SEC appeal unlikely in Ripple lawsuit, pro-crypto lawyer says XRP back above $0.57

VaselineAugust 28, 2024

0 3 minutes read

SEC appeal unlikely in Ripple lawsuit, pro-crypto lawyer says XRP back above alt=

The SEC is not likely to appeal the ruling in the Ripple case, says attorney Bill Morgan.
Attorney Bill Morgan says the decision is positive for the US regulator and shares footnotes from the final ruling for information.
XRP is gaining nearly 2% on Wednesday, trading above $0.57.

The outcome of the Ripple (XRP) trial was favorable to the Securities & Exchange Commission (SEC), according to pro-crypto attorney Bill Morgan. Final judgment in SEC vs. Ripple was well received by both parties on August 7, 2024.

XRP traders are keeping their eyes peeled for the SEC’s next move, and a call could make or break the deal for XRP holders.

Daily Market Reasons: Ripple Lawsuit May Not See SEC Appeal

Pro-crypto attorney Bill Morgan said in an official tweet on X that the SEC is less likely to appeal the final decision in the Ripple lawsuit.
Attorney Morgan explains that if legal considerations are taken into account, Judge Analisa Torres’ final decision in the trial can be interpreted as a win for the regulator.
The pro-crypto attorney explained in a recent post that the judge presiding over the SEC vs. Kraken case preferred the approach of Judge Amy Berman Jackson in the SEC vs. Binance case and Judge Torres in the SEC vs. Ripple. The main thing is that in these cases the judge distinguishes between primary and secondary market sales of the asset.

A very interesting case. I partially agree with you that the ruling is positive for the SEC. The judge is very clear in his reasoning. As a lawyer, it’s the kind of judgment you like to read.

As seems to be the norm with these decisions, some of the juiciest parts are in… https://t.co/PW4c3jDQwB pic.twitter.com/UkNnOqsPSY

— bill morgan (@Belisarius2020) August 27, 2024

A challenge could make or break XRP’s legal clarity as a non-security, so traders are keeping their eyes peeled for the regulator’s next move.

Technical Analysis: XRP Could Fall Almost 9%

While XRP has recovered from the recent correction earlier this week, the altcoin looks poised for a near 8.37% drop. XRP could drop to the lower bound of the fair value gap (FVG) at $0.5188, a key support level for the asset.

The MACD (Moving Average Convergence Divergence) indicator shows red histogram bars below the neutral line, which means there is an underlying negative momentum in the XRP price trend.

Ripple

XRP/USDT Daily Chart

If a daily candlestick closes above $0.5785, it could invalidate the bearish thesis. XRP could rise towards the psychologically important $0.6000 level seen on the XRP/USDT daily chart.

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 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 28, 2024

0 3 minutes read