After more than three years of legal battles, the Ripple vs. SEC case is nearing its final stages. Presiding Judge Analisa Torres is carefully reviewing a series of motions, the latest being Ripple’s reply letter supporting its motion to seal documents related to the SEC’s judgment and remedies.
Despite progress, Ripple’s substantial XRP holdings remain a significant obstacle. The US SEC argues that Ripple’s monthly sales mainly constitute securities transactions. The Ripple community narrowly avoided a setback when President Joe Biden vetoed the SAB21 bill, which had serious implications for the crypto sector.
The SAB21 bill suggested that crypto projects with single investors holding more than 20% of the total supply should be classified as securities, not commodities like Bitcoin. This classification could have severely impacted Ripple and similar projects.
The US SEC has faced several defeats in recent crypto cases, most notably the Debt Box case. A well-known Web3 and crypto lawyer, MetaLawMan on the X platform, noted that the recent settlement between the US SEC and Terraform Labs, along with Do Kwon, is positive for the crypto industry.
The crypto lawyer suggests that the Ripple or Coinbase case will likely reach the 2nd Circuit Court of Appeals, which would address the legal status of crypto assets. This could have far-reaching implications for the entire crypto market.
Despite recent successes, Ripple-backed XRP is gradually losing its top-tier status among crypto projects. Messari’s report highlights XRP’s strong performance in recent quarters. With a market valuation of approximately $55 billion and a daily trading volume of around $1.2 billion, XRP has consolidated around $0.52.
From a technical perspective, if XRP buyers fail to defend the current support level, the cryptocurrency could drop as low as $0.32, aligning with the 1.618 weekly Fibonacci Extension.
This potential decline shows us the volatility and uncertainty facing XRP in the coming months.
Also Read : Ripple vs. SEC: Analyst Bill Morgan Exposes SEC Flaws in XRP Lawsuit
What are your predictions for the outcome of the Ripple vs. SEC case?
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