Ripple XRP Case Update June 20: “Judge Torres Was Right On XRP”, SEC May Not Appeal

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As a crypto investor with some experience in the market, I’m closely following the latest developments in the Ripple XRP case. The lack of new filings in the case has given way to fresh perspectives, particularly after the U.S. SEC decided to close its investigation into Ethereum. The XRP community is eagerly awaiting Judge Torres’ verdict on penalties and the final judgment in the remedies phase, as well as whether the SEC will appeal her summary judgment that XRP itself is not a security.

As an analyst, I’ve been closely following the Ripple XRP case, and while there have been no recent filings in the case, new insights emerged when the U.S. Securities and Exchange Commission (SEC) announced the closure of their Ethereum investigation. Now, the focus shifts to Judge Torres’ decision on penalties and the final judgment in the remedies phase. Additionally, there is anticipation over whether the SEC intends to appeal the summary judgment issued by Judge Torres, which determined that XRP does not equate to a security in itself.

Experts predict that the SEC might choose not to challenge Judge Torres’ summary judgment in the Second Circuit Court, as doing so could potentially weaken their arguments in this appellate court.

SEC Not Likely To File An Appeal in Ripple Vs SEC Lawsuit

The XRP lawsuit regained attention following the Securities and Exchange Commission’s (SEC) decision to wrap up their investigation into Ethereum. They sent a non-binding letter to Consensys as part of this process.

As a crypto investor, I’m closely following the latest updates regarding the SEC v. Ripple Labs case. A recent intriguing development comes from the perspective of Kristina Littman, the former Crypto Enforcement Chief at the Securities and Exchange Commission (SEC). She suggested that the SEC might choose not to appeal Judge Torres’ decision on XRP, stating, “The SEC might just let the Ripple opinion stay there as a District Court opinion and not risk elevating it to Circuit level.” This could potentially mean that we may see some clarity and finality in this long-standing case without further escalation. However, it’s essential to remember that this is just one perspective, and the SEC has not officially announced its intentions yet. Stay tuned for more updates on this evolving situation.

According to lawyer James Murphy, referred to as MetaLawMan, the tokens at issue in the Coinbase legal dispute do not represent securities when transacted on the secondary market based on a ruling made by the Second Circuit Court.

He likewise commented that “Judge Torres was correct regarding XRP,” implying that the SEC might not challenge the summary judgment. Furthermore, Murphy underscored the SEC’s inconsistent approach towards digital assets, bringing attention to the contradictory arguments made by the SEC during the Coinbase hearing contrasted with their position on Ethereum.

Ripple CLO On SEC’s Inconsistent Crypto Stance

Stuart Alderoty, a representative from Ripple, highlighted several concerns with the SEC’s latest ruling. The decision brings up uncertainties regarding the SEC’s viewpoint on Ethereum transactions and associated tools such as MetaMask and staking.

Consensys scored a significant victory, yet uncertainties persist. Does this imply that the SEC considers Consensys’ transactions involving Ether (ETH) as non-securities deals or that ETH itself is not classified as a security? What would Gensler comment if queried further? Regarding MetaMask and staking, what are their current standings?
This is…
— Stuart Alderoty (@s_alderoty) June 19, 2024

The SEC’s announcement has sparked debate and doubt, particularly among XRP enthusiasts. Some crypto market players are pondering if Ether being classified as a commodity implies that other proof-of-stake (PoS) cryptocurrencies like Solana, Cardano, and Polygon now fall under the same category. The regulatory body has yet to provide clear definitions on what distinguishes securities from non-securities in the digital asset realm, potentially leading to conflicting regulatory frameworks.

XRP Price Rebounds from Support

XRP’s current price is around $0.498, representing a nearly 1% increase over the past 24 hours. However, the price has been unsuccessful in surpassing the significant resistance level at $0.50, with the highest and lowest prices in this time frame being $0.4906 and $0.5002 respectively. Trading volume has seen a noticeable decrease of approximately 25% within the last 24 hours, suggesting that trader involvement is currently subdued.

Expert Dark Defender predicts that Bitcoin‘s supremacy over XRP may begin to wane starting from now. The XRP/Bitcoin chart exhibited a turnaround in the weekly perspective. Moreover, he has authenticated a Golden Cross formation for the Relative Strength Index (RSI).

Ripple XRP Case Update June 20: “Judge Torres Was Right On XRP”, SEC May Not Appeal

I believe the price of XRP will range between $0.5286 and $0.6649 in the near future based on my analysis. However, investors should keep an eye on the support level at $0.4623. If the price falls below this point, be prepared for significant selling pressure that could potentially push XRP back towards the $0.42 support level.

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2024-06-20 14:21