What’s Next for Ripple vs SEC Lawsuit?
The post What’s Next for Ripple vs SEC Lawsuit? appeared on BitcoinEthereumNews.com.
The United States Securities and Exchange Commission (SEC) filed a notice of appeal on Judge Analisa Torres’ August 7, 2024, ruling in the court of appeal for the second circuit. The US SEC filed an appeal case against Ripple and its top executives led by CEO, Brad Garlinghouse, and the company’s executive chairman Chris Larsen. SEC’s Appeal and Its Impact on Ripple and XRP’s Future The impact of the SEC decision on XRP will be far-reaching in the coming months, especially since the appeal has coincided with an anticipated altseason in the near term. Notably, XRP price underperformed in 2021’s crypto bull run due to the onset of the Ripple vs SEC lawsuit, which took more than three years to complete. From a technical standpoint, XRP price is gradually turning into a zombie coin, similar to Litecoin (LTC) and Monero (XMR). Furthermore, the large-cap altcoin, with a fully diluted valuation of about $53 billion and a daily average traded volume of around $3.3 billion, returned to macro triangular consolidation after trading potential breakout earlier this week. Already, the XRP price has retraced below the 50 and 200 Moving Averages (MA), suggesting the bears are slowly gaining ground. If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC. Somehow, they still haven’t gotten the message: they lost on everything that… https://t.co/1hW7xVSL9b — Brad Garlinghouse (@bgarlinghouse) October 2, 2024 The decision by the US SEC to reopen the Ripple lawsuit has been condemned by the XRP community. According to Garlinghouse, the US SEC is spending taxpayer’s money in a case without recourse or consequence. “When the SEC tried unsuccessfully to file an “interlocutory appeal” they made clear they had…
Filed under: News - @ October 3, 2024 3:14 am