The SEC vs Ripple legal battle will have implications. It will be on XRP, and the token is speculated to experience volatility. One safe bet is for Ripple to win the verdict in its favor by defying the SEC’s allegations that it is involved in offering unregistered securities. The allegation dates back to three and a half years, during which there have been many ups and downs.
Judge Torres, in July 2023, ruled that the offering did not constitute offers of investment contacts. That was soon followed by a clearance for Brad Garlinghouse and Executive Chairman Chris Larsen from charges. The case entered a trial phase and is now expecting the final resolution any day.
A favorable verdict for Ripple could also result in lowering the penalty amount from the original $2 billion to something that both parties agree to. Ripple has emphasized that it owes no more than $10 million, while the agency is willing to reduce the amount to $102.6 million. The difference is still pretty wide.
Victory for Ripple means that XRP could see upticks in the coming days, while an unfavorable verdict will put the token in a tight spot. There could be potential for a pullback to the extent that the entire crypto sphere feels the effects.
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XRP, the native token, is currently up by 1.73% and is listed at $0.4808 as the article is being drafted. The ongoing token value further reflects a rise of 0.78% in the last 7 days and a drop of 7.58% in the last 30 days. There is a notable surge in market cap and 24-hour trading volume, with the latter experiencing a jump of 67.66% at the press time.
XRP has maintained its place among the top 10 global cryptos with a market cap of $26.776 billion. If Spot Ether ETF goes live in July 2024, more activity is expected. That will boost capital inflows into the crypto market, facilitating adoption and recognition with a ripple effect.
Near-term XRP projections are bullish. XRP could go as high as $0.577 in the next 30 days, a jump of 20.72% from the current value. The next 5 days could see a surge of 22.27% for the token to breach $0.5848. Prevailing sentiments are bearish, and the volatility rate is hovering around 3.47%. Needless to say, the volatility rate is subject to change as the date for the final verdict approaches.
Most of the trades have been in the red in the last 30 days. The 14-day RSI is 42.40, while the 50-day SMA and 200-day SMA are $0.506242 and $0.557109, respectively. The next resistance points are $0.500 and $0.5250.
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Ripple versus the SEC is expected to reach its conclusion as soon as possible. The final verdict will catalyze what happens in the future with XRP.
