The Ripple vs SEC episode drags on and the market value of the crypto XRP is suffering. However, among retail traders, anticipation of a reversal of the trend is increasing as the closed-door meeting between the SEC and Ripple approaches. Several retail investors have already started accumulating XRP. We may be approaching the start of the XRP bullish phase.
Retail traders are accumulating XRP while waiting for 11/30
In a correction that occurred last week after an artificial rise in its price, XRP lost 6% of its weekly value. Crypto continues to suffer, moreover, from the endless trial to which the SEC has subjected it. For example, over the past three months, investors with between 100,000 and 10 million XRP have been dumping their tokens.
Interestingly, crypto analytics firm Santiment reveals that retail traders accumulate XRP Right now. This trend reflects the anticipation of an imminent settlement of the lawsuit between Ripple Labs and the SEC. In fact, the two parties have planned to hold a closed-door meeting on November 30 which could lead to the final settlement of the trial.
Is the crypto XRP on the eve of its bullish phase?
According to prominent lawyer John Deaton, a staunch defender of XRP, a settlement of the lawsuit between the SEC and Ripple would go 90% in favor of the crypto company. Indeed, he specifies, the company will not have to pay more than $20 million, which would be a crushing legal victory for Ripple.
Remember, however, that the fine imposed by the SEC on Ripple amounts to $770 million. A reduction of this fine to $20 million will certainly not happen without difficult and complex negotiations between the two parties.
However, if retail investors and the pro-XRP lawyer are right, the price of the altcoin could approach a rally after the news on November 30. At the time of writing, the price of XRP is trading near $0.6105. The crypto reached a peak of $0.9371 on July 13 before bottoming out at $0.4235 on August 17. Looking at the current charts, a bullish phase could cause an increase of up to 10% – or more – in its price. Perhaps now is the time to apply John Deaton’s investment tip.
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