SEC vs. Ripple lawsuit outcome expected on July 31, says pro-crypto attorney
|- Ripple could see the end of the SEC’s lawsuit against the firm as early as July 13, according to Attorney Fred Rispoli.
- Whales distributed their XRP holdings while retail traders accumulated, buying the recent dip in the altcoin.
- XRP is hovering close to $0.42 on Monday.
The Securities and Exchange Commission (SEC) vs. Ripple (XRP) lawsuit could end as early as July 13 or by July 31, according to pro-crypto attorney Fred Rispoli. The lawsuit has been one of the key market movers for the altcoin’s price since 2020. On-chain metrics show whales are distributing their XRP holdings while small wallet investors buy the altcoin.
XRP trades above the $0.42 support on Monday, July 8.
Daily Digest Market Movers: Ripple lawsuit could end soon, according to Attorney Fred Rispoli
- Attorney Fred Rispoli commented on the recent SEC vs. Ripple lawsuit filing, in which the payment remittance firm filed a supplemental authority letter referring to the Binance lawsuit.
- Judge Amy Berman Jackson cited Judge Torres's SEC vs. Ripple ruling on the secondary market sales of cryptocurrencies.
- The SEC responded to Ripple’s letter, and XRP holders are awaiting a ruling on the lawsuit.
- Attorney Rispoli believes that the SEC vs. Ripple lawsuit could end as early as July 13, with Judge Analisa Torres’ ruling.
July 31, although I could see her doing July 13 to be poetic.
— Fred Rispoli (@freddyriz) July 2, 2024
July 31, although I could see her doing July 13 to be poetic.
— Fred Rispoli (@freddyriz) July 2, 2024
- Alternatively, the ruling could come by July 31.
Just got a notice of a filing in #SECvsRipple and my heart skipped a beat...but don't worry, no ruling just yet. It was @Ripple's notice to Judge Torres of the Binance decision last week.
— Fred Rispoli (@freddyriz) July 2, 2024
Just got a notice of a filing in #SECvsRipple and my heart skipped a beat...but don't worry, no ruling just yet. It was @Ripple's notice to Judge Torres of the Binance decision last week.
— Fred Rispoli (@freddyriz) July 2, 2024
- The ruling is expected to address the issue of a settlement/ fine to be imposed on Ripple for its alleged securities law violation and whether XRP is a security or not.
- On-chain metrics show that XRP supply distribution has changed since July 1, with whales shedding their holdings while small investors buy the dip, as seen on Santiment.
XRP supply distribution
- Accumulation by retail investors could help Ripple resist a mass sell-off.
Technical analysis: XRP hovers around $0.42
Ripple has been in a state of decline since March 11, dropping from its local peak of $0.7440 to its July 5 low of $0.3823 in its downward trend. Ripple has since recovered from the decline, up to $0.4352 on Monday.
The Relative Strength Index (RSI) reads 38.33. After briefly dipping into the oversold region under 30, XRP has recovered. XRP could rally toward the Fair Value Gap (FVG) between $0.4697 and $0.4760, as seen in the XRP/USDT daily chart below.
XRP/USDT daily chart
In case of a daily candlestick close below $0.4335, the bullish thesis could be invalidated. XRP could then sweep liquidity at the July 5 low of $0.3823.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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