The ongoing Ripple vs. SEC lawsuit has intensified scrutiny on XRP, with the market remaining uncertain about the SEC’s potential appeal against the recent Programmatic Sales ruling. Nine days post-judgment, the SEC’s ambiguity has heightened market anxieties and fueled debates within the crypto community.
Will the SEC Prevail in Its Appeal Against Ripple?
Recent discussions regarding the SEC’s appeal gained momentum when Dennis Kelleher, CEO of Better Markets, asserted that the SEC had a 90% chance of winning its appeal against Ripple. He criticized the judge’s decision in the Ripple case for allegedly favoring sophisticated investors over less experienced ones, a position he claimed was contrary to other judicial opinions.
In rebuttal, Pro-XRP lawyer Bill Morgan challenged Kelleher’s assessment on Twitter. Morgan noted that not all judges have dismissed Judge Torres’s approach in the Ripple case. He highlighted that Judge Jackson, who oversees the Binance case, also supports the distinction between institutional and retail investors, akin to Judge Torres’s stance. This contrasts with Judge Rakoff’s approach in the Terraform case, which didn’t recognize such a distinction.
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Morgan suggested that the SEC’s chance of winning the appeal might be closer to 9% rather than 90%, given that at least two judges support the differentiation between institutional and retail investors.
XRP Nears Potential Breakout
As the legal battle continues, XRP is nearing a significant point, with its price movements hinting at a possible breakout from a long-standing triangle pattern. Notably, crypto analyst Dark Defender has observed a bullish hammer candle formation on the monthly chart, indicating potential upward momentum. If this breakout materializes, targets of $1.00, $1.40, and $1.88 are anticipated.
Currently, XRP is priced at $0.57, reflecting a modest increase over the last 24 hours, with a market cap of $31.8 billion.
Cre: coinpedia
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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