XRP, the digital currency, experienced a 6.13% decline on Tuesday, dropping to $0.6295.
Key Takeaways
- XRP, a digital currency, experienced a 6.13% drop on Tuesday, falling to $0.6295, following a slight gain the previous day.
- The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs is casting a shadow over XRP’s future, with the possibility of a protracted dispute potentially lasting until late 2025 due to possible appeals.
- Judge Torres issued a scheduling order that requires the SEC to propose an appropriate fine for Ripple by February 12, 2024, as part of the remedies-related discovery phase. This action relates to allegations involving $770 million in institutional sales of XRP.
- Legal analyst John E. Deaton has suggested that Ripple’s penalty might be less than their $150 million legal expenses.
XRP’s Decline Amid SEC Lawsuit
XRP, a digital currency, faced a 6.13% decline as uncertainty surrounding the SEC lawsuit and potential penalties weighed on its value.
The ongoing legal battle between the SEC and Ripple Labs is causing concerns about a protracted dispute that could extend until late 2025 due to possible appeals.
Judge Torres issued a scheduling order requiring the SEC to propose a fine for Ripple by February 12, 2024, as part of the remedies-related discovery phase. This relates to allegations of $770 million in institutional XRP sales.
Indeed, but possibly the xrp fake listing was to give reasons to SEC to delay further a bit
— GM Procurator™ (@gmprocurator) November 15, 2023
Analyst Insights
Legal analyst John E. Deaton suggests that Ripple’s penalty might be lower than their $150 million legal expenses due to the non-fraudulent nature of the case and the exclusion of On-Demand Liquidity (ODL) sales. However, there is a recognition that the case could extend into the summer of 2024.
XRP’s price remains above the 50-day and 200-day Exponential Moving Averages (EMAs), considered bullish indicators. Key resistance and support levels are mentioned, along with the 14-day Relative Strength Index (RSI) reading.
To Conclude
XRP’s price remains above both the 50-day and 200-day Exponential Moving Averages (EMAs), which are considered bullish indicators. Breaking above the immediate resistance level of $0.6354 could potentially lead XRP to $0.7047.
