Ripple Lawsuit Nears Conclusion, Says Attorney Fred Rispoli Read CoinChapter.com on Google News
NAIROBI (CoinChapter.com)— Ripple’s legal battle with the Securities and Exchange Commission (SEC) could be resolved soon, according to Attorney Fred Rispoli.
The payment remittance firm recently filed a supplemental authority letter in the case, referencing a ruling in the Binance lawsuit. This development has raised expectations among XRP holders for an imminent resolution.
The SEC’s lawsuit against Ripple has significant implications for the crypto market. Ripple’s letter to Judge Analisa Torres referenced Judge Amy Berman Jackson’s ruling in the SEC vs. Binance case, which focuses on secondary market sales of cryptocurrencies. The SEC responded, maintaining the legal dispute.
Ripple SEC lawsuit might end soon
Rispoli believes Judge Torres could rule as early as July 13. “July 31 is also possible, but July 13 would be poetic,” he posted on July 2. His comments have intensified anticipation surrounding the case.
Are Retail Investors Betting Big on XRP Amid Legal Uncertainty?
On-chain metrics show whales are distributing their XRP holdings while retail investors buy the altcoin. Santiment data indicates that XRP supply distribution has changed since July 1, with large holders reducing their positions.
This shift in market behavior reflects differing perspectives on XRP’s future amid the lawsuit’s uncertainty.
XRP Social Sentiment. Source: CFGI.io
Data platform Blockchair reported a series of XRP transactions on exchanges on Monday. In one transaction, over 10 million XRP tokens worth at least $4.2 million moved from Binance to an unknown wallet. In another transaction, more than 3.6 million XRP tokens worth at least $1.45 million moved from Bitstamp to Binance.
CoinShares digital asset weekly fund flows.
CoinShares reported that inflows into XRP ETPs soared by more than $400,000 last week, bringing the total to over $18.4 million since the beginning of the year. This surge places XRP-related investment products at the top of the charts, alongside Solana, Polkadot, and Litecoin.
Last week also saw the launch of the new Virtune XRP ETP on Nasdaq Stockholm.
Ripple’s XRP Faces Potential Decline Amid Bearish Indicators
At the time of writing, XRP trades at $0.414, down 1%. If daily closes fall below $0.413, a potential 15% crash to the March 12, 2023 low of $0.347 could occur. Ripple has declined since March 11, dropping from a local peak of $0.7440 to a low of $0.3823 on July 5. However, it has since rebounded to $0.4352.
XRP/USD 1-day price chart. Source: CoinMarketCap
The Relative Strength Index (RSI) and Awesome Oscillator (AO) on the daily chart indicate bearish momentum. Both indicators are below their respective neutral levels of 50 and zero, suggesting continued downward pressure on XRP’s price.
Despite the bearish outlook, analyst Dark Defender predicts a significant XRP rally based on historical patterns. He identifies initial resistance at $0.50, with further targets at $1.88, $5.85, and $18.22. The Ichimoku Cloud indicator and RSI trends could signal a bullish breakout, especially if XRP reclaims critical support at $0.40.
The ruling will decide if Ripple’s XRP sales constitute unregistered securities offerings. A resolution could involve a settlement or fine, affecting Ripple’s operations and XRP’s regulatory status. Analysts expect the decision by the end of July to provide much-needed clarity to the market.
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