The price prediction for XRP: The legal clash between Ripple and the US Securities and Exchange Commission (SEC) might witness a shift in favor of the cryptocurrency firm, given that the regulatory body has recently suffered another court defeat.
According to Stuart Alderoty, Ripple‘s senior attorney, the SEC is facing a series of losses in its legal battle against Ripple. This assessment comes after the Second Circuit Court of Appeals refused to reconsider its previous decision in the case SEC v. Govil.
The XRP price decreased by 2% in the last 24 hours to reach $0.5982 during regular US market hours, indicating a dull trading atmosphere overall. Meanwhile, Bitcoin (BTC) remained above $70,000 without sufficient momentum to sustain its upward trend.
During this time, Ethereum and significant alternative coins experienced small drops in value as investors kept a close eye on the approaching Bitcoin halving event.
The SEC Is On A Losing Streak – Ripple’s Chief Legal Officer
In the Govil v. SEC case, the Second Circuit Court of Appeals ruled that if a purchaser doesn’t experience any financial harm, the Securities and Exchange Commission (SEC) cannot claim disgorgement from the seller. Alderoty commented on this decision, stating that it marked another setback for the SEC.
In simpler terms, the court’s ruling stated that since the SEC didn’t prove that investors suffered any real harm, they couldn’t demand compensation for past damages (disgorgement) in this case. The SEC accepted the loss back in November.
The SEC experienced another setback this week as the 2nd Circuit Court in the case of SEC v Govil ruled that the Securities and Exchange Commission must prove investors sustained financial damages before requesting hefty disgorgement penalties. Essentially, without demonstrated harm, there is no foul.
— Stuart Alderoty (@s_alderoty) November 3, 2023
An alternate expression: The second declaration works in Ripple’s favor as they continue their legal battle, initiated in December 2020. Their legal team may utilize this decision to challenge SEC’s allegations. Ripple might argue that the SEC must first provide evidence of investor losses before demanding compensation.
Before Ripple is set to respond on April 22 to the SEC’s proposed $2 billion penalty, there has been a new development in the Govil v. SEC case.
The Securities and Exchange Commission (SEC) asked the court to impose a massive $2 billion fine on Ripple for selling XRP tokens to institutions. A favorable outcome for Ripple would mean good news not only for the company but also for XRP and the larger crypto market, as Ethereum‘s position remains uncertain.
XRP Price Forecast: Assessing XRP Technical Structure Amid Volatility
Since mid-March, the unpredictable nature of the crypto market has caused XRP‘s price to fluctuate between two significant points. These points are marked by a support level at $0.5687 and a resistance level at the 0.5 Fibonacci ratio.
With a Relative Strength Index (RSI) of 39, which is neither overbought nor oversold, the market trend could be moving downward. Furthermore, a red candle during the past four hours on the chart indicates that selling pressure is stronger and may persist in the upcoming trading periods.
The bearish view is strengthened by the convergence of resistance at $0.6. This level is reinforced by the 0.786 Fibonacci retracement, the 200-day moving average, the 20-day moving average, and the 50-day moving average (represented by the purple, blue, and red lines on the chart).
If XRP finishes the day trading below its resistance at $0.6, there’s a risk that it could drop even lower over the weekend, potentially testing its support at $0.5687 again.
If Bitcoin undergoes a halving event between April 17 and 21, which is anticipated, then this price decrease could actually benefit investors. By allowing them to Dollar Cost Average (DCA), they can purchase more coins at a lower cost and potentially profit from any subsequent crypto price increase due to enhanced market sentiment.
If Ripple triumphs in its legal battle with the SEC, this outcome could significantly boost the prospects of XRP, potentially igniting newfound energy and propelling the token towards prices exceeding $10 by 2024.
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2024-04-12 19:06