The standoff between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has entered a decisive phase, marked by the SEC’s presentation of its preliminary settlement propositions—documents whose confidentiality has been mutually requested by both parties.
Ripple’s Technology Chief Speaks Out
The event slated for March 22 is pivotal for the cryptocurrency sector and investors, as it could sway the value of the XRP token and trigger market fluctuations. Ripple’s Chief Technology Officer, David Schwartz, has recently addressed the scrutiny surrounding the firm’s XRP token transactions, emphasizing their commitment to transparent dealings on exchanges without influencing the token’s market price, and noted that Ripple refrains from selling at exchange-listed prices.
Community Expresses Unease
This clarification has sparked a wave of concern within the Ripple community, yet Ripple maintains that their sales strategy is geared towards fostering greater market transparency and accountability. The next significant event in this legal tussle is Ripple’s impending response, with their counter-summary expected by April 22, post the conclusion of all final deadlines linked to the case.
XRP Price Aims for Recovery
Meanwhile, the digital currency XRP has demonstrated resilience, climbing past $0.60, as it seeks to recoup previous losses and challenge the $0.6561 resistance. The goal is to revisit its March 11 peak of $0.7440, although resistance looms in the $0.7025 to $0.7440 range. Despite negative momentum signals from the Moving Average Convergence Divergence (MACD) indicator, investor demand appears to underpin XRP’s rebound. Nonetheless, a surge in buying activity is required for further elevation in price.
Should the trend reverse, XRP could potentially retract to the 78.6% Fibonacci retracement at $0.6057 or March 20’s low of $0.5681.