XRP gains ground while pro-crypto attorney says SEC is less likely to appeal Ripple lawsuit ruling
- SEC isn’t likely to appeal ruling in Ripple lawsuit, says attorney Bill Morgan.
- Attorney Bill Morgan says the ruling is positive for the US regulator and shares footnotes from the final ruling for insights.
- XRP gains nearly 2% on Wednesday, trading back above $0.57.
Ripple’s (XRP) lawsuit outcome was favorable for the Securities & Exchange Commission (SEC), according to pro-crypto attorney Bill Morgan. The final ruling in the SEC vs. Ripple lawsuit was well-received by both parties on August 7, 2024.
XRP traders have their eyes peeled for the SEC’s next move, and an appeal could make or break the trade for XRP holders.
Daily digest market movers: Ripple lawsuit may not see SEC appeal
- Pro-crypto attorney Bill Morgan said in an official tweet on X that the SEC is less likely to appeal the final ruling in the Ripple lawsuit.
- Attorney Morgan explains that if one takes legal considerations into account, Judge Analisa Torres’ final decision in the lawsuit can be interpreted as a win for the regulator.
- The pro-crypto attorney explained in a recent post that the judge presiding over the SEC vs. Kraken case preferred the approach of Judge Amy Berman Jackson in the SEC vs. Binance lawsuit and Judge Torres in the SEC vs. Ripple lawsuit. The highlight is that in these cases, the judge distinguishes between the primary and secondary market sales of the asset.
Very interesting case. I agree with you in part about the decision being positive for the SEC. The Judge is very clear in his reasoning. As a lawyer it is the sort of judgment you like to read.
— bill morgan (@Belisarius2020) August 27, 2024
As seems to be a habit with these decisions some of the juiciest parts are in the… https://t.co/PW4c3jDQwB pic.twitter.com/UkNnOqsPSY
- An appeal could make or break the legal clarity of XRP as a non-security, therefore, traders have their eyes peeled for the regulator’s next move.
Technical analysis: XRP could dip nearly 9%
While XRP recovered from the recent correction earlier this week, the altcoin looks primed for a nearly 8.37% decline. XRP could dip to the lower boundary of the Fair Value Gap (FVG) at $0.5188, a key support level for the asset.
The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars under the neutral line, meaning there is an underlying negative momentum in XRP price trend.
XRP/USDT daily chart
If a daily candlestick closes above $0.5785, it could invalidate the bearish thesis. XRP could rally toward the psychologically important $0.6000 level seen in the XRP/USDT daily chart.
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
