioned, Ripple’s approach aims to provide more transparency and accountability in the markets.
In the next phase of the lawsuit, Ripple’s counter-summary is anticipated. This document is due to be submitted by April 22 at the latest, after the final deadlines related to the case have passed. At this point, the crypto community and investors will continue to closely monitor developments in the case.
What’s the Current State of XRP Price?
The cryptocurrency XRP has made an unexpected turnaround, rising above the $0.60 level. The altcoin is attempting to recover its losses. The price is now testing the $0.6561 resistance in an effort to reach the peak price of $0.7440 seen on March 11. As the price moves towards the range of $0.7527 and $0.7609, it may encounter resistance between $0.7025 and $0.7440.
The Moving Average Convergence Divergence (MACD) indicator is flashing below the zero line with red bars indicating negative momentum. This suggests that XRP’s recovery is being driven by consistent demand from investors. However, for the altcoin to move higher, there is a need for increased buying pressure.
In a downward scenario, a correction could occur down to the 78.6% Fibonacci retracement level at $0.6057 and the lowest level of March 20 at $0.5681.
