XRP Price Rockets 8.4% on Ripples Latest Legal Victory Against SEC

XRP Price Rockets 8.4% on Ripples Latest Legal Victory Against SEC


XRP, the sixth-largest cryptocurrency by market share, has sustained gains despite trading down on Monday, with the bullish outlook following the latest development in the Ripple Vs SEC case, which could have a significant impact on the future of cryptocurrency regulations.

XRP Ripple (XRP), the crypto token announced by the American blockchain tech startup building cross-border money transfer network and systems, Ripple is trading 1.1 percent down on Monday. Nonetheless, the sixth- largest cryptocurrency worth $24 Billion in market share has sustained profits of approximately 8.4 percent in the last 7 days.

Exchanging hands at $0.4616, $830 Million worth of XRP Ripple (XRP) crypto tokens has been traded over the previous 24 hours. As discussed past week, the positive  tendency outlook in XRP Ripple (XRP) comes after the latest development in the Ripple Vs SEC case.

In December 2020, the  United States Securities and Exchange Commission (SEC) filed a case against Ripple and its top executives, alleging that the company’s sale of XRP Ripple (XRP) constituted an unregistered securities offering.

READ NOW
.SWOOSH NFT Collection Sells Over 71,000 Sneakers for $1.4M

Greater than two years thereafter, the case is still dragging on but the scales seem to be tipping in favor of Ripple, with the help of the Hinman documents, which the judge ruled that they remain open and not sealed as the SEC had requested.

Reports by Judge Torres, the documents regarding the speech which William Hinman, a previous SEC director gave in 2018 were relevant in the judicial process.

“Putting aside the fundraising that accompanied the creation of Ether, according to my understanding of the current state of Ether, the Ethereum (ETH) network and its decentralized structure, current offers and sales of Ether are not securities transactions,” Hinman stated.

READ NOW
Meet the Trader Who Turned $35,000 into Over 10,000% Profit in Just 5 Months

The speech was whole lot of because it suggested that digital currencies could transition from securities to commodities. This could affect Ripple’s fair notice defense, and a summary judgment ruling may be announced soon. The outcome would have a whole lot of impact on future of the digital currency regulations.

XRP Ripple (XRP) Did Not Outrightly Meet the Definition of a Security – SEC’s Internal Emails Suggest

Reports by emails highlighted by John Deaton, a cryptocurrency lawyer known for demystifying the ongoing lawsuit and shared by BeIncrypto XRP Ripple (XRP) had not met the standard definition of safety, although the agency still went ahead with the lawsuit.

Deaton could not comprehend why Ripple’s legal representatives did not attract out the implication of the emails, or their relevance to the case from the beginning.

READ NOW
Will Ethereum Price Drop Below $1700? Analysis Shows the Potential Outcome

Reports by the emails referred to in exhibit 220, XRP Ripple (XRP) did not completely pass the Howey test to be considered a security.

There are “reasonable grounds to conclude that XRP Ripple (XRP) does not satisfy all elements of the Howey Analysis and is this is why not a ‘security’ for objectives of the federal securities laws,” the email reads in part.

An admission such as this from the SEC would dig a big hole in the lawsuit which seeks to classify many of the cryptocurrency crypto tokens as securities, as long as they pass the Howey test.

Deaton, on the other hand, argues that Ripple lawyers can potentially have chosen not to dwell on the emails because they were not direct quotes of the agency’s officials and as a result may be an external analysis of XRP.

Another crypto-friendly lawyer, Bill Morgan stated that it was “ possibly likely a SEC attorney, given how numerous were involved and commented on Hinman’s speech expressing his personal opinion.”

It is important to note that since the Hinman documents are is still to be released, all these remain speculations, which would soon be cleared.

XRP Ripple (XRP) Price Still On The Move

XRP Ripple (XRP) price seems to have doubled down on confluence support provided by the 50-day Exponential Moving Average (EMA) and 23.6 percent Fibonacci retracement around $0.4535.

Bulls have managed to keep the breakout from the sliding wedge pattern discussed past week intact, allowing investors time to make up their minds ahead of the final ruling in the Ripple vs SEC case possibly in June.

XRP Price Rockets 8.4% on Ripples Latest Legal Victory Against SECXRP/USD daily chart | Source Tradingview

A buy signal from the Moving Average Intersection Divergence (MACD) indicator reinforced the positive  tendency outlook. Traders looking forward to activating their buy orders would be watching out for the momentum indicator’s likely move into the positive region over the mean line at 0.00 in the coming sessions.

On the upside, regardless of the support at $0.4535, bulls are required to push XRP Ripple (XRP) to the upside by 1st weakening the immediate seller congestion at $0.47. A break and hold over this level imply that buyers have the upper hand and the cross-border money remittance crypto token has the momentum to close the gap to $0.5.

In contrast of the fence, not holding onto support at $0.4535 may be detrimental to XRP’s position in the market, with a tendency reversal likely to take place in favor of declines to $0.43 and $0.4, respectively. If push comes to shove, XRP Ripple (XRP) could retest support at $0.36 before rebounding after collecting enough liquidity for profits targeting $1.

XRP Ripple (XRP) Alternative To Buy – yPredict

Investors have been rushing to get a piece of YPRED, the crypto token powering the latest innovative Artificial Intelligence (AI) market intelligence ecological system, yPredict.

Participants in the cryptocurrency market do not need a reminder of why price forecast is an uphill battle that often leads to more losses than profits even for the most experienced traders.

Nonetheless, this is about to change with the introduction of yPredict’s AI-enabled cryptocurrency price forecast dashboard.

The platform’s Artificial Intelligence (AI) models have been trained to analyze huge amounts of price data which helps with identifying trends that would have otherwise gone unnoticed even to an experienced human eye.

Investors are particularly interested in this new ecosystem; whose platform is as of now in development for real-time trading signals.

Using state-of-art predictive models and data insights built by top 1 percent Artificial Intelligence (AI) developers and quants, yPredict’s in-development platform intends to hand market participants an “unbeatable edge.”

Along with this the team is “building a cutting-edge cryptocurrency research and trading platform that provides traders and investors access to dozens of AI-powered indicates, breakouts, pattern understanding, and social/news sentiment features” the team behind the project stated in their Litepaper.

With $1.45 Million raised during  several  weeks of the presale’s debut, potential investors must hurry to catch YPRED crypto tokens in stage 5, selling for $0.07. Investors must move quickly as stage 6 is around the corner with YPRED crypto tokens expected to go for $0.09.

Recommended Articles:

    READ NOW
    Bitcoin Breakout Could Spark Explosive Crypto Market, Says Expert



    Source

    Read Disclaimer
    This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




    Follow us

    Latest Crypto News

    Share via
    Share via
    Send this to a friend