The bulls are moving again on the XRP side as the coin breaks about $ 1.5. On the legal issue, things seem to be going well for Ripple as the SEC deal rumors escalate further. A veteran analyst said "it will go higher," and pointed to $ 2.45 in XRP.
🚨Ripple has won another victory against the SEC! Well what does it mean?
In December, the Commission sued Ripple Labs, executive Brad Garlinghouse and Chris Larsen for alleged illegal sale of an unregistered security. Following this lawsuit, the price of XRP dropped sharply, exchanges dropped the cryptocurrency and some investors lost faith in the market. As reported by attorney Stephen Palley, there was another positive development for Ripple yesterday in the legal battle between Ripple and the SEC.
🚨XRP Hits $ 1.50! Ripple CTO: 20 XRP ...
In previous hearings, the SEC had sought authorization to access the bank account records of Ripple CEO Brad Garlinghouse and Ripple chairman Chris Larsen. However, yesterday the court dismissed the SEC's request for individual defendants' bank account records. Stephen Palley has classified the decision by the defendants as a "nice early win", but still suspects that it points to a solution to the case. Stephen Palley added the following to his comments on the subject:
WINNING A MOTION FOR A PROTECTIVE ORDER ON DISCOVERY DOES NOT USUALLY MEAN A VICTORY ON THE MERITS OF THE CASE. IT DEPENDS ON THE SITUTATION. AND THE COURT LEFT OPEN THE POSSIBILITY THAT SOME OF THEM COULD BE REVIEWED LATER IF THERE WERE REASONS TO CHECK THEIR ACCURACY.
🚨Mike Novogratz speculated on the possibility of XRP recover
This positive development has been enthusiastically received by the XRP community. The price of cryptocurrency also reacted to this event and saw $ 1.50. On the other hand, Galaxy Digital CEO Mike Novogratz stated that Ripple has traded in valuations of up to $ 3 billion in a secondary market. Mike Novogratz speculated on the possibility of XRP recovering due to rumors of a possible solution in the case.
Last February, the parties rejected the agreement by a joint letter. However, the negotiations took place under the Commission's previous directive. Gary Gensler will be approved by the Senate and his pro-crypto stance is expected to have a positive impact on the legal process. Galaxy Digital CEO Mike Novogratz said:
RIPPLE STOCK IS TRADED FOR $ 2-3 BILLION ON THE SECONDARY MARKET. XRP ON THEIR BALANCE SHEET IS WORTH ABOUT $ 70 BILLION. ONE PRICE SEEMS WRONG. IF THE XRP PRICE SAYS A COMPROMISE IS COMING, THE STOCK IS WILDLY CHEAP. IF NOT, CRYPTO MONEY SEEMS EXPENSIVE. THOUGHTS?
Stephen Palley: These are insider information.
Commenting on Mike Novogratz's statements, Stephen Palley said there was no "public" indication that a decision would come soon. The lawyer classified this matter as "inside" information and claimed that a solution would come after the summary decision application. Stephen Palley added the following to his comments on the subject:
UNLESS SOMEONE HAS INSIDER INFORMATION ABOUT THE POTENTIAL SEC RECONCILIATION / SOLUTION AND THE EXCHANGES HAVE THE ABILITY TO RE-LIST FOR TRADING, I DON'T KNOW HOW THE PRICE CAN RELATE ITSELF TO THE SETTLEMENT. RIPPLE HAS DONE BETTER THAN I EXPECTED SO FAR IN FRONT-LINE PRACTICE AND EXPLORATION WARS, BUT THERE IS A LONG WAY FROM THIS TO CASE RESOLUTION.
Kaleo said "will go higher" and pointed to $ 2.45 in XRP
With the latest developments, those who hold the crypto money have been rewarded. XRP has gained 42% in the last 24 hours and is trading at $ 1.50. In addition, with a 140% increase, the coin made the biggest weekly rally in the top ten. Successful analyst Kaleo said that XRP has not yet reached its peak and is on the rise in the current price action. Comparing this to 2017 bull fun, the analyst said that XRP's price quickly reached $ 2.45 when it broke the $ 1 mark.
XRP showing a bullish trend on the 24-hour chart - Source: Tradingview
In the current rally, there is "a lot more capital" and fuel to prolong the upward momentum of the price. In the last 24 hours, investors in South Korea have been increasing the pressure to buy XRP, as evidenced by the high trading volume on Upbit and Bithumb, the two major exchanges in that country. Kaleo is an analyst who correctly predicted how Bitcoin's price will move today 2 years ago. It should be noted that the leading cryptocurrency follows Kaleo's predictions for Bitcoin in February 2019. In addition, the analyst has recently made successful altcoin predictions.