Ripple (XRP) Shows Signs of Potential Recovery Amid Volatile Trading

NAIROBI (CoinChapter.com)— The US Securities and Exchange Commission (SEC) has filed a new response in its ongoing court case against Ripple Labs Inc.

The US Securities and Exchange Commission (SEC) has filed a new response in its ongoing court case against Ripple Labs Inc. The SEC countered Ripple’s comparison with a recent Binance ruling, which Ripple cited to argue against the SEC’s strict liability violations.

As reported by CoinChapter earlier this month, Ripple had hoped the favorable court ruling for Binance would influence the court’s decision on the potential $2 billion penalty against them.

Defense lawyer James Filan revealed in an X post that the SEC filed a response to Ripple’s Notice of Supplemental Authority. Ripple’s letter argued that the Binance ruling, which rejected the SEC’s allegations that Binance Coin (BNB) constituted securities under secondary market transactions, should apply to XRP.

However, the SEC downplayed this connection, stating it was irrelevant to the pending motion on remedies.

The SEC emphasized the fair notice doctrine, arguing that Ripple was aware of potential legal issues, as it had notified the industry through a 2017 report. Fair notice ensures individuals are informed about potential legal actions against them.

The SEC’s response avoided discussing BNB trading on secondary markets and Ripple’s programmatic XRP sales ruling, focusing instead on Ripple’s awareness of the regulatory environment.

Judge Amy Berman Jackson, who presided over the Binance case, previously referenced Ripple’s programmatic sales of XRP, indicating potential disagreement with the SEC’s regulatory approach. Investors are awaiting a final court decision on the Ripple case, which has spanned nearly four years. Some XRP community members believe a settlement may be closer than ever.

The ongoing SEC vs. Coinbase case could also impact Ripple’s situation. Coinbase is appealing a court decision labeling it an unregistered securities exchange. A favorable ruling for Coinbase could influence the outcome of the SEC vs. Ripple case and benefit the broader crypto market.

XRP Shows Signs of Potential Recovery Amid Volatile Trading

Ripple (XRP), the seventh-largest cryptocurrency by market capitalization, is showing signs of potential recovery after a recent period of sideways trading.

According to the latest data, XRP is trading at $0.43199372, showing an 8.34% increase over the past 24 hours. However, the coin is still down by 9.18% over the last week.

Recently, XRP experienced a 14% drawdown, losing its $0.45 support floor and hitting lows of $0.41. This decline coincided with the Relative Strength Index (RSI) entering the oversold zone, indicating that the bearish momentum might be reaching its peak. Typically, oversold conditions precede recoveries as the selling pressure diminishes.

Moreover, XRP has been in a downward trend since March 11, recently touching its lowest level in fifteen months at $0.38. This downturn erased earlier gains from 2024 amid a broader market correction. If XRP continues to slide, it might find support at the March 21, 2023 low of $0.37.

On the other hand, a daily candlestick close above $0.4611 could negate the bearish outlook, pushing XRP toward the next significant resistance level at $0.50.

Furthermore, Dark Defender, an independent crypto analyst on X, maintains a bullish outlook on XRP’s future prospects.

In his analysis of the 1-month XRP/USD chart, Dark Defender highlights the importance of the $0.3917 support level, also known as the Point of Control (POC). This level represents the price where most trades have occurred since 2014, providing a historical foundation for the price. The recent touch of this level indicates a critical testing ground where bullish sentiments could stabilize and reverse the downtrend.

The above is the detailed content of Ripple (XRP) Shows Signs of Potential Recovery Amid Volatile Trading. For more information, please follow other related articles on the PHP Chinese website!