XRP trades around $0.55 as SEC appeal leaves out legal status of the altcoin
|- XRP traders around $0.55 on Friday, gains less than 1% on the day.
- SEC’s appeal in Ripple lawsuit is now publicly available and does not raise a question on the altcoin’s legal status.
- SEC vs. Ripple lawsuit’s July 2023 ruling provided non-security status to XRP, SEC appeal leaves it out of the legal arguments.
Ripple (XRP) gains on Friday as traders digest the developments in the Securities & Exchange Commission’s (SEC) appeal against the final lawsuit ruling. In August 2024, Judge Analisa Torres imposed a $125 million fine on Ripple for their institutional XRP sale and the altcoin’s non-security status in exchange-based transactions was maintained.
XRP is trading around $0.55 early on Friday.
Daily Digest Market Movers: SEC appeal in Ripple lawsuit leaves out XRP
- The US SEC has contested the final ruling in the Ripple lawsuit, the appeal documents were made publicly available on Friday.
- Documents confirm that the SEC has not commented on the legal clarity of XRP, the native token of the XRP Ledger.
- XRP token remains a non-security in transactions on exchange platforms, per Judge Torres’ July 2023 ruling.
- XRP traders digested the recent developments in the lawsuit and rejoiced as the altcoin retains its legal clarity and this likely paves the way for approval of XRP Exchange Traded Funds (ETF) in the US.
Technical analysis: XRP could gain 10%
XRP broke out of its downward trend on August 9, 2024, since then the altcoin has been rangebound. XRP could gain nearly 10% and test resistance at $0.60, the psychologically important level for the token.
The Relative Strength Index (RSI) reads 47.41, under 50. The Moving Average Convergence Divergence (MACD) indicator flashes green histogram bars above the neutral line, meaning there is underlying positive momentum in XRP price trend.
XRP/USDT daily chart
XRP could find support at the August 5 low of $0.5319, or the July 5 low of $0.3843, if there is a correction in XRP price.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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