Ripple’s XRP price has been consolidating as investors await a court decision in the case with the SEC.
Lawyer John Deaton expects the lawsuit’s outcome to delay until April or May.
Ripple’s XRP traded at $0.33 Monday, below a crucial resistance of $0.4, according to data provided by CoinMarketCap. Bears have been rejecting a break above $0.4, but bulls are struggling to avoid a possible drop. As Ripple’s case with the US Securities and Exchange Commission drags, the tug of war is because of an uncertain landscape.
Investors were increasingly growing, hoping December could become a monumental moment for Ripple. The filing of the summary judgment briefs on November 30 heightened the expectations. On December 2, the parties in the lawsuit met to discuss redactions of the court filings. Subsequently, the summary judgments became public on December 5, raising speculations that the case was ending. Since Ripple had previously made milestone wins, investors expected the case could end “anytime” from December 5.
Most recently, Cardano’s co-founder Charles Hoskinson hinted at December 15 as the day the decision could arrive. In an AMA session, the blockchain entrepreneur said, “(he had) heard rumors that the Ripple case will be settled December 15th. Let’s just see. That could have catastrophic implications for the industry, one way or the other.“
Ripple’s case with SEC to be settled in April or May, pro-XRP lawyer says
As it stands, Ripple enthusiasts remain in the dark as the date for settlement is contested. XRP supporter and lawyer John Deaton says the outcome could wait until April or early May. Deaton was responding to a question at the RealVision Crypto briefing about whether a March 31st settlement date was possible.
According to Deaton, March 31 would be the earliest date based on the fact that there are numerous pages of documents for the court to scrutinize before the final judgment. The lawyer said that there are 17 amicus briefs filed, making a too-early settlement difficult.
What’s the case outcome mean for XRP
XRP’s recent price actions show investors are eager to receive the verdict. The recent consolidation implies that traders are cautious, as any negative outcome could cause a price decline.
Nonetheless, XRP bulls remain on standby should the case go in their favour. If Ripple wins, that would mean that XRP would not be classified as a security as SEC has for a long time alleged. In the meantime, a breakout at $0.4 remains doubtful unless some positives involving the case come up.
- @ December 19, 2022 8:38 pm