James Atkins
Editor
Editor
The Ripple vs. SEC case continues to plod onward, with occasional interesting twists. Recently, the SEC has finally provided court-ordered internal documents that were contested by Ripple (XRP/USD).
CEO Brad Garlinghouse states that the documents could be a considerable victory for Ripple.
The documents in question are internal emails and initial drafts of an address by former SEC official William Hinman. Who said in 2018 that Bitcoin and Ethereum could not be classified as securities. Ideally, these would date back to his original assertion.
According to Ripple’s general attorney Stuart Alderoty, the SEC is unfairly playing favorites with digital asset categorization. Of course, this caused problems for Ripple because the argument could be made that XRP should be classified as a security.
Garlinghouse has criticised the SEC, calling its behaviour shameful. According to the Ripple CEO, the SEC is not interested in disclosure or transparency. He predicts that it will be shocking when the truth is revealed about the Hinman documents.
The Hinman documents suggest that Ripple may clinch a victory against the SEC, in the XRP classification leading to a positive; market reaction. However, XRP has thus far lost 4.30% intraday and appears bearish according to technical indicators.
Data Source: Tradingview
The XRP is currently under pressure at the minor support of $0.44. A bearish MACD move was initiated recently, meaning that bears are circling the token. The RSI remains at the mid-range, signalling indecision in the marketplace right now.
Even though the $0.44 level has held in the past. There is increasing bear pressure, which could mean that it will not hold this time. The next potential zone for XRP would be $0.37 if it breaks out.
XRP, the token associated with Ripple, has been under fire by the US Securities and Exchange Commission (SEC); for being classified as a security. This would bring on strict regulations to Ripple and XRP that may impede its growth.
Recently, Ripple released a strongly worded statement against the SEC’s allegations. Claiming that XRP is a virtual currency and should not be regulated as a security. They also claimed that other countries have recognized it as such.
Despite this strong denial from Ripple, it remains unclear how the market will react to the ongoing legal battle. Investors are still watching closely for updates and developments in this case. Only time will tell how XRP will perform in light of the ongoing SEC proceedings.
XRP is not a worthy purchase at this time, despite the positive developments. The upward momentum seems to have reached a plateau, and bears are reclaiming control.
The news might not be interesting enough to people who are hoping for a good outcome. Also, the market is not doing well. Investors should try to buy XRP when the price is lower.
Overall, the short-term performance of XRP will likely be affected by the ongoing SEC lawsuit. However, investors should also keep an eye on Ripple’s progress with its partnerships and potential use cases for XRP in the long term.
Only time will tell how this battle with the SEC will play out and what it means for XRP’s future. Nevertheless, it appears that Ripple is ready to fight and defend its position in the industry.
But for now, investors should keep a watchful eye on Ripple’s progress and developments in the industry as a whole. And for those looking to invest in XRP, keep an eye out for potential buying opportunities; as the price may dip due to the legal battle.
Ultimately, investors should consider the long-term potential of XRP and its use cases rather than getting caught up in short-term market fluctuations.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
