Investing.com | Editor Venkatesh Jartarkar
Published Nov 19, 2023 07:02AM ET
NEW YORK – The ongoing legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs continues to cast a shadow over the cryptocurrency market, with recent events contributing to heightened investor uncertainty. On Sunday, the denial of an interlocutory appeal by the SEC was seen as bolstering Ripple’s position in the case, potentially diminishing the likelihood of the SEC’s success in any post-trial appeals.
The legal proceedings have entered a remedies-focused stage of discovery, with Ripple gearing up to defend against possible punitive measures from the SEC due by April next year. The court has set a February deadline for this phase. Legal experts suggest that precedents may limit disgorgement related to XRP’s institutional sales within U.S. jurisdiction.
Amidst these developments, XRP’s value experienced volatility. It dipped to $0.6107 on Saturday, reflecting investor reactions to the ongoing case; however, no new information emerged that day regarding the Bill Hinman speech documents, which have been a point of contention in the lawsuit.
As the market digests the implications of Judge Analisa Torres’ recent decisions, attention is also turning to another significant legal confrontation: the upcoming court hearing between the SEC and Coinbase (NASDAQ:COIN) on January 17. The outcome of this hearing could reshape the regulatory landscape for digital assets in the United States. Coinbase has gained notable support from Senator Cynthia Lummis, who submitted an amicus curiae brief advocating against the SEC’s regulatory claims.
From a technical perspective, despite short-term bearish sentiment, XRP is maintaining its position above critical Exponential Moving Averages (EMAs), which some traders interpret as a sign of long-term bullishness. Resistance and support levels are currently pegged at $0.6354 and $0.5835 respectively. Meanwhile, Relative Strength Index (RSI) indicators suggest that XRP could approach oversold conditions if it touches key trend lines.
Investors and market observers alike are closely monitoring these legal developments, understanding that their outcomes could have far-reaching implications for cryptocurrency regulation and enforcement in the United States.
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Written By: Investing.com
