line chart
Headlines

XRP Market Outlook & Legal Updates

After more than three years of legal battles, the Ripple vs. SEC case is nearing its final stages. Presiding Judge Analisa Torres is carefully reviewing a series of motions, the latest being Ripple’s reply letter supporting its motion to seal documents related to the SEC’s judgment and remedies.

Despite progress, Ripple’s substantial XRP holdings remain a significant obstacle. The US SEC argues that Ripple’s monthly sales mainly constitute securities transactions. The Ripple community narrowly avoided a setback when President Joe Biden vetoed the SAB21 bill, which had serious implications for the crypto sector.

SAB21 Bill: A Threat Averted

The SAB21 bill suggested that crypto projects with single investors holding more than 20% of the total supply should be classified as securities, not commodities like Bitcoin. This classification could have severely impacted Ripple and similar projects.

The US SEC has faced several defeats in recent crypto cases, most notably the Debt Box case. A well-known Web3 and crypto lawyer, MetaLawMan on the X platform, noted that the recent settlement between the US SEC and Terraform Labs, along with Do Kwon, is positive for the crypto industry.

The crypto lawyer suggests that the Ripple or Coinbase case will likely reach the 2nd Circuit Court of Appeals, which would address the legal status of crypto assets. This could have far-reaching implications for the entire crypto market.

XRP Market Performance

Despite recent successes, Ripple-backed XRP is gradually losing its top-tier status among crypto projects. Messari’s report highlights XRP’s strong performance in recent quarters. With a market valuation of approximately $55 billion and a daily trading volume of around $1.2 billion, XRP has consolidated around $0.52.

From a technical perspective, if XRP buyers fail to defend the current support level, the cryptocurrency could drop as low as $0.32, aligning with the 1.618 weekly Fibonacci Extension.

This potential decline shows us the volatility and uncertainty facing XRP in the coming months.

Also Read : Ripple vs. SEC: Analyst Bill Morgan Exposes SEC Flaws in XRP Lawsuit

What are your predictions for the outcome of the Ripple vs. SEC case?

Related posts

MicroStrategy Has Acquired Another 12,333 BTC For $347 Million, Skyrocketing Total to a Whopping 152,333

EdaFace Admin

Do Kwon Defies the Odds and Registers Company in Serbia for Mere $1 Despite Interpol Warnings

EdaFace Admin

Battling Between Bitcoin and Ethereum? Here’s Why Analysts Predict This ‘Social Trading’ Token Is the Future

EdaFace Admin

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More