XRP, the native token of Ripple, has weathered a 6% decline over the past week, stemming from the prolonged legal battle with the US Securities and Exchange Commission (SEC). As the market anticipates a closed-door meeting between Ripple and the SEC on November 30, speculations abound regarding a potential settlement that could arrest XRP’s decline.
At the time of writing, XRP is priced at $0.6188, showing an uptick of 3.96% in the past day. However, last week saw the altcoin grappling with a correction. The SEC’s lawsuit has cast a shadow on XRP’s performance, prompting market participants to closely monitor the upcoming meeting for any signs of resolution.
Notably, Ripple’s large wallet holders have been shedding their XRP holdings over the last three months, contributing to the altcoin’s recent decline. In contrast, retail traders have seized the opportunity to accumulate XRP, underscoring a possible divergence in sentiment between institutional and individual investors.
Pro-XRP attorney John Deaton, suggests that in the event of a settlement, the odds heavily favor Ripple at 90-10. He further contends that Ripple may end up paying a modest $20 million or less, signaling a significant legal victory for the company.
The closed-door meeting, as outlined on the SEC website, is slated to discuss the institution and settlement of injunctive actions, administrative proceedings, resolution of litigation claims, and matters related to litigation, examinations, and enforcement proceedings. The pivotal point of contention remains the hefty $770 million fine imposed on Ripple by the SEC, making negotiations complex and challenging.
Market analysts are eyeing a potential recovery for XRP if a settlement materializes, with technical analysis pointing to a target of $0.6809, marking an 11.7% rally from the current price. XRP’s comeback depends on how the legal issue gets sorted and how the market reacts to it.
In conclusion, as XRP hangs in the balance, awaiting the outcome of the SEC lawsuit and the closed-door meeting with Ripple, the market remains on edge. Retail traders continue to accumulate, potentially signaling confidence in a positive resolution. The coming days will reveal whether XRP’s decline finds a halt or if further turbulence awaits in the wake of the legal proceedings.
