• Ripple has locked in another major victory as the judge has given XRP holders more power in the ongoing case.
  • Judge Analisa Torres has given the XRP community the status of “amici curiae” in the lawsuit.
  • Token holders would be able to assist the court in briefing legal issues relevant to the SEC v. Ripple case.

The Securities & Exchange Commission (SEC) v. Ripple case has taken a turn as the judge on the case granted the power to a prominent XRP advocate and lawyer representing many of the cryptocurrency’s holders to be a part of the ongoing legal battle.

XRP holders granted ‘amici status’

John Deaton, a lawyer who represents XRP token holders wishing to insert themselves in the ongoing lawsuit filed by the SEC, has been granted “amici status” by US District Judge Analisa Torres. 

Deaton and XRP holders would be allowed to act as “friends of the court,” by assisting the court in briefing legal issues relevant to the case. However, these legal issues must be first approved in advance by the court.

According to the order by the judge, the court believes that this type of assistance would be beneficial during the briefing of dispositive motions. The order further stated that it may also exercise its discretion to request or deny further applications.

Another notable lawyer familiar with the case, James Filan commented that this is a “huge win” for the XRP community, because the interests of the Ripple executives and the community are aligned.

However, it is also worth noting that the XRP holder’s motion to intervene in the case is denied despite the capacity to be involved in the case as amici curiae. The court further stated that in order to maintain the balance between the parties and Ripple investors, the court will not allow the community to offer evidence or present witnesses.

XRP bulls catch their breath before heading higher

XRP price has broken out of the symmetrical triangle pattern and attempted to reach the bullish target set out by the governing technical pattern. However, Ripple fell short of reach as strength declined, as the bulls are catching their breath before the next run-up.

The optimistic target set out by the triangle pattern was set at $1.11, where the 100 twelve-hour Simple Moving Average (SMA) sits. 

Currently, Ripple is consolidating and accumulating strength before its next move as it continues to trend sideways. XRP price is ranging between the 27.2% and 38.2% Fibonacci retracement levels at $1.01 and $1.07, respectively. The former acts as the first line of resistance for the token, where the 50 twelve-hour SMA rests.

XRPUSDT

XRP/USDT 12-hour chart

Should XRP price be faced with increased selling pressure following its rally, Ripple would discover further support at the 20 twelve-hour SMA before dropping toward the September 21 high at $0.95. If the bears were to continue to take control, the token would discover a strong foothold at the apex of the triangle, where the support line given by the Momentum Reversal Indicator (MRI) and 200 twelve-hour SMA coincide.

The next target for the bulls is to break above $1.07 resistance and tag the 100 twelve-hour SMA at $1.10. Further buying pressure may incentivize XRP price to shoot for the 50% Fibonacci retracement level at $1.13.

 


Like this article? Help us with some feedback by answering this survey:


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP