Cryptocurrency market is still in a downtrend, and XRP’s reversal from the local top is yet another confirmation of it
Currently, XRP price reflects a near 25% gain and the asset is up 41% in the past month. According to defense lawyer James K. Filan, on Sept. 18, Ripple Labs filed a motion for summary judgment — a legal process that involves the court making a final decision based on the provided facts, rather than ordering a trial — and a decision on whether XRP is a security is expected by mid-December. In 2022 the price of XRP started at US$0.8313 and then dropped to a low of US$0.5587 on 24 January 2022 as cryptocurrencies sold off. XRP moved up to US$0.91 on 8 February but was unable to hold the gains, retreating to US$0.63 on 24 February as financial markets fell sharply following Russia’s invasion of Ukraine.
The XRP price moved up to US$0.9081 on 28 March but has been unable to sustain that level, trending down to the US$0.56 level on 8 May. The price dropped to US$0.3852 on 12 May as crypto markets plunged with the collapse of the Terra cryptocurrency tokens UST and LUNA. XRP remained volatile in July, spiking and then pulling back three times. XRP reached the US$0.40 level on 30 July for the first time since 10 June but was unable to hold there and slipped back to around US$0.37 in the first week of August. But that was still up from about US$0.31 in early July.
XRP price posted a sharp rally against Bitcoin (BTC) on continued optimism about a potential settlement between Ripple, a San Francisco-based blockchain payment firm, and the U.S. Securities and Exchange Commission (SEC). In other words, Ripple and SEC agreed that the court should use the available evidence to reach a verdict on whether the blockchain firm illegally raised funds by selling XRP by December 2022, and thus avoid a trial.
XRP’s price has boomed approximately 75% and 60% versus Bitcoin and the dollar, respectively, since Ripple’s court filing, fueled by optimism of a possible win for Ripple. Unfortunately, the lack of trading volume and gradual decrease in inflows led to the 18% reversal from the local high of $0.56. If bulls are unable to hold the asset’s value above the aforementioned moving average, we will most likely see the return to the downtrend that the asset has been in for a year.
After the case was registered, the XRP price suffered a major loss. The cryptocurrency lost its market position and slid from third to seventh position in a matter of days. Remarkably, even the parent company, Ripple didn’t take the case lightly. Instead of planning for a simple settlement, Ripple stepped in to prove its stance by taking the court standoff and inviting more eyes and attention to the allegation. Finally, Ripple is getting what is expected. Yes, the upper hand in Ripple vs SEC case. There were times when the case completely went in favor of the SEC. In the worst scenario, Ripple would’ve lost its XRP cryptocurrency and the whole digital asset market must’ve faced the heat of the ruling. However, a defeat to SEC could cost even more as it impacts the credibility of government agencies.
Meanwhile, there was renewed optimism last week that Ripple would prevail in this legal battle. Both parties sought summary judgment in separate filings with the United States District Court for the Southern District of New York.
These judgments are filed when a party believes there is enough evidence to decide without a trial. Furthermore, Ripple’s leadership has maintained that the SEC has failed to establish a foundation for classifying XRP as a security.
While battling the SEC over the best classification for XRP, Ripple Labs appears to be in advanced talks with another financial watchdog.
Caroline Pham, the Commissioner of the Commodity Futures Trading Commission (CFTC), confirmed earlier this week that she met with Ripple Labs CEO Brad Garlinghouse as part of her “learning tour” on cryptocurrency. The visit raised hopes that XRP could be classified as a commodity rather than a security, as the SEC desires.
The post XRP’s SEC Hype has Resulted in 41% hike! Will it Fade away Soon? appeared first on Analytics Insight.
Cryptocurrency market is still in a downtrend, and XRP’s reversal from the local top is yet another confirmation of it
Currently, XRP price reflects a near 25% gain and the asset is up 41% in the past month. According to defense lawyer James K. Filan, on Sept. 18, Ripple Labs filed a motion for summary judgment — a legal process that involves the court making a final decision based on the provided facts, rather than ordering a trial — and a decision on whether XRP is a security is expected by mid-December. In 2022 the price of XRP started at US$0.8313 and then dropped to a low of US$0.5587 on 24 January 2022 as cryptocurrencies sold off. XRP moved up to US$0.91 on 8 February but was unable to hold the gains, retreating to US$0.63 on 24 February as financial markets fell sharply following Russia’s invasion of Ukraine.
The XRP price moved up to US$0.9081 on 28 March but has been unable to sustain that level, trending down to the US$0.56 level on 8 May. The price dropped to US$0.3852 on 12 May as crypto markets plunged with the collapse of the Terra cryptocurrency tokens UST and LUNA. XRP remained volatile in July, spiking and then pulling back three times. XRP reached the US$0.40 level on 30 July for the first time since 10 June but was unable to hold there and slipped back to around US$0.37 in the first week of August. But that was still up from about US$0.31 in early July.
XRP price posted a sharp rally against Bitcoin (BTC) on continued optimism about a potential settlement between Ripple, a San Francisco-based blockchain payment firm, and the U.S. Securities and Exchange Commission (SEC). In other words, Ripple and SEC agreed that the court should use the available evidence to reach a verdict on whether the blockchain firm illegally raised funds by selling XRP by December 2022, and thus avoid a trial.
XRP’s price has boomed approximately 75% and 60% versus Bitcoin and the dollar, respectively, since Ripple’s court filing, fueled by optimism of a possible win for Ripple. Unfortunately, the lack of trading volume and gradual decrease in inflows led to the 18% reversal from the local high of $0.56. If bulls are unable to hold the asset’s value above the aforementioned moving average, we will most likely see the return to the downtrend that the asset has been in for a year.
After the case was registered, the XRP price suffered a major loss. The cryptocurrency lost its market position and slid from third to seventh position in a matter of days. Remarkably, even the parent company, Ripple didn’t take the case lightly. Instead of planning for a simple settlement, Ripple stepped in to prove its stance by taking the court standoff and inviting more eyes and attention to the allegation. Finally, Ripple is getting what is expected. Yes, the upper hand in Ripple vs SEC case. There were times when the case completely went in favor of the SEC. In the worst scenario, Ripple would’ve lost its XRP cryptocurrency and the whole digital asset market must’ve faced the heat of the ruling. However, a defeat to SEC could cost even more as it impacts the credibility of government agencies.
Meanwhile, there was renewed optimism last week that Ripple would prevail in this legal battle. Both parties sought summary judgment in separate filings with the United States District Court for the Southern District of New York.
These judgments are filed when a party believes there is enough evidence to decide without a trial. Furthermore, Ripple’s leadership has maintained that the SEC has failed to establish a foundation for classifying XRP as a security.
While battling the SEC over the best classification for XRP, Ripple Labs appears to be in advanced talks with another financial watchdog.
Caroline Pham, the Commissioner of the Commodity Futures Trading Commission (CFTC), confirmed earlier this week that she met with Ripple Labs CEO Brad Garlinghouse as part of her “learning tour” on cryptocurrency. The visit raised hopes that XRP could be classified as a commodity rather than a security, as the SEC desires.
The post XRP’s SEC Hype has Resulted in 41% hike! Will it Fade away Soon? appeared first on Analytics Insight.