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- The Ripple vs SEC case is expected to have a ruling in the coming weeks, with the XRP community hoping for a win.
- If Ripple losses, the company could file for an appeal or proceed with Brad Garlinghouse’s suggestion of leaving the United States market.
The XRP market has outperformed the top 20 digital assets by market capitalization in the past few days. According to the latest crypto market data, XRP price traded around $0.58 on Wednesday, up approximately 19 percent in the past 24 hours. The Ripple Labs-backed digital asset broke out of a multi-month logarithmic downtrend despite the ongoing lawsuit in the United States filed by the Securities and Exchange Commission over two years ago.
The XRP price is retesting a crucial resistance level after rising to a ten-month high. Moreover, the XRP price, together with the rest of the crypto market, capitulated last May following the collapse of Terra Luna, which wiped out over $40 billion from the industry.
According to market intelligence platform Santiment, the XRP market has recorded a very high level of trader profit taking, which is at its highest ratio vs loss taking since August 2021. Moreover, XRP traders anticipate a price pullback from current levels before the rally continues.
According to aggregate data provided by Coinglass, over $11 million has been liquidated from the XRP market in the past 24 hours. Reportedly, there was an approximately 81 percent short liquidation rate in the XRP market during the past 24 hours.
Fundamental In the XRP Market
The XRP market is heavily bolstered by the success rate of Ripple Labs, particularly in its On-Demand Liquidity (ODL) technology. However, the ongoing Ripple vs SEC lawsuit has significantly surpassed the overall XRP market as the uncertainty on the case lingers. As such, the XRP community has advocated for centralized exchanges, including Coinbase Global, to relist the asset for derivatives trading.
Meanwhile, the XRP community has questioned why Jed McCaleb, former Ripple Labs co-founder, was not listed as one of the defendants in the SEC case. Moreover, McCaleb sold millions of XRP to the secondary market after receiving a hefty payout from Ripple. Mind you, McCaleb’s sales diluted the XRP market with his weekly sale.
McCaleb is a high-profile figure in the Stellar Lumens XLM network, which Moneygram chose after defecting from Ripple. As a result, Matt Hamilton, a principal developer advocate at protocol labs, highlighted the fact that McCaleb’s name was never mentioned in the case.
I’ve always found it strange how conspicuously absent Jed’s name is in the SEC v Ripple case.
— Matt Hamilton (@HammerToe) March 28, 2023
In his response, John Deaton, a lawyer closely following the Ripple vs SEC case, replied that McCaleb is legendary and is largely viewed as crypto’s Teflon Don – a famous American gangster.
Not only does @JedMcCaleb belong on Crypto’s Mount Rushmore but he is Crypto’s Teflon Don. https://t.co/kv10IEUL6Q
— John E Deaton (@JohnEDeaton1) March 28, 2023
Meanwhile, Deaton recently noted that Judge Torres could issue a ruling on the Ripple XRP case very soon, perhaps by next week. As a result, the XRP community anticipates a win, thereby explaining the recent breakout.
