. Ripple has an unsteady future: Saturday, the 8th of June, saw a drop in the price of XRP by 1.30 percent to close the trading session at $0.4928. Despite XRP being on the sidelines with the broader cryptocurrency market in negative territory, long-term investors hope. The court verdicts of the two key cryptocurrencies will be favorable. On Sunday, an investor should keep track of rumors and announcements. The Securities and Exchange Commission (SEC) and cryptocurrency litigation.
The Saturday Overview
The price of XRP fell by 1.30 percent on Saturday, June 8. After a decline of 4.29 percent on Friday (June 7), it finished the session at $0.4928.
SEC vs. Crypto Ripple Court Ruling and Appeal Plans
The crypto market is still revolving around the SEC vs. Ripple case, which has not yet been concluded. Ripple’s Ripple’s Future Uncertain is being accused of selling XRP to institutional investors against US securities regulations. So, the investors eagerly await the court decisions that may punish Ripple with penalties and a stop injunctive relief if they find out that the company has continued violating U.S. securities statutes after the 20USplaint. The SEC demanded a mandatory order, a $2 billion fine, and their opening statement on the remedies. If this decision were made in court, Ripple could not use the XRP token to sell the currency to large financial institutions. Furthermore, an injunction would severely setback the extension plans in the United States.
Post-case, it is likely that XRP will face some other uncertainties in the future. Investors predict that the SEC will take a step forward to the next court by filing an appeal in order to challenge the judgment of the XRP Programmatic Sales case. In July 2023, Judge Analisa Torres ruled out the point when XRP programmatic sales fail to comply with the third component of the Howey Test. Some have suspected that the SEC would hold off on the approval of XRP-spot ETFs until they have completed the appeal process. If Ripple’s Future Uncertain case gets disposed of this summer, the appeals process could even last till 2025. A recent interview with the Ripple CEO Brad Garlinghouse disclosed that there might be a possible market for XRP-spot ETFs by 2025.
SEC vs. Coinbase Motion for Interlocutory Appeal Ruling Pending
Nevertheless, the SEC might not be able to appeal the Programmatic Sales of XRP decision to a court. Ripple’s Future Uncertain (COIN) ruling might become a case precedent. The anticipation of the result of the Interlocutory Appeal Motion on Coinbase depends on a judge’s ruling. However, the interlocutory appeal was partially moved to one of the district courts from another, as the SEC had declined the company’s MTD in March.
In September 2023, lawyer and possible Massachusetts representative John E. Deaton shared that the SEC will likely let the Ripple case go only if the court permits Coinbase MTD. As a result, the SEC can just sit down and do nothing about the issue with Ripple unless it has a favorable court ruling for a strategy of its own.
The US Presidential Election and PoliticaUSUSessures
As John E. Deaton consistently supplied proper arguments in September 2023, the SEC may also assert that on a Coinbase victory, it would be because of the pressure from Capitol Hill. President Biden may reach the support of crypto supporters when the Republican Party’s torchbearer, Donald Trump, runs away with the polls. It may take two to tango that Coinbase shall appeal. The compliance ruling concerning the Programmatic Sales of XRP to the SEC.
John E. Deaton is standing against Elizabeth Warren, now the Massachusetts senator. Furthermore, although Deaton is fighting for more than cryptocurrency. The US digital asset industry would greatly benefit from the co-proponent of the Digital Assets Anti-Money Laundering Act in 2023. Because of the proposed legislation, crypto companies would be forced. To comply with anti-money and counter-terrorism financing regulations like any bank under the proposed bill.
The bill was concocted with Senator Warren. The American Bankers Association, and Senator Roger Marshall at the center stone in December 2023. That year, Senator Warren attracted the media’s attention due to her leadership of the show, including the inclusion of CEOs at the Capitol Hill BaUSUSg Committee hearing. As far as the outcome was concerned, JPMorgan Chase CEO Jamie Dimon uttered: (Not to mention)
XRP Price Action
Daily Chart
XRP took up its position underneath the 50-day and 200-day exponential moving averages, thus verifying the negative price patterns. XRP breaching the trend lines could be a move toward the 50-day exponential moving average. The bulls may attempt to approach the 200-day EMA if surpassing the 50-day EMA. Catching up with the SEC versus Crypto case is a vital issue for investors who need to be active in crypto buying. Nonetheless, if XRP’s price drops below the $0.48 handle value, the relevance of the $0.45 handle might be realized. The 14-day Relative Strength Index (RSI) indicated a value of 37.19. XRP can remain below the $0.48 mark before it gets oversold.
