- Ripple price stall just as the SEC v. Ripple lawsuit stalls.
- XRP upward movement hindered by the 200-day SMA
- SEC’s case against Ripple labs shows no sign of settlement.
Ripple price market consolidates following a 50% rally between July 21 and July 24. News on the Securities & Exchange Commission (SEC) suit against Ripple labs reveal that the case may continue, with no clear timeline on when it will end.
SEC v. Ripple Lawsuit Stalls
Distinct lawyer James K. Filan recently opined that SEC’s case against Ripple labs might be stalling indicating XRP investors should not expect a settlement anytime soon.
“The government is not giving up and based on everything I’ve read Ripple will not give in,” Said Filan in a tweet. “ I do think that the Hinman deposition went forward. I don’t think Ripple would forfeit that opportunity. Ripple said Hinman has “unique first-hand knowledge about the SEC’s communications with third parties and about the agency’s adoption or approval of his well-publicized speech in 2018 about the regulatory treatment of cryptocurrencies.”
According to Filan, William Hinman, the former Director of Corporation Finance for SEC threw a spanner in the wax with his 2018 speech that has been keeping Ripple lawyers busy. The SEC accused Ripple Labs for selling XRP as a digital security during its launch and argue that the asset remains so even today.
Filan believes Ripple lawyers are examining Hinman’s deposition and are interviewing people that Hinman may have mentioned. Filan also said the goal is not to paint SEC negatively but to move forward.
“The goal is to clean this mess up and move forward. So I don’t think a settlement is coming anytime soon. This is a war. I think we should settle in for the long haul”, Mr. Filan stated, “whoever loses this lawsuit will appeal the decision.“
Ripple Price Stuck Below The 200-day SMA
XRP price has been uneventful since July 29 as it starts to lack decisiveness. The cross-border money transfer token has been in a horizontal price action around $0.75 after being rejected repeatedly by the 200-day SMA.
Before this breather, Ripple price had risen from $0.53 on July 21 to $0.73 on July 28. During this rally, XRP flipped the 50-day SMA from resistance to support and reversed the parabolic SAR from negative to positive.
At the time of writing, Ripple price hovers around $0.716 on most crypto exchanges and is stuck in a tight range between the support level at $0.66, coinciding with the 50-day SMA and the 200-day SMA at $0.77 as shown on the daily chart.
If you want to buy XRP, it is important to note that ripple has been consolidating with no clear direction.
Ripple Price (XRP/USD) Daily Chart
Which Way XRP?
If Ripple conquers the 200-day SMA at $0.77, the upside potential could come into play in the longer term with the $0.80 psychological level or the 100-day SMA at $0.93 in the offing.
On the downside, if XRP price falls below the 50-day SMA at $0.66, it could trigger selling orders that could push Ripple down to re-test the $0.62 and $0.52 support levels respectively.
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Nancy Lubale
