XRP Volume Skyrockets 392% as Ripple vs. SEC Case Nears Conclusion
NAIROBI (Coinchapter.com) – XRP trading volume has surged by a staggering 392% in just 24 hours. This remarkable spike coincides with the highly anticipated resolution of the long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
According to James K. Filan, a renowned legal expert closely following the case, the SEC has filed its remedies reply brief and supporting exhibits under seal. These documents are set to be made public on Wednesday, May 8, 2024, marking a significant milestone in the protracted legal tussle.
Potential Ripple vs. SEC Lawsuit Resolution
The Ripple v. SEC lawsuit is nearing a final decision. Today marks the deadline for the SEC to submit its last filing in the remedies phase, a move that could shape the future of XRP and broader cryptocurrency regulations. The anticipation of an imminent resolution has fueled a surge in XRP’s trading volume.
This legal battle began in December 2020 when the SEC alleged that Ripple sold XRP as an unregistered security, violating securities laws. A key setback for Ripple came in July 2023, when Judge Torres ruled in favor of the SEC on this issue. Now, Judge Torres will determine the appropriate penalties for Ripple, guided by the SEC’s final remedies filing.
The SEC seeks to extract nearly $2 billion from Ripple, including disgorgement, interest, and fines. They also aim to curb XRP institutional sales. Ripple, however, maintains that the maximum penalty under the Securities Act’s tier 1 should be $10 million.
“If Judge Torres agrees with Ripple’s interpretation of the appropriate penalty tier, it would be a strong signal that she views XRP as a currency rather than a security,”
John E. Deaton
XRP Trading Volume Outshines Price
Amid the mounting anticipation surrounding the Ripple vs. SEC case, XRP’s price has responded positively, surging by 5% over the past 24 hours to $0.493322, with a market cap of $27.19 billion. However, the true standout has been the cryptocurrency’s trading volume, which has skyrocketed by an astonishing 392% in the same period, reaching $2.27 billion.
The recent price action has reignited bullish sentiment among XRP traders, with the cryptocurrency eyeing the $0.60 psychological level as a potential target. According to technical analysis, if XRP bulls can sustain a move above $0.5715, the peak of the current market range, it would clear the path for a continuation of the uptrend, potentially testing the 50% Fibonacci retracement level at $0.5847.
Indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) also suggest growing bullish strength, with higher lows being recorded on the RSI and green histogram bars above the neutral line on the MACD.
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