XRP climbed 1.85% on July 2nd, defying a broader market dip. This comes amidst the ongoing SEC vs. Ripple lawsuit, with Ripple referencing a recent court decision in their favor.
Key Points:
XRP price rose to $0.4854, extending its winning streak to four days.
Ripple filed a Notice of Supplemental Authority citing the SEC vs. Binance ruling.
The ruling argues that digital assets may not fall under traditional security regulations.
Investors await the SEC's response and potential implications for the Ripple case.
Ripple's Case Strengthens?
Ripple argues the Binance ruling highlights the inapplicability of the Howey Test to XRP. They believe the SEC's approach creates regulatory uncertainty and is inefficient.
Uncertain Penalties for Ripple?
The SEC previously requested a hefty $2 billion penalty. Ripple argues for a $10 million penalty, citing no evidence of recklessness. The SEC's response to Ripple's filing and potential mention of the Binance ruling are highly anticipated.
The Binance Precedent
Judge Amy Berman Jackman dismissed the SEC's case against Binance's BNB token, stating it didn't meet the Howey Test criteria for securities. This decision, referencing the "Programmatic Sales of XRP" ruling, could influence the SEC vs. Ripple case.
XRP Price Outlook
Despite the recent rise, XRP remains below key EMAs, indicating a bearish trend. A break above these levels could signal a price increase. Conversely, a drop below current support could lead to a decline towards $0.45.
Investor Attention Crucial
News surrounding the SEC vs. Ripple case is paramount for XRP's price movement. The court's interpretation of the Binance ruling could significantly impact the verdict and XRP's future.