Ripple CLO Indicates SEC Less Chances Of Winning Appeal, XRP Slips To $0.55

VaselineAugust 16, 2024

0 2 minutes read

Ripple CLO Indicates SEC Less Chances Of Winning Appeal, XRP Slips To alt=

Ripple CLO Stuart Alderoty told CryptoLaw in an interview that less than 10% of appeals result in rulings being reversed.
SEC has less chance of winning appeal against Ripple, Alderoty claims.
XRP drops to $0.55 on Friday, loses key support at $0.57.

Ripple (XRP) traders are still analyzing the outcome of the Securities and Exchange Commission (SEC) lawsuit against Ripple. Chief Legal Officer Stuart Alderoty spoke with the team at CryptoLaw in a recent interview that was published on X.

XRP lost key support at $0.57 and is trading at $0.55 at the time of writing.

Daily Market Reasons: Ripple CLO Expresses Confidence in XRP Governance

Ripple’s legal director, Stuart Alderoty, commented on the likelihood that the US financial regulator will appeal the decision in the SEC vs. Ripple during his interview with CryptoLaw.
Alderoty presented listeners with an interesting statistic: less than 10% of appeals result in reversals. Alderoty is confident that the SEC is less likely to appeal the ruling in the Ripple lawsuit.
Of the two rulings in the lawsuit, the SEC is more likely to appeal the July decision by Judge Analisa Torres, which provided legal clarity on XRP. The July 2023 ruling says that XRP is not a security in secondary market transactions.

XRP traders are digesting news of the lawsuit ruling and CLO Alderoty’s comments on the outcome and a possible appeal.

Technical analysis: XRP could suffer a drop of almost 8%.

Ripple has been in a downtrend for months. XRP is likely to drop and erase almost 8% of its value to sweep liquidity at $0.5195 as seen in the chart below. XRP could start recovering once the inefficiency is filled. The target is $0.62, a key resistance level for the altcoin.

The Moving Average Convergence Divergence (MACD) shows an underlying negative momentum in the XRP price trend.

XRP

XRP/USDT Daily Chart

XRP could rise to $0.60, a psychologically important level for Ripple, if there is a daily candle close above $0.5792.

Frequently asked questions about Bitcoin, altcoins, stablecoins

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group or entity, which eliminates the need for third parties to participate during financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is from these two cryptocurrencies that the fork occurs. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and therefore an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset they represent. To achieve this, the value of any stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who want to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies in general are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It provides a clear picture of Bitcoin interest among investors. A high dominance of BTC usually occurs before and during a bull run, where investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A decline in BTC dominance usually means that investors move their capital and/or profits to altcoins in search of higher returns, which usually triggers a burst of altcoin rallies.

VaselineAugust 16, 2024

0 2 minutes read

Daily Market Reasons: Ripple CLO Expresses Confidence in XRP Governance

Technical analysis: XRP could suffer a drop of almost 8%.

Frequently asked questions about Bitcoin, altcoins, stablecoins

Vaseline

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