The Legal Battle Between Ripple and SEC Intensifies
The legal battle between Ripple and the SEC has taken a new turn with the introduction of two new attorneys, Marc Jones and Peter Moores, by the SEC to challenge a recent court ruling. The ruling concluded that XRP does not qualify as a security when sold to the general public. The SEC’s motive behind this move is to potentially reshape the legal landscape surrounding XRP.
– SEC introduces new attorneys Marc Jones and Peter Moores
– Court ruling stated that XRP is not a security
– SEC aims to reshape legal landscape surrounding XRP
John Deaton Criticizes SEC’s Reasoning
John Deaton, representing XRP holders, heavily criticizes the SEC’s reasoning, particularly focusing on the agency’s argument that the ruling could affect similar lawsuits. Deaton suggests that this is the weakest aspect of the SEC’s stance.
– John Deaton criticizes SEC’s reasoning
– Focus on SEC’s argument affecting similar lawsuits
– Weakest aspect of SEC’s stance according to Deaton
XRP Price Shows Signs of Recovery
Despite a 37% decrease from its July peak, XRP’s price has shown signs of a minor recovery. The recent breakout disrupted a descending trendline, pushing the price up to $0.66. This movement indicates the completion of a potential first sub-wave in a bigger downtrend, with a minor pullback expected. If the price maintains its position above $0.60, it could mark the formation of a higher low, potentially leading to a short-term upside move or a new uptrend.
– XRP price shows signs of minor recovery
– Breakout disrupts descending trendline
– Potential formation of higher low for an uptrend
Hope for XRP Fans
XRP fans are hopeful due to several factors, including XRP listing on Gemini, upcoming ETF approvals, and the probable shift of the lawsuit in the SEC appeal to next year. These developments provide hope for XRP’s future.
– XRP listing on Gemini and upcoming ETF approvals
– Lawsuit appeal likely to be shifted to next year
– Hopeful outlook for XRP’s future
Hot Take: XRP’s Legal Battle and Price Recovery
The legal battle between Ripple and the SEC is intensifying, with the SEC introducing new attorneys to challenge a court ruling. XRP’s price has shown signs of recovery, potentially indicating a higher low formation and the possibility of an uptrend. Despite the legal uncertainties, XRP fans remain hopeful for the cryptocurrency’s future.