XRP News: Whales Buy Big as US SEC Votes on Ripple Lawsuit Dismissal This Week
Key Insights:
- In the latest XRP news, an ex-SEC lawyer claimed that the US SEC will vote to dismiss the appeal in Ripple vs SEC ahead of the August 15 deadline.
- SEC commissioners could vote to dismiss the appeal in a closed-door meeting on August 7.
- XRP price rebound continued amid whales and institutional buying.
In a major XRP news, the decision to drop appeals in the Ripple vs SEC lawsuit will likely be made this week. Whales already started buying XRP worth millions from the dip, as evident from the sudden over 10% upside in price to $3.
Lawyers confirmed a drop in appeal and cross-appeal by both parties in the 2nd Circuit Court in a week or two. The August 15 deadline remained crucial for resolving the XRP lawsuit.
US SEC Votes to Dismiss Appeal in Ripple vs SEC Lawsuit
The U.S. Securities and Exchange Commission (SEC) and Ripple claimed to drop their appeals in the Court of Appeals for the Second Circuit. This happened after the US SEC voted to drop its lawsuit against Ripple in March.
Moreover, Ripple and the SEC failed to convince Judge Analisa Torres to drop the injunction in summary judgment and reduce the $125 million civil penalty to $50 million.
However, former SEC lawyer Marc Fagel said the regulator will file to dismiss the appeal in the Ripple vs SEC lawsuit as soon as the SEC commissioners vote.
He added that the XRP community can expect a public statement about dropping the appeal in weeks.
In response to speculation on the role of Chair Paul Atkins in dismissing appeals, Fagel said the SEC commissioners just need to go through the standard process.
As reported earlier, the US SEC typically takes 1-2 months to approve an enforcement recommendation
XRP News: SEC Closed-Door Meeting on August 7
The SEC commissioners could vote to dismiss the appeal during a scheduled closed-door meeting on August 7.
Marc Fagel claimed the agency needs to get the dismissal approved before the August 15 deadline to prevent the status report from becoming a non-issue.
Notably, the agendas of the meeting included institution and settlement of injunctive actions, institution and settlement of administrative proceedings, resolution of litigation claims, and matters related to examinations and enforcement proceedings.
Sentiment on XRP improved among whales and institutions ahead of the key filing expected in August. Institutions rotated capital from Bitcoin to XRP, as reported by The Coin Republic.
Whale Alert on August 22 noted a massive 20,000,000 XRP transferred from South Korean crypto exchange Upbit to an unknown wallet. The transfer was worth $60,585,668.
According to analyst Dom, the South Korean crypto market may actually control the price of XRP. This is because of massive XRP trading volumes on Upbit and other Korean crypto exchanges.
He argued XRP price bottomed as they stopped selling pressure, while Binance witnessed continued selling. He added that the price rebounded since, with a potential follow-up buying happening on Coinbase.
XRP News: Performance and Price Targets
XRP price was moving sideways in the last 24 hours, with the price trading at $3.04 at the time of writing. The 24-hour low and high were $3 and $3.10, respectively.
This confirmed a resistance near $3 as the recovery came amid lower trading volumes. Notably, a 4% fall in trading volume was recorded in the last 24 hours.
Analyst Egrag Crypto predicted $3.03, $3.13, and $3.30 as the next short-term targets. If the upside move continued, the next level to watch for a further leg up is $3.34, a 38.20% Fibonacci retracement level.
The post XRP News: Whales Buy Big as US SEC Votes on Ripple Lawsuit Dismissal This Week appeared first on The Coin Republic.