XRP Case Under Fire: Will the SEC Settle the Long-Running Ripple Case and Boost the Price?
- Speculation of a possible settlement in the Ripple vs. SEC lawsuit intensified on July 23 fueled by comments about Kamala Harris adopting a more favorable stance on cryptocurrencies.
- Lawyer James Murphy, known as MetaLawMan, dismissed claims that Kamala Harris is becoming more crypto-friendly, urging the community to focus on actions rather than words.
The XRP lawsuit has been the topic of hot debate in the crypto world while attracting significant attention from investors. Amid the speculations that Kamala Harris would initiate a more crypto-friendly stance, analysts are keen to predict major potential breakthroughs in the Ripple lawsuit, per the CNF update.
Lawyer James Murphy, known as MetaLawMan on X, dismissed claims that Kamala Harris is becoming more favorable towards crypto, urging the community to focus on actions rather than words. Besides, he also suggested some genuine steps to Harris to initiate a crypto pivot.
This includes acknowledging and revoking Operation Chokepoint 2.0 along with firing the current SEC Chairman Gary Gensler. Moreover, he also asked the Vice President to drop cases against major crypto firms like Coinbase, Ripple, Binance, and Kraken, as well as repeal the controversial SAB 121.
He also called for Custodia Bank to be granted a Federal Reserve master account. Meanwhile, MetaLawMan’s comments have sparked discussions, suggesting that a policy shift could significantly impact the legal landscape for digital assets.
The XRP Price Action
The XRP price has been showing strength in the past few weeks eyeing a move all the way to $1, reported Crypto News Flash. As of press time, XRP is trading 1.83% up at $0.6127 with a market cap of $34.2 billion.
XRP remains well above the 50-day and 200-day EMAs, confirming bullish price signals, per the CNF update. A breakout above $0.60 could pave the way for a move towards $0.65, potentially bringing the $0.6609 resistance level into play.
The SEC vs. Ripple case and developments in US politics require close monitoring. Conversely, if XRP falls below the $0.5739 support level, it could signal a decline towards the 200-day EMA. With a 14-day RSI reading of 65.29, XRP might rise to the July 17 high of $0.6378 before entering overbought territory.
As the Ripple vs SEC lawsuit proceeds it will be interesting to see more upward pressure for XRP coming from investors.
In July 2023, Judge Analisa Torres ruled that Ripple violated US securities laws by selling unregistered XRP to institutional investors. However, she determined that the Programmatic Sales of XRP did not meet the third prong of the Howey Test.
A settlement would eliminate the uncertainty surrounding the penalty Ripple must pay for these violations. Moreover, it would halt the SEC’s plans to appeal the ruling on Programmatic Sales of XRP, establishing a significant precedent for the US digital asset market.
