• 28 May, 2024
Market News Markets News

As the Highly-anticipated Public Reveal of Ripple Versus SEC Nears, Ripple Scores a Minor Victory

Ripple scored a minor win, as the motion to stay the judgment pending appeal is a bold attempt at seeking a reprieve from the looming SEC action. If granted, this would provide Ripple with additional time until January 13, 2023, to file all of their Daubert motions and accompanying exhibits for the public record.

On Dec. 19, 2022, the court granted Ripple a minor win in their ongoing lawsuit by ruling on the redactions of documents to be filed with the public docket. This ruling has enabled Ripple to keep its confidential information from being publicized and will likely help them build a stronger defense against the SEC’s charges.

This case is shaping up to be an important moment for the crypto community, and only time will tell what the outcome will be. As Ripple fights for a reprieve in its legal battle against the SEC, we can all remain hopeful that justice will be served in this historic trial.

What does technicals suggest about the XRP price?

Technical analysis suggests that the XRP price is continuing its downward trend, as the bearish market conditions persist. XRP has experienced a significant sell-off since September 2020 and currently faces strong resistance around $0.20, suggesting that investors remain wary of investing in the cryptocurrency.

Source: Tradingview

The 100-day moving average has also been trending downwards for the past several months, indicating a bearish outlook for the near future. Of course, this could all change if Ripple can successfully defend itself against the SEC in court, which could lead to a surge in XRP price. However, until then it’s best to exercise caution when investing in XRP or any other cryptocurrency.

At the time of writing, XRP is trading at $0.3471 USD, up 1.64 percent on the day, according to CoinMarketCap.  Ultimately, only time will tell how Ripple fairs against the SEC and what effect it will have on XRP’s price. For now, investors need to remain vigilant and keep an eye on any further developments in this case.

Conclusion

The Ripple v. SEC case is shaping up to be a monumental event for the crypto community. The outcome of this trial could have far-reaching implications and will likely decide the fate of XRP’s price soon. As we await further developments, investors should exercise caution and consider any potential outcomes before investing in XRP or any other cryptocurrency.

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