Conclusion of Ripple Lawsuit Imminent, Attorney Fred Rispoli Says
According to Attorney Fred Rispoli, Ripple’s legal battle with the Securities and Exchange Commission (SEC) is nearing its end. The payment remittance company recently filed a supplemental authority letter in the case, citing a ruling in the Binance lawsuit. This development has raised expectations among XRP holders for a swift resolution.
The SEC’s lawsuit against Ripple holds significant implications for the cryptocurrency market. Ripple’s letter to Judge Analisa Torres referred to Judge Amy Berman Jackson’s ruling in the SEC vs. Binance case, which focuses on secondary market sales of cryptocurrencies. The SEC has responded, asserting the legitimacy of the legal dispute.
Rispoli believes that Judge Torres could issue a ruling as early as July 13. “July 31 is also possible, but July 13 would be poetic,” he stated on July 2. His comments have heightened anticipation surrounding the case.
Retail investors are showing confidence in XRP despite the legal uncertainty. On-chain metrics indicate that while whales are reducing their XRP holdings, retail investors are actively buying the altcoin. This change in market behavior reflects differing opinions on XRP’s future in light of the ongoing lawsuit.
Blockchair, a data platform, reported a series of XRP transactions on exchanges on Monday. In one transaction, over 10 million XRP tokens, valued at least $4.2 million, were moved from Binance to an unknown wallet. In another transaction, more than 3.6 million XRP tokens, worth at least $1.45 million, were transferred from Bitstamp to Binance.
CoinShares reported a significant increase in inflows into XRP ETPs, with over $400,000 added last week. This brings the total inflows for the year to over $18.4 million, making XRP-related investment products one of the top performers alongside Solana, Polkadot, and Litecoin. Nasdaq Stockholm also launched the new Virtune XRP ETP last week.
However, XRP faces a potential decline based on bearish indicators. Currently trading at $0.414, down 1%, XRP could experience a 15% crash to the March 12, 2023 low of $0.347 if daily closes fall below $0.413. Ripple’s price has declined since March 11, dropping from a local peak of $0.7440 to a low of $0.3823 on July 5, but it has since rebounded to $0.4352.
The Relative Strength Index (RSI) and Awesome Oscillator (AO) on the daily chart indicate bearish momentum. Both indicators are below their respective neutral levels of 50 and zero, suggesting continued downward pressure on XRP’s price.
Despite the bearish outlook, analyst Dark Defender predicts a significant rally for XRP based on historical patterns. He identifies initial resistance at $0.50, with further targets at $1.88, $5.85, and $18.22. The Ichimoku Cloud indicator and RSI trends could signal a bullish breakout, especially if XRP reclaims critical support at $0.40.
The ruling in the lawsuit will determine whether Ripple’s XRP sales constitute unregistered securities offerings. The resolution could involve a settlement or fine, which would impact Ripple’s operations and XRP’s regulatory status. Analysts anticipate that the decision, expected by the end of July, will provide much-needed clarity to the market.