Judge says Ripple will eventually ‘cross the line’ with law violations, slams firm with $125m fine

• The SEC vs. Ripple ends with Judge Torres ruling that Ripple is likely to be breaking the law with their desire to cross borders.
• The judge slammed Ripple with $125 million in fines for institutional sales of XRP, a violation of federal securities law by the payments firm.
• XRP broke through the $0.60 resistance, erasing recent losses, while Bitcoin and Ethereum struggled with key support on Thursday.

Ripple (XRP) led gains among the top 10 cryptocurrencies on Thursday after a historic court ruling in the Securities and Exchange Commission (SEC) lawsuit. Judge Analisa Torres weighed the likelihood that the payment remittance firm would violate federal securities law in the future and hit Ripple with a $125 million penalty.

Daily Digest Market Movers: Ripple trial ends, but SEC may appeal decision

• The Ripple lawsuit ended with Judge Analisa Torres ordering the firm to pay $125 million in penalties for the likelihood that it will eventually cross the line by violating federal securities law in the future.
• As traders digested the news of the SEC ruling vs. Ripple, pro-crypto attorney Fred Rispoli explained that Judge Torres acknowledged the absence of litigation in his final decision.
• In his ruling, Judge Torres says that “The Court finds that Ripple’s willingness to exceed the order’s limits demonstrates a likelihood that it will eventually do so, if it has not already exceeded the limit. From this point of view, the Court finds that there is a reasonable probability of future violations, meriting the issuance of an injunction.”
• The ruling judge slammed Ripple with $125 million in fines and predicted that “infringement” was likely if it hadn’t already occurred.
• Attorney Rispoli interprets this as Judge Torres telling the two sides, “You better deal with whatever happens now. I will be angry if you come back to me”.

• The SEC could appeal Judge Torres’ decision at trial.
• XRP received legal clarity in the final ruling. However, a call could change that and negatively impact investor confidence and demand for altcoins.

Technical Analysis: XRP Could Rise to $0.75, November 2023 Peak

Ripple rose above the key resistance at $0.60 and is trading at $0.62 at the time of writing. The altcoin could extend gains by more than 19% and reach the November 2023 peak of $0.75 in its bid to break out of a multi-month downtrend.

The XRP/USDT daily chart shows that the altcoin has tried to break out of the downtrend. A daily close of the candle above $0.61 could validate the bullish thesis. The Relative Strength Index (RSI) reads 60.42, well above the neutral level.

XRP is facing resistance at $0.66, the 50% Fibonacci retracement of the decline from the July 13 high of $0.93 to the July 5 low of $0.38.

XRP/USDT Daily Chart

Ripple could find support at the Fair Value Gap (FVG) between $0.51 and $0.57 as seen on the XRP/USDT daily chart.