XRP News: SEC May Declare XRP a ’Commodity’ in Settlement Talks with Ripple

In a potential breakthrough in the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), the SEC is reportedly considering classifying XRP as a commodity. This development could have significant implications for the future of the cryptocurrency and its regulatory status.

US SEC May Declare XRP a ’Commodity’ in Settlement Talks with Ripple

The US Securities and Exchange Commission (SEC) is considering declaring XRP as a commodity in ongoing settlement talks with Ripple Labs. This decision is being closely watched, as FOX News reports suggest Ethereum’s regulatory status remains a key reference for XRP’s litigation verdict. In July 2023, US District Judge Analisa Torres declared XRP is not inherently a security, adding another layer of complexity to the case. The SEC is using Ether as a benchmark to build a case for either classifying XRP as a commodity or maintaining its current status.

XRP Price Forms Symmetrical Triangle; Potential Crash Before Surge

Crypto analyst CW23 has revealed that the XRP price is hinting at a symmetrical triangle pattern, suggesting a bullish outlook. However, he warned that a price crash could occur before XRP breaks out of this triangle and experiences an upside rally. The analyst noted that XRP is bouncing off the bottom of an ascending channel, with the pinbar candle on the 4-hour chart now under upward pressure after testing the bottom. CW23 added that the crypto will probably trade within this range for some time.

Can XRP Finally Break $10? Ripple’s Legal Battle Nears an End

As the rest of the crypto market struggles, XRP has been bucking the trend and forging a higher price. XRP was last trading at $2.26, a 20% bounce from Monday lows. The outperformance comes as rumors swirl that the SEC is about to settle its case versus Ripple. The SEC has quietly taken down its lawsuit against Ripple from its official website, igniting intense speculation that a settlement could be finalized very soon.

XRP Price Builds Base—Short-Term Rally May Be Brewing

XRP price has started a recovery wave above the $2.120 zone and is now consolidating. The price is trading above $2.20 and the 100-hourly Simple Moving Average. A connecting bullish trend line is forming with support at $2.25 on the hourly chart. If the $2.350 resistance zone is cleared, the pair might continue to move up.