- The SEC vs Rippke case has become a benchmark for crypto regulation in the United States and all over the world.
- The long-standing case has dragged XRP price in a multi-year horizontal consolidation despite the notable recent crypto bullish breakout.
The ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and blockchain payment firm, Ripple Labs, has held XRP hostage; amid the ongoing crypto bullish outlook. While most of the altcoin have gained more than 100 percent in the past two weeks, XRP price only gained around 20 percent, before heavy liquidations were recorded on Friday.
According to the latest price oracles, XRP price had dropped about 10 percent in the past 24 hours leading to Friday to trade around 62 cents.
Latest Updates on SEC vs Ripple Lawsuit
The Ripple global community was largely relieved after District Judge Analisa Torres ruled in July last year that XRP sold on centralized exchanges do not constitute investment contracts, and thus never violated securities laws. Additionally, the US SEC dropped the charges against Ripple’s top executives, including Brad Garlinghouse.
As Crypto News Flash earlier indicated, all attention on the SEC vs Ripple case has shifted to March 22, when the regulator will issue crucial opening briefs on the proposed XRP remedies. According to James K Filan, a popular defense lawyer, Ripple’s opposition brief is due on April 22, 2024, and the SEC’s reply brief is due on May 6, 2024.
Meanwhile, the SEC vs Ripple case was a topic for discussion in the Harvard Law School Forum on Corporate Governance, whereby they discussed how the regulator focused on whether digital assets will be considered securities in addition to whether securities laws should be applied to crypto assets.
Ultimately, the court’s decision will have a profound impact on the XRP price action and also on the entire altcoin industry. Moreover, recent research conducted by Consensys shows that 42% of Americans believe the cryptocurrency market needs to be heavily regulated to ensure that traditional financial markets are not destabilized and investors are protected.
Short-term Expectations on XRP Price Action
Despite the notable headwinds emanating from the ongoing SEC vs Ripple lawsuit, XRP price has managed to break out of a macro falling trend. Currently, XRP price is retesting the breakout in anticipation of a rally towards $1 soon. Furthermore, the large-cap altcoin, with over $62 billion in fully diluted valuation (FDV) and an average daily trading volume of about $4.2 billion, is largely traded in most jurisdictions as a commodity.
From a technical standpoint, XRP price will find a solid support level around $0.5758, which coincides with the 78.6 percent Fibonacci retracement. In case Ripple wins in the upcoming civil trial, XRP price will likely experience a historical breakout towards a new all-time high (ATH).
Moreover, the United States market means a great deal for Ripple and its cross-border payment services.
