- XRP’s price is heavily dependent on the upcoming decision in the SEC vs. Ripple Case, since investors are still cautious of a ruling that may prohibit the sale to US institution investors.
- Analysts predict that XRP will either rise above the 200-day EMA or drop below it.
The price of XRP did not record a significant gain on Monday (1st July), as it managed only a 0.23% The surge after a 0.70% On Sunday, June 30, you will gain. As of the time this article was published, the asset had risen to $0.47 from $0.47. 0.45% In the past 24 hours, 0.61% Last seven days
The ruling in the Ripple-SEC case could impact price
According to analysts, the reason for this lack of significant movement could be due to the absolute “zero” In the ongoing lawsuit between Ripple and US Securities and Exchange Commission, there has been a significant development. Investors anxiously await a verdict in the ongoing court case between Ripple and US Securities and Exchange Commission (SEC). As Crypto News Flash earlier reportedThe Commission also seeks an injunction prohibiting the sale of XRP by institutional investors.
In the current case, the SEC has made a strong argument that alleges the post-complaint was illegal. Ripple The activity looks similar “unlawful” In 2020, the activities which triggered this lawsuit will be revealed. Ripple’s lawyers argued, in rebuttal to the lawsuit, that XRP sales after it were only made through ODLs or accredited investors.
Ripple claims that accredited investors are not subject to securities laws and institutional investors purchasing the asset via ODL contracts can’t expect to profit. It follows that the project at the core of the debate fails the Howey profit expectation test.
Regardless what might be considered a plausible defence, XRP Investors remain cautious because the verdict could have either a positive or negative outcome. The possible ban on XRP for US institutional investors is a major concern. A negative ruling would be devastating for the plans of the company to enter the US market.
The Court’s decision could hinge on the SEC vs. Binance Decision, or SEC Vs. Terraform Labs outcome
Investors will also be watching to see if the SEC appeals the Judge Analisa’s Torres ruling on Programmatic Sales in July of 2023. Many believe that the SEC will reverse its decision after the recent ruling by Judge Amy German Jackman Binance v SEC case dismissed.
Judge Jackman referred to the Programmatic Sales of XRP decision in his ruling and said that the SEC’s approach does not align with the Supreme Court’s ruling.
The court is inclined to agree with the approach of the court in Ripple Labs since the ‘it-is-what-it-is’ approach of the SEC appears to be inconsistent with the clear Supreme Court directives…
Judge Rakoff who presided in the SEC Vs. Terraform Labs Case held the opposite opinion. He stated that Terraform Labs was the real defendant. Do KwonTerraUSD, and Luna failed to be registered as security. Before the ruling was handed down, Judge Torres allegedly erred in his decision on the Programmatic Sales of XRP.
XRP’s value has dropped as investors are cautious about their decisions. affected significantly As it hovers between the 200-day EMA and 50-day EMA. The 200-day EMA should be reached after a break through the 50 day EMA. It is possible that the price will reach the $0.55 level. A fall below $0.4650, however, could see XRP drop to $0.45. A reading of 42.80 on the Relative Strength Indicator (RSI) for the last 14 days suggests the price might fall below $0.45 and then move to the oversold region.
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Source: www.crypto-news-flash.com