XRP trading volume surged 50% as the SEC set January 15, 2025, for its principal brief in the Ripple appeals case.
Legal debates focus on Ripple’s role in XRP’s value, with no evidence showing Ripple actively marketed XRP to retail investors.
XRP’s price corrected below $1.10, with $0.785 as key support; analysts project a $2 target if support levels hold.
XRP, the cryptocurrency ranked seventh by market capitalization, has experienced a notable surge in trading activity. Over the past 24 hours, its trading volume spiked by 50%. This significant increase coincides with a major announcement from the U.S. Securities and Exchange Commission (SEC).
Moreover, the regulator revealed a critical date for its principal brief in the Ripple appeals case, set for January 15, 2025.The announcement has reignited debates surrounding XRP’s regulatory status and the broader implications for the cryptocurrency market. Observers are closely monitoring developments as the case could shape the future of crypto regulation in the United States.
https://twitter.com/Belisarius2020/status/1859356772907307489 Ripple’s Role in XRP’s Value Under Scrutiny
Additionally, legal discussions have once again turned to the relationship between Ripple and XRP. Bill Morgan, a prominent legal analyst in the XRP community, recently addressed the issue in a social media post. He claimed XRP’s value is intricately tied to Ripple’s efforts.
Also, he argued that XRP’s market performance reflects Ripple’s actions, which aligns with the SEC's argument that XRP functions as Ripple’s security. However, Morgan countered this perspective by emphasizing a lack of evidence in the SEC v. Ripple case. He pointed out there is no proof that Ripple actively marketed XRP to retail investors.
Furthermore, he noted that long-term holders often argue that Ripple’s periodic sales of XRP from escrow have suppressed, rather than boosted, the token’s value. This viewpoint undermines the SEC’s assertion that Ripple’s actions have driven XRP’s price.
Legal and Market Implications
However, the SEC’s appeal has raised questions about the potential implications for XRP and the cryptocurrency market. Analysts remain divided on whether the appeal will uncover overlooked evidence that could alter the outcome of the case. Morgan emphasized that court rulings depend on factual evidence, not theories, making it unclear how the SEC's arguments will fare.
Consequently, amid these legal debates, XRP’s price has entered a correction phase. After reaching $1.15, the token has dipped below $1.10 and could test the $1 support level. Despite this, analysts have identified a key support zone at $0.785. Maintaining this level could pave the way for a rebound, with some projecting a target price of $2.
In conclusion, while legal arguments attract attention, the XRP community appears more focused on broader regulatory and market issues. Industry stakeholders continue to discuss how the Ripple case could set a precedent for the treatment of cryptocurrencies in the United States. Regulatory clarity remains a critical concern for investors and developers alike.
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