Ripple XRP price rally to $21 target likely for these reasons

Attorney Bill Morgan responded to the critics of Judge Torres’ ruling in the SEC vs Ripple lawsuit.
Morgan highlights that Judge Torres ruled on the categories of XRP token sale listed by the US financial regulator.
Analysts evaluating XRP price set a $21 bullish target for the altcoin in the ongoing market cycle.

A pro-XRP attorney Bill Morgan, evaluated Judge Analisa Torres’ ruling in favor of Ripple’s partial victory and examined details of her decision to offer clarity to the XRP holder community. The attorney assures the community that Judge Torres’ ruling poses a challenge for the US Securities & Exchange Commission (SEC) to appeal in the second circuit and is unlikely to be overturned. Analysts remain bullish on XRP price rally and set a $21 target for altcoin in its ongoing upward trend.

Also read: XRP price braces for price rally as Korea’s prosecutors draw support from Ripple ruling for Terra LUNA trial

Ripple XRP partial victory in the lawsuit by the US SEC was no error: Bill Morgan

Attorney Bill Morgan addresses the speculation surrounding errors in Judge Torres’ ruling in the SEC vs. Ripple lawsuit and explains how an appeal of the ruling is unlikely. Morgan assures the community of XRP holders and Ripple proponents that Judge Torres ruling is based off of the US financial regulator’s categorization of XRP sales and shares evidence to back the claim.

Judge Torres highlights that the SEC alleged three categories of XRP sales

Judge Torres did not come up with the three categories, it was the US SEC. The regulator did so because the types of sales were very different from each other in critical respects and Judge Torres decided to separately analyze and evaluate each of the categories before sharing her final verdict.

Pro-XRP attorney, Bill Morgan’s analysis, therefore reveals that there is little to no room for error in the presiding Judge’s ruling and an appeal that reverses the judgment is equally unlikely.

Despite the ongoing speculation surrounding Ripple’s partial victory, analysts remain bullish on XRP price.

Judge Torres’ ruling is unlikely to be reversed

In a recent Twitter Space, Martin Hiesboeck, Head of research at Uphold, and pro-XRP attorney, John Deaton, discussed how Judge Torres’ ruling in favor of Ripple is unlikely to be reversed. Despite the criticism of Judge Torres’ ruling, the Judge is known to have applied the Howey Test to XRP accurately when declaring it “not an investment contract.”

https://t.co/k1ZWOTavGA
— Uphold (@UpholdInc) August 8, 2023

XRP price likely to rally to $21 according to analyst bullish on the altcoin

A pseudonymous crypto analyst behind the YouTube channel CoinsKid evaluated XRP price chart and set a target of $21 for the altcoin. In a recent YouTube video streamed on August 8, the analyst explains that he used Fibonacci Retracement levels to derive price targets for the altcoin.

XRP/USDT one week price chart on Binance

The 78.6% Fibonacci Retracement level stands at $1.30 and the token could hit a $21 price target sometime in 2025, according to the analyst.

CoinsKid said in his video:

I think we could be on the cusp of a major move once we get this correction out of the way. ..[…]..I’m looking for XRP to take out the 78.6% Fib, which is at $1.30. If XRP can do this, I believe that it will be a major buy signal and that XRP could reach $21.

SEC vs Ripple lawsuit FAQs

Is XRP a security?

It depends on the transaction, according to a court ruling released on July 14:

For institutional investors or over-the-counter sales, XRP is a security.
For retail investors who bought the token via programmatic sales on exchanges, on-demand liquidity services and other platforms, XRP is not a security.

How does the ruling affect Ripple in its legal battle against the SEC?

The United States Securities & Exchange Commission (SEC) accused Ripple and its executives of raising more than $1.3 billion through an unregistered asset offering of the XRP token.

While the judge ruled that programmatic sales aren’t considered securities, sales of XRP tokens to institutional investors are indeed investment contracts. In this last case, Ripple did breach the US securities law and will need to keep litigating over the around $729 million it received under written contracts.

What are the implications of the ruling for the overall crypto industry?

The ruling offers a partial win for both Ripple and the SEC, depending on what one looks at.

Ripple gets a big win over the fact that programmatic sales aren’t considered securities, and this could bode well for the broader crypto sector as most of the assets eyed by the SEC’s crackdown are handled by decentralized entities that sold their tokens mostly to retail investors via exchange platforms, experts say.

Still, the ruling doesn’t help much to answer the key question of what makes a digital asset a security, so it isn’t clear yet if this lawsuit will set precedent for other open cases that affect dozens of digital assets. Topics such as which is the right degree of decentralization to avoid the “security” label or where to draw the line between institutional and programmatic sales are likely to persist.

Is the SEC stance toward crypto assets likely to change after the ruling?

The SEC has stepped up its enforcement actions toward the blockchain and digital assets industry, filing charges against platforms such as Coinbase or Binance for allegedly violating the US Securities law. The SEC claims that the majority of crypto assets are securities and thus subject to strict regulation.

While defendants can use parts of Ripple’s ruling in their favor, the SEC can also find reasons in it to keep its current strategy of regulation by enforcement.

Can the court ruling be overturned?

The court decision is a partial summary judgment. The ruling can be appealed once a final judgment is issued or if the judge allows it before then. The case is in a pretrial phase, in which both Ripple and the SEC still have the chance to settle.

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