XRP Price is Up Nearly 10% Today and Trades at $2.30

Despite the United States Securities and Exchange Commission (SEC) and Ripple's $50 million settlement, the token has failed to rally.

The United States Securities and Exchange Commission (SEC) and Ripple have agreed to a $50 million settlement. However, the judge must still approve the S.E.C.’s request to dissolve the injunction.

The S.E.C. sued Ripple in December 2020 for selling unregistered securities.

The S.E.C. is also seeking to return the $125 million in escrow payments that were seized as part of the lawsuit.

The judge will decide whether to approve the S.E.C.’s request to dissolve the injunction and release the seized $125 million escrow payment. Out of the $125 million, the S.E.C. will acquire $50 million for the settlement as a final payment.

This is a bullish development for XRP and could lead to a massive rally for the token’s price.

XRP price today is up nearly 10% and trades at $2.30. Despite the U.S. Securities and Exchange Commission (SEC) and Ripple agreeing to a $50 million settlement, the token has failed to rally.

According to reports, the judge presiding over the case has yet to rule on the S.E.C.’s request to dissolve the injunction. If approved, the S.E.C. will pay $50 million to settle the case. Additionally, the agency will return the $125 million in escrow payments that were seized.

The S.E.C. sued Ripple in December 2020 for selling unregistered securities. The agency’s complaint alleged that Ripple sold XRP to institutional investors through private placement memoranda, which are typically used to sell unregistered securities.

The S.E.C.’s complaint also alleged that Ripple failed to register XRP as a security with the agency.

The case has been closely watched by the cryptocurrency industry, as a victory for the S.E.C. could lead to more enforcement actions against cryptocurrency companies. A victory for Ripple could provide much-needed legal clarity for the industry.

The judge’s ruling on the S.E.C.’s request to dissolve the injunction and release the seized $125 million escrow payment will be crucial in determining the outcome of the case.

Out of the $125 million, the S.E.C. will acquire $50 million for the settlement as a final payment.

This is a bullish development for XRP and could catalyze a massive rally for the token's price when Bitcoin's rally calms down.

According to the analysis by TradingView user “CRYPTO_BTC_ETH_NEWS,” XRP price broke out of a multi-month declining channel on Monday, May 8.

The recovery since the 1.6 levels is stellar and has seen buying at lower lows.

Chart shows the breakout from the channel with a bullish engulfing candle as price rises more than 10% on the day.

This move is also interesting because it accompanies Bitcoin reclaiming the $104k levels.

However, despite the news of the SEC and Ripple agreeing to a $50 million settlement, there was no outsized price move in response.

According to reports, the judge presiding over the case has yet to rule on the S.E.C.’s request to dissolve the injunction. If approved, the S.E.C. will pay $50 million to settle the case. Additionally, the agency will return the $125 million in escrow payments that were seized.

The S.E.C. sued Ripple in December 2020 for selling unregistered securities.

The S.E.C.’s complaint alleged that Ripple sold XRP to institutional investors through private placement memoranda, which are typically used to sell unregistered securities.

The S.E.C.’s complaint also alleged that Ripple failed to register XRP as a security with the agency.

The case has been closely watched by the cryptocurrency industry, as a victory for the S.E.C. could lead to more enforcement actions against cryptocurrency companies. A victory for Ripple could provide much-needed legal clarity for the industry.

The judge’s ruling on the S.E.C.’s request to dissolve the injunction and release the seized $125 million escrow payment will be crucial in determining the outcome of the case.

Out of the $125 million, the S.E.C. will acquire $50 million for the settlement as a final payment.

This is a bullish development for XRP and will catalyze a massive rally for the token’s price when Bitcoin’s rally cools down.

XRP Price Prediction: What’s Next?

On the daily chart, XRP price created a bullish engulfing candle due to the 10% rally noted on May 8. This marks the exit of the token from a multi-month declining channel that saw the token drop from 3.40 to