The post Ripple vs SEC Lawsuit Update: SEC Unlikely to Appeal Judge Torres’ Decision appeared first on Coinpedia Fintech News

After the SEC dropped all its charges from ETH, all eyes are now on the Ripple vs SEC lawsuit. Industry experts heavily lashed the SEC for its partial treatment of Ripple in a similar case. Despite this, today, XRP experienced a modest increase of nearly 1%, trading at $0.498. The price has fluctuated between a low of $0.4906 and a high of $0.5002 over the last 24 hours. However, the trading volume has decreased by 25%, indicating a possible lack of interest from traders. Key support and resistance levels to watch include $0.4623 and $0.50, respectively.

SEC May not Appeal, Here’s why?

Interestingly, recent updates in the Ripple XRP case suggest that the U.S. SEC may not appeal Judge Torres’ ruling that XRP is not a security. Former SEC Crypto Enforcement Chief Kristina Littman highlighted the risks of appealing, which could weaken the SEC’s arguments in higher courts. Lawyer James Murphy, also known as MetaLawMan, agrees, pointing out the SEC’s inconsistent handling of digital assets in various cases.

Ripple’s Response to SEC’s Unfair Treatment

Ripple’s Chief Legal Officer, Stuart Alderoty, has criticized the SEC for its lack of regulatory clarity, particularly following the decision to close the investigation into Ethereum. This ruling raises doubts regarding the SEC’s classification of digital assets. Crypto enthusiasts are suspicious of the SEC’s unclear rules, wondering if Solana, Cardano, and Polygon will also be classified inconsistently. 

Short-term reversal on cards?

Despite the recent price surge, the current market sentiment around XRP remains cautious. Analyst Dark Defender has suggested that Bitcoin may lose dominance against XRP, predicting targets of $0.5286 to $0.6649 in the short term. The XRP/BTC pair has shown a reversal in the weekly timeframe, and a Golden Cross for the Relative Strength Index (RSI) has been confirmed, indicating potential bullish momentum.

Impact on XRP Price Action

The recent legal developments in the SEC vs Ripple case have helped the XRP price establish a robust support level of around 50 cents. The large-cap altcoin, with a fully diluted valuation of about $49 billion, is well bolstered by notable Ripple-backed developments and acquisitions.

In the past week, Ripple announced the acquisition of Standard Custody, to complement Metaco services.

The company also announced a web3 fund for South Korean and Japanese web3 developers. Meanwhile, Ripple has unveiled an EVM-compatible sidechain on the XRPL amid the anticipated launch of its fiat-backed stablecoins.

Conclusion

While the SEC vs Ripple case is in its last leg, the resolution of this case could establish critical precedents for future regulatory actions within the industry.

Also Read: XRP Price to Explode 1700% in 10 Day If THIS Happens, Predicts Expert