Ripple Could do a ‘Reset’ in the Crypto Space, Thanks to SEC


With a conclusive end to the SEC vs Ripple case, Ripple will regain its footing in the crypto space

Optimism towards a favorable and early conclusion of the SEC vs. Vibe The case fizzled out on Monday. Hopes of Court activity in response to Motions for Summary Judgment filings were dashed, with Court hours unchanged at the start of the week. Investors may also have been disappointed that the SEC and Vibe he did not announce any plans to settle. Unless an unexpected agreement is reached, the next date on the schedule is October 18, at which time the Parties must file all materials related to oppositions to motions for summary judgment.

On Monday, XRP 4.61% slipped. Reversing a 0.50% gain from Sunday, XRP ended the day at $0.46791. A bullish start to the session saw XRP reaches an initial high of $0.50134. Falling below the first major resistance level (R1) at US$0.5153, XRP slipped to a late morning low of $0.45800. XRP fell through the first major support level (S1) at $0.4706 before briefly revisiting $0.479.

XRP price posted a strong rally against Bitcoin (BTC) due to continued optimism about a possible deal between Ripple, a San Francisco-based blockchain payment company, and the US Securities and Exchange Commission. (SEQ). In other words, Vibe and the SEC agreed that the court should use available evidence to reach a verdict on whether the blockchain company illegally raised funds by selling XRP by December 2022 to avoid a trial.

The price of XRP has risen approximately 75% and 60% against Bitcoin and the dollar, respectively, since Ripple’s court filing, fueled by optimism of a possible victory for Ripple. Unfortunately, a lack of trading volume and gradually declining inflows led to the 18% reversal from the local high of $0.56. If the bulls cannot sustain the value of the asset above the aforementioned moving average, we will most likely see a return to the downtrend that the asset has been in for a year.

After the case was recorded, the price of XRP suffered a huge loss. The cryptocurrency lost its position in the market and slipped from third to seventh position in a matter of days. Surprisingly, even the parent company, Ripple, did not take the case lightly. Instead of planning a simple settlement, Ripple stepped in to make a case for him by taking the showdown out of court and inviting more eyes and attention to the prosecution. Finally, Ripple is getting the expected. Yes, the advantage in the SEC vs Ripple case. There were times when the case went completely in favor of the SEC. In the worst case scenario, Ripple would have lost its XRP cryptocurrency and the entire digital asset market should have faced the heat of the failure. However, a loss to the SEC could cost even more, as it affects the credibility of government agencies.

Meanwhile, there was renewed optimism last week that Ripple would prevail in this legal battle. Both parties requested summary judgment in separate filings with the United States District Court for the Southern District of New York.

These trials are filed when a party believes there is enough evidence to decide without a trial. Additionally, Ripple leadership has maintained that the SEC has failed to establish a basis for classifying XRP as a security.

Share this article

do the sharing