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