Ethereums Release from SECs Grasp Raises Hope for Ripples Future Awaiting Verdict
Article Rewrite:
Story Highlights
The Securities and Exchange Commission (SEC) has dismissed charges against Ethereum, raising concerns about their inconsistent approach to regulating cryptocurrencies.
Although the price of XRP experienced a slight increase, the trading volume declined, indicating cautious optimism among investors.
Despite the ongoing lawsuit, recent acquisitions and developments have strengthened XRP’s position in the market.
The recent decision by the SEC to drop all charges against Ethereum has shifted the focus to the ongoing legal battle between Ripple and the SEC. Many industry experts have criticized the SEC for its perceived bias in handling similar cases. Despite the controversy, XRP witnessed a modest increase of nearly 1% today, with a trading price of $0.498. Over the past 24 hours, the price has fluctuated between a low of $0.4906 and a high of $0.5002.
However, the trading volume has decreased by 25%, suggesting a potential decline in trader interest. Key support and resistance levels to monitor are $0.4623 and $0.50, respectively.
Scrutiny on SEC’s Decision
Recent developments in the Ripple case indicate that the SEC may not appeal Judge Torres’ ruling that XRP is not a security. Kristina Littman, former SEC Crypto Enforcement Chief, highlighted the risks associated with an appeal, as it could undermine the SEC’s position in higher courts. James Murphy, also known as MetaLawMan, criticized the SEC’s inconsistent approach to digital assets.
Ripple’s Chief Legal Officer Speaks Out
Stuart Alderoty, Ripple’s Chief Legal Officer, strongly criticized the SEC for its lack of regulatory clarity, particularly following the decision to close the Ethereum investigation. This inconsistency raises concerns about the SEC’s classification of digital assets, leaving crypto enthusiasts wondering if Solana, Cardano, and Polygon will face similar unpredictable classifications.
Consensys’ Victory Raises Questions
While Consensys celebrates a significant win, questions still linger. Does the SEC’s decision imply that Consensys’ offers and sales of ETH are not considered securities transactions, or that ETH itself is not a security? What will Gensler, the SEC Chairman, say if questioned about this? What is the current status of MetaMask and staking?
This is…
— Stuart Alderoty (@s_alderoty)
June 19, 2024
Analyst Predictions
Despite the recent price increase, market sentiment towards XRP remains cautious. Analyst Dark Defender suggests that XRP may surpass Bitcoin in dominance, with short-term targets ranging from $0.5286 to $0.6649. The XRP/BTC pair has shown a reversal on the weekly chart, and a Golden Cross for the Relative Strength Index (RSI) indicates potential bullish momentum.
Hi all.
#XRP
/
#BTC
pair has also reversed in the weekly time frame. The Golden Cross for RSI is confirmed.
BTC will lose dominance against XRP starting now.
Very short term:
Targets $0.5286 – $0.6649
Support $0.4623
#Ripple
#XRPCommunity
pic.twitter.com/hpMLsPWywD
— Dark Defender (@DefendDark)
June 20, 2024
Impact on XRP Price Action
The SEC vs. Ripple case has established a strong support level for XRP around 50 cents. As a large-cap altcoin with a fully diluted valuation of approximately $49 billion, XRP is bolstered by significant developments and acquisitions backed by Ripple. In the past week, Ripple announced the acquisition of Standard Custody to enhance its Metaco services.
Ripple has also launched a web3 fund for South Korean and Japanese developers. Additionally, Ripple has introduced an EVM-compatible sidechain on the XRPL, anticipating the launch of its fiat-backed stablecoins.
As the SEC vs. Ripple case approaches its conclusion, the outcome could set crucial precedents for future regulatory actions in the cryptocurrency industry. The entire crypto community eagerly awaits the resolution of this landmark case.
Also Read:
Expert Predicts XRP Price to Surge 1700% in 10 Days If THIS Happens
Tags
Ripple Vs SEC