The Ripple vs SEC lawsuit has long divided both the crypto and traditional finance communities, following the SEC’s insistence that Ripple’s native token, XRP, was funded and utilized in the same way that security is. With this two-year lawsuit seeming to never end, crypto lawyer and XRP supporter, John Deaton, has weighed in on the legal tussle. Addressing the alleged unregistered security lawsuit, Deaton tweeted to his quarter of a million followers stating his belief that Judge Analisa Torres, who is overseeing the case, is not bound to a specific timeframe.
Deaton stated: “There is no deadline of today for her to rule. The decision could come out within the next hour or it could take another 30-60 days. Based on previous cases, Judge Torres has issued her ruling on summary judgment within a couple of months of her Daubert/Experts’ decision.”
Image
Having represented XRP holders as amicus curiae in the case, Deaton attests that there will not be any insider knowledge of the case’s final outcome. Deaton has said that only Judge Torres and her small circle of staff will know the outcome of the ruling before the public. These statements come in light of concerns regarding ‘insider information’, with some speculators suggesting that Ripple and the SEC will know the outcome before the public.
Majority of this work was done by Matthew Webster-Dowsing...
On a similar note, last month, Ripple CEO, Brad Garlinghouse addressed the lawsuit, stating that it could have substantial repercussions on the entire crypto market depending on the outcome, urging investors to understand how ‘pivotal’ the ultimate outcome is, particularly if it is unfavorable to the industry, as this could introduce an onslaught of negative implications.
XRP (XRP) $0.5186 (+1.41%) - Bullish Outlook
Overview:
Closest daily support zone: 0.514- 0.5169
Closest daily resistance zone: 0.5268- 0.5284
Key Level: 0.5749 (3-Monthly High)
In another bullish week for XRP, the asset soared, with the asset refusing to shy away from green candlesticks. Opening the week at around $0.45, XRP began to progressively accrue value, moving at a sloping upward pace. By the 29th, XRP reached a weekly high of $0.5749 and continued to stand its ground in the $0.5 zone throughout the remainder of the week, vastly exceeding its 7-day SMA and serving as a testament to the bullish sentiment surrounding the asset as of late.
Across the past day, XRP has witnessed growth of +1.41%, which has pushed it to reach a three-monthly high of $0.5749, which serves as a critical point for the asset. Providing XRP can maintain the recent bullish momentum, it is plausible that it could be eyeing $0.58 as the next target price, or that it could even push itself toward $0.6 – a level not realized since May of 2022.
Daily Resistance zones
0.5154 - 0.5164
0.5241 - 0.5256
0.5268- 0.5284
Daily Support zones
0.514- 0.5169
0.523-0.5248
0.5192-0.5201