Ripple’s Ongoing Dispute with SEC Spurs XRP Market Activity
According to a recent report, Ripple’s ongoing dispute with the Securities and Exchange Commission (SEC) is causing waves in the XRP market. This has resulted in significant spikes in utility for XRP, including a 7-month high on-chain volume and a 3-month peak in circulation.
Ripple Challenges SEC’s Intentions
- The SEC is pushing for an appeal in its case against Ripple, particularly regarding Ripple’s programmatic sales of XRP.
- A judge ruled that these sales did not breach securities regulations due to a blind bid process.
- However, Ripple’s direct sales of XRP tokens to institutional players were labeled securities, marking a semi-victory for the SEC.
- Ripple plans to cross-appeal if the SEC proceeds with the appeal.
XRP Market Reactions and Projections
- XRP experienced a minor setback in its price, retracing 2.44% to settle at $0.4961.
- If XRP breaks the $0.512 barrier, it may establish resistance marks at $0.525 and $0.540.
- Failing to surpass the resistance could lead XRP to lean towards support zones at $0.480 and $0.460.
- XRP’s market capitalization dropped by 2.06% to around $26.26 billion, but its 24-hour trading volume increased by 6.63% to approximately $1.11 billion.
Hot Take
The ongoing legal battle between Ripple and the SEC has had a significant impact on the XRP market. Despite the setbacks, XRP has shown resilience and continues to attract attention. The outcome of this legal saga will be closely watched by the cryptocurrency community.
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