While the legal battle between Ripple and the US Securities and Exchange Commission (SEC) witnessed a major development earlier this month, some experts
A New Development In The Ripple v SEC Case May Not Be The End
While the legal battle between Ripple and the US Securities and Exchange Commission (SEC) witnessed a major development earlier this month, some experts believe the case is far from over.
Recall that Judge Torres ruled that the company had violated certain securities laws and must pay a $125 million fine. The sum might sound substantial, but it is actually a fraction of the regulator’s initial demand for a whopping $2 billion.
Ripple’s CEO Brad Garlinghouse and many other industry participants labeled the decision a “victory” for the firm. The exec also assured the company will respect the court’s decision and pay the penalty.
It is worth noting, though, that the SEC has the right to appeal the ruling. Not long ago, Ripple’s chief legal officer, Stuart Alderoty, said such an action would not surprise him. On the other hand, he noted that the agency won’t be able to contend some of the most essential court rulings:
“XRP’s status as “not a security” and the secondary market trading of XRP as “not security transactions” that is the law and that does not change even if the SEC appeals.”
Alderoty also estimated that the SEC’s chances of winning the lawsuit are slim, maintaining that the Court of Appeals reverses the initial court decisions in less than 10% of the cases.
“Given Judge Torres’ careful and thoughtful treatment of all of the issues in this case, we are very confident that any appeal would stand as a challenge for the SEC. If I were advising the SEC (not as Ripple’s chief legal officer but as a lawyer), I would recommend that they do not appeal,” he concluded.
Others like Dennis Kelleher (a former Senior Senate Staffer) assumed that the Commission has a huge chance of winning on appeal:
“Chance of the US SEC winning on appeal 90%: the Ripple judge got 90 years of law upside down when he ruled sophisticated investors get the protection of the securities laws, not unsophisticated investors. That’s why all the other judges have rejected it.”
Bitcoin Price Might Soon Head Toward A New All-Time High, SHIB Bears In Control – What Else Is Happening In The Market?
While Bitcoin and Shiba Inu continue to attract attention from traders and investors alike, both coins have seen better days in terms of price performance.
Bitcoin is currently trading at around $58,500, which is a 12% decrease over the last 30 days. Despite the recent downturn, several analysts believe a bullish move might be on the horizon. For instance, one pseudonymous trader on the derivatives exchange Deribit, known as X user Mags, thinks BTC has formed a “broadening wedge” on its price chart, expecting a breakout toward a new all-time high of over $90,000.
“BTC Deribit Open Interest Chart. Broadening wedge forming on the Deribit BTC price chart. Expecting a breakout toward a new all-time high (90k+) and lower highs on the lower timeframe.” – A Deribit user commented.
Another pseudonymous trader on the platform, Titan of Crypto, suggested that BTC’s price fluctuations have initiated a “megaphone pattern” that could be followed by a rally to as high as $86,000.
“BTC 12HR / Bullish Megaphone Formation. Expecting continuation toward 86k. Flushed out all the bears at 52k. Now, let’s goooooo!” – Titan of Crypto said.
The formation is a popular technical analysis pattern characterized by two diverging trendlines resembling a megaphone. It often indicates a period of increasing uncertainty in the market and might be followed by a wild move in any direction.
Meanwhile, SHIB’s valuation is down over 25% on a monthly scale, while its market capitalization plunged below $8 billion. Some worrying signs suggest that the pain for the bulls may continue in the near future. Namely, those include the Net Network Growth which is down by 0.19%, highlighting waning interest in the cryptocurrency and a decrease in community engagement.
The number of large transactions, which is a gauge for whale activity, has also headed south. Reduced activity from large investors could be perceived as a signal that the overall sentiment around the meme coin is weakening, which might lead to increased selling pressure and a possible price drop.
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