Ripple Leads the Legal Battle Against SEC - Latest cryptocurrency news

Ripple Leads the Legal Battle Against SEC

Although the legal battle between Ripple and the SEC is still ongoing, Ripple is currently in the lead. In order for the case to be completed and for investors to breathe a sigh of relief, XRP Coin needs to come out victorious from the anticipated mass cleanup process in the coming year. Currently, the price of XRP Coin stands at $0.6188.

Despite being ahead of the SEC with a score of 3-0, Ripple can continue to score goals in the second half. To prevent this, it is necessary for the summary judgment given by the court in July to not be overturned in mass appeals. Although the probability of an unfavorable decision in mass appeals is low but not zero, this limits investors’ risk appetite.

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The increasing supply of XRP Coin over the years has led to a decline in price peaks while the market value has increased exponentially. The fact that the long-term trend resistance line has not been breached in 2023 indicates that historically, new lows are approaching. The downside target is near the 50 and 200 weekly EMAs, at around $0.5.

According to Santiment data, large investors have started moving their assets to exchanges, which could indicate an impending selling wave. Additionally, CoinShares data shows that outflows from XRP Coin ETPs by institutions have continued. A total outflow of $2.6 million has been recorded since August.

For example, during a period of continuous inflows for Solana, GSOL Trust started trading at a significant premium and the price rose above $65 from $20. The opposite scenario could happen for XRP.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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