Recent events in the case between Ripple Labs and the SEC continue to attract attention in the cryptocurrency market. Judge Analisa Torres's denial of requests from both parties for reconsideration could influence future actions and XRP's price.
Denial of Reconsideration
Judge Analisa Torres of the Southern District of New York rejected motions from Ripple Labs and the Securities and Exchange Commission (SEC) for guidance on the case. Both parties sought the court's input on whether the July 2023 ruling could be reconsidered. They wanted the court to consider a recent ruling involving Coinbase, but Judge Torres stated that neither party demonstrated how the Coinbase ruling would alter the case trajectory.
Impact of Judge's Ruling on XRP Market
As pointed out by Coinpedia, the price of XRP shows signs of a bullish breakout despite the recent ruling. The market cap of XRP is approximately $242 billion, with an average daily trading volume of around $4.8 billion. Currently, XRP's price has fluctuated from a support level of about $2 to $2.43 in recent days. However, after the judge's decision, the price has dropped by 5.1% in the last 24 hours.
Future of XRP and Expert Opinions
Fred Rispoli, a trial lawyer focused on the cryptocurrency market, commented that both parties should file a detailed motion to persuade the judge why the case should ultimately be dropped. This situation continues to keep market participants on edge and may influence investors' strategies moving forward.
In conclusion, the judge's denial of reconsideration in the Ripple vs SEC case may significantly affect XRP's price dynamics and the future actions of both parties. Investors should monitor the situation closely and analyze market conditions.
