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29 May 2024
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Ripple Lawsuit Update: XRP Dips Amid Ongoing SEC Battle, What’s Next?

The XRP price slips below the $0.49 mark today, amid ongoing legal battles between Ripple and the U.S. Securities and Exchange Commission (SEC). Although there is a gloomy sentiment noted in the broader market, the recent XRP slip also reflects investor apprehensions amid regulatory uncertainty. As the lawsuit unfolds, investors clamor for clarity on the future of Ripple’s native cryptocurrency, XRP, amid the legal turmoil.

Investor Uncertainty Fuels XRP Downturn

Investor sentiment surrounding XRP grows increasingly cautious as legal proceedings of Ripple Vs. SEC intensifies. Today, May 13marks a pivotal moment in the lawsuit, as parties and third parties are set to file omnibus letter motions to seal all materials related to the ongoing legal briefing, including briefs, declarations, and supporting exhibits. However, both parties will have the time to file the motion by May 20.

As legal complexities mount, XRP experiences a significant decline, signaling investor unease over the cryptocurrency’s future trajectory. The looming uncertainty surrounding Ripple’s legal fate casts a shadow over XRP’s market performance, with investors anxiously awaiting clarity amidst the legal quagmire.

Ripple lawsuit update and timelines
Source: James K. Filan, X

For context, against the backdrop of legal filings and counterarguments, the courts are poised to deliberate on the penalty Ripple may face for alleged violations of U.S. securities laws. Besides, the SEC seeks an imposing $2 billion penalty and an injunction barring Ripple from selling XRP to institutional investors, highlighting the high stakes involved in the lawsuit’s outcome.

However, Ripple’s defense centers on disputing the SEC’s claims, emphasizing sales to accredited investors and the nature of ODL (On-Demand Liquidity) contracts. However, the SEC remains steadfast in its allegations, underscoring the potential legal ramifications of Ripple’s actions in the eyes of the court.

Also Read: Tether CTO Slams Ripple Chief Garlinghouse on USDT Remarks

What’s Next?

As legal proceedings progress, industry experts anticipate the SEC’s potential appeal regarding the XRP Programmatic Sales ruling. This move underscores the enduring uncertainty surrounding Ripple’s legal saga and its implications for the broader cryptocurrency market. 

Meanwhile, amid regulatory scrutiny and investor apprehensions, the fate of XRP hangs in the balance, awaiting clarity amid a turbulent legal landscape. However, let’s take a look at the current XRP price and some key levels suggested by a prominent analyst in the industry.

In a recent analysis shared by prominent crypto analyst Dark Defender, XRP’s price dynamics are poised for action. With the coin staying below the crucial support level this week, attention turns to upcoming levels. 

Notably, Dark Defender said that the key support levels to monitor are $0.4975 and $0.4623, while resistances stand at $0.5330 and $0.6044. The analysis outlines the waves of XRP’s price movements, targeting $1.88, $5.85, and $18.22. 

However, the ultimate support line at $0.3917 remains a point of consideration. Whether XRP revisits lower levels depends on closing above $0.4975 and the blue level (as mentioned in the price chart below) this week.

XRP Price Analysis Support and Resistance
Source: Dark Defender, X

Meanwhile, the XRP price has noted a slight recovery as of writing, and traded at $0.5011, down 0.53%, while its trading volume rose 93% to $766.05 million. Over the last 24 hours, the crypto has touched a high of $0.5066, while slipping to a low of $0.4879. Despite the recent decline, the CoinGlass Data showed that the XRP Open Interest was up 3.71% from yesterday and stood at $569.15 million.

Also Read: China Cracks Down On $300M Crypto Exchange Fraud, Arrest 6

The post Ripple Lawsuit Update: XRP Dips Amid Ongoing SEC Battle, What’s Next? appeared first on CoinGape.

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