Ripple v. SEC: The case that refuses to die
Main Idea
XRP is regaining momentum amid growing institutional adoption, but its market focus remains on the ongoing legal battle between Ripple and the SEC, with a key deadline approaching on August 15.
Key Points
1. The SEC vs. Ripple case, filed in December 2020, is approaching an August 15 deadline for the SEC to update the appellate court on the dispute's status.
2. A 2023 ruling by Judge Analisa Torres found that Ripple's XRP sales did not constitute securities offerings in certain contexts, but the SEC has not withdrawn its appeal.
3. XRP's price is currently at $3.03, up 0.76% in 24 hours but down 3.33% weekly, with technical indicators suggesting potential for a breakout.
4. Analysts note XRP's strong support at the 0.618 Fibonacci retracement level ($2.71) and a bullish pennant formation, indicating possible upward movement.
5. Despite legal uncertainties, XRP's partial regulatory clarity has contributed to its recent price recovery and institutional interest.
Description
XRP is regaining momentum as institutional adoption grows backed by a solid technical outlook and growing speculation about potential spot exchange-traded funds ( ETFs ). However, the market is now mostly focused on the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). First filed in December 2020, the case is heading toward another pivotal moment as it approaches the August 15 deadline by which the SEC is required to update the appellate court on the sta...
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