Can Ripple Defy Looming SEC Appeal?
The post Can Ripple Defy Looming SEC Appeal? appeared on BitcoinEthereumNews.com.
XRP price stands out among top altcoins, with modest gains on Thursday, signaling a rally is in the offing. The money transfer token has been following in the Bitcoin footsteps this August in spite of concerns about the Securities and Exchange Commission’s (SEC) filing an appeal motion in September. XRP Price Market Movers: Lingering SEC Lawsuit Appeal and Robust Fundamentals XRP price exchanged at $0.5748 amid calls for a major uptick in the price toward $1. However, the looming appeal by the Securities and Exchange Commission (SEC) in September could make the recovery journey an uphill task. Ripple emerged the obvious winner of the long legal battle, considering the $125 million penalty imposed by Judge Analisa Torres. After the partial ruling in the lawsuit last year, Ripple price rallied to $0.93, but a sell-off occurred, wiping out all accrued gains to $0.3 support. Despite granting the agency’s injunction ordering Ripple not to violate US securities laws, Torres fell short of discontinuing direct sales of XRP to institutional investors—a factor likely to rattle the SEC and increase the chances of an appeal. The Gary Gensler-led regulator tried but failed to appeal the partial ruling in July 2023—the second bone of contention likely to trigger an appeal motion. Ripple’s fundamentals are surprisingly strong despite the uncertainty around the lawsuit. Large volume holders continue to stack XRP, especially those with broadband of between 1 million and 10 million coins. According to Santiment data, this cohort of whales accounts for 6.34% of the total supply, approximately 3.34 billion XRP. If their appetite for the token increases unfazed by the lawsuit or the generally dampened market sentiment, XRP price could attempt an upswing toward $0.75. Ripple supply distribution The protocol’s network growth shows signs of a recovery, suggesting new users are slowly coming on board. Investors…
Filed under: News - @ August 29, 2024 7:14 pm