Ripple vs. SEC Lawsuit Speculation
Speculation regarding a potential settlement in the Ripple vs. SEC lawsuit gained traction on July 23. The buzz was fueled by discussions surrounding Kamala Harris potentially adopting a more favorable stance on cryptocurrencies. Notably, Lawyer James Murphy, known as MetaLawMan, refuted suggestions of Harris leaning towards crypto-friendly policies. Murphy emphasized the importance of observing actions over words, urging the community to prioritize tangible developments.
The legal battle between Ripple and the SEC has stirred intense debates within the cryptocurrency sphere, drawing considerable interest from investors. Amid the conjecture of Harris leaning towards a pro-crypto stance, analysts anticipate significant advancements in the Ripple lawsuit.
Furthermore, Murphy proposed specific initiatives for Harris to consider in order to initiate a crypto pivot. These recommendations include addressing and rescinding Operation Chokepoint 2.0, removing Gary Gensler as the current SEC Chairman, dropping cases against prominent crypto entities like Coinbase, Ripple, Binance, and Kraken, and repealing the contentious SAB 121. Additionally, Murphy advocated for Custodia Bank to be granted a Federal Reserve master account.
MetaLawMan's remarks have triggered discussions, hinting at the potential transformative impact of a policy shift on the legal landscape for digital assets.
XRP Price Analysis
The XRP price has demonstrated resilience in recent weeks, with aspirations to surpass the $1 mark. At present, XRP is trading at $0.6127, reflecting a 1.83% increase, and boasts a market cap of $34.2 billion.
Notably, XRP continues to remain well above the 50-day and 200-day Exponential Moving Averages (EMAs), signaling bullish price trends. A breakthrough above $0.60 could pave the way for a rally towards $0.65, potentially bringing the $0.6609 resistance level into play.
Ongoing developments in the SEC vs. Ripple lawsuit and US political scenarios warrant diligent monitoring. Conversely, a drop below the $0.5739 support level could indicate a descent towards the 200-day EMA. With a 14-day Relative Strength Index (RSI) reading of 65.29, XRP might surge towards the $0.6378 high from July 17 before entering overbought territory.
As the Ripple vs. SEC legal battle progresses, the market anticipates heightened investor interest in XRP.
In July 2023, Judge Analisa Torres ruled that Ripple violated US securities laws through the sale of unregistered XRP to institutional investors. However, she found that the Programmatic Sales of XRP did not satisfy the third prong of the Howey Test.
A settlement would dispel uncertainties surrounding the penalties Ripple might face for these violations. Additionally, it would thwart the SEC's plans to challenge the ruling on Programmatic XRP Sales, establishing a pivotal precedent in the US digital asset landscape.
