- Attorney Bill Morgan’s suggestion that the SEC may challenge Judge Analisa Torres’ ruling adds to the uncertainty surrounding XRP’s classification as “a non-security”.
- Ripple’s release of 400 million coins from escrow and a notable transfer by an XRP whale to a centralized exchange, have amplified market interest.
The XRP price is edging closer to a significant psychological threshold at $0.50, as the altcoin dipped to $0.53 on Monday, February 26. With XRP holders closely watching, anticipation mounts regarding the Securities and Exchange Commission’s (SEC) next steps. Attorney Bill Morgan suggests that the regulator is most likely to appeal Judge Analisa Torres’ July ruling in the SEC v. Ripple lawsuit.
XRP holders are closely monitoring the lawsuit in anticipation of a potential settlement. A significant development influencing the case is Kraken’s invocation of Judge Torres’ ruling regarding XRP’s classification as “not an investment contract.” Kraken cites this ruling in its motion against the SEC, arguing that the absence of a direct connection between issuers and buyers undermines any profit expectations from Ripple’s efforts, echoing Judge Torres’ findings in the SEC vs. Ripple lawsuit.
With Kraken’s legal maneuvering leveraging Judge Torres’ ruling, the SEC vs. Ripple lawsuit continues to shape sentiment surrounding XRP, with stakeholders eagerly awaiting further developments in the ongoing legal proceedings.
Attorney Morgan suggests that this scenario is likely to incentivize the SEC to challenge Judge Torres’ ruling, potentially influencing XRP’s classification as “a non-security.”
The manner in which Kraken uses the finding of Judge Torres on programmatic sales in the summary judgment decision in its own motion to dismiss shows why the SEC will be strongly motivated to appeal Judge Torres’ decision. It is why a settlement of the SEC v Ripple case seems so… https://t.co/n1uYaOlh1d
— bill morgan (@Belisarius2020) February 23, 2024
Over 400 Million XRP On the Move
In a surprising turn of events, a substantial movement of 427 million XRP has captured the attention of global crypto market participants. According to insights from the blockchain tracker Whale Alert, Ripple released a staggering 400 million XRP from escrow, while a prominent XRP whale transferred approximately 27 million XRP to a centralized exchange.
Whale Alert’s data reveals that Ripple unlocked the mentioned amount of coins, valued at $217.40 million, from escrow on Sunday, February 25. Concurrently, an XRP whale, identified by the address r4wf7enWPx…5XgwHh4Rzn, moved 27.40 million XRP, valued at $14.92 million, to Bitstamp, a centralized exchange based in Luxembourg City.
These actions have notably increased XRP’s supply, with Ripple’s unlock and the whale’s transfer contributing to the token’s recent downward trend in trading. However, crypto analyst Ali Martinez has drawn attention to significant market dynamics surrounding the Ripple-backed token, suggesting the possibility of an upcoming bullish trend.
According to the analyst, the TD Sequential indicator has signaled a buy order on XRP’s weekly chart, sparking optimism among crypto enthusiasts. Martinez predicts that if XRP maintains a weekly close above $0.57, it could initiate a rally toward $0.63 or beyond, potentially reaching as high as $0.65.
The TD Sequential indicator has issued a buy signal on the $XRP weekly chart, indicating potential bullish momentum. If #XRP manages a sustained weekly close above $0.57, it could be the catalyst for a push toward $0.63 or even higher, reaching $0.65. pic.twitter.com/D35ogC4jIW
— Ali (@ali_charts) February 25, 2024
The derivatives data for the Ripple-backed token continues to support the analyst’s observations, indicating a influx of new capital into the market. Coinglass data revealed a 1.09% increase in open interest, confirming the influx of new capital.
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