Electromagnetic Induction

A conducting square loop of side $L$, mass $M$ and resistance $R$ is moving in the $X Y$ plane with its edges parallel to the $X$ and $Y$ axes. The region $y \geq 0$ has a uniform magnetic field, $\vec{B}=B_0 \widehat{k}$. The magnetic field is zero everywhere else. At time $t=0$, the loop starts to enter the magnetic field with an initial velocity $v_0 \hat{\jmath} \mathrm{~m} / \mathrm{s}$, as shown in the figure. Considering the quantity $K=\frac{B_0^2 L^2}{R M}$ in appropriate units, ignoring self-inductance of the loop and gravity, which of the following statements is/are correct: