XRP traders and investors are currently uncertain about the next steps in the SEC versus Ripple lawsuit. While a decision on the remedy payment is expected soon, upcoming political events could reshape the narrative.
XRP, the digital asset associated with Ripple Labs Inc., recently experienced a sharp decline in price following developments in its ongoing legal battle with the SEC. Specifically, XRP closed Wednesday’s session down by 1.2% at $0.4697, based on our data.
The crux of the issue lies in Ripple’s alleged violations of US securities laws, with the potential penalties looming large. Although there have been no immediate updates in the SEC’s lawsuit against Ripple, the crypto market remains focused on forthcoming court rulings.
There is widespread anticipation that the SEC will challenge Judge Analisa Torres’s decision regarding XRP sales. In July 2023, Judge Torres ruled that XRP’s programmatic sales do not meet the criteria outlined in the Howey Test, a pivotal factor in determining securities classification. Following this decision, the SEC filed for an interlocutory appeal, which was subsequently denied by the Judge, leaving the agency awaiting a final judgment.
The regulatory uncertainty, combined with XRP’s price languishing below the $0.60 mark, reflects a market grappling with ambiguity. However, a glimmer of hope emerges with the upcoming US elections.
Reports from Crypto News Flash indicate that the Republican Party is actively courting the crypto vote. This effort is exemplified by the super PAC Fairshake, which has received donations from Ripple and Coinbase. Fairshake’s recent success in ousting a crypto critic during a New York primary underscores the growing influence of pro-crypto factions.
Eleanor Terrett of Fox Business reported on the defeat of Jamaal Bowman, a prominent crypto skeptic, in New York’s 16th District. This victory is partly credited to Fairshake’s targeted advertising campaign. Fairshake spokesperson Josh Vlasto hailed the outcome, emphasizing the industry’s dedication to fostering innovation and employment opportunities. A shift towards a more crypto-friendly Capitol Hill could potentially benefit XRP and the broader market.
Moreover, a Republican victory in the upcoming presidential election might shorten SEC Chair Gary Gensler’s tenure, potentially signaling a departure from the current “regulation through enforcement” approach that has troubled the crypto sphere. Speculation suggests that a victory for Trump and Gensler’s potential exit could pave the way for XRP to revisit its peak of $3.3509.
As of the latest update, XRP is priced at $0.4759, marking a slight increase of 0.5% over the past 24 hours. The trading volume stands at $865 million, with a market cap of $26 billion.
Technical analysis shows that XRP remains below the 50-day and 200-day Exponential Moving Averages (EMAs), indicating a bearish trend. A breakthrough above these levels could empower bullish momentum towards the 50-day EMA, potentially testing the 200-day EMA and the resistance level at $0.55. Conversely, a drop below the support level of $0.4650 could trigger a further decline towards the $0.45 mark.
For more information:
– Guide to Buying Ripple (XRP)
– Tutorial on Ripple XRP Wallets
– Check XRP Price in the Last 24 Hours
– Latest Ripple (XRP) News
– What is Ripple (XRP)?
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