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Ripple (XRP) investors are discussing the impact of the Financial Innovation and Technology for the 21st Century Act (FIT21) on the price of XRP and the institutional sales of XRP tokens by the payment remittance firm. The decision in this case is crucial for how it might affect the market dynamics of XRP, the native token of the XRP Ledger, and the institutional sales of XRP tokens by the payment remittance firm.
Ripple Prepares for Worst-Case Scenario in SEC Lawsuit
Attorney Bill Morgan says it is necessary to be prepared for the worst-case scenario in the Ripple lawsuit. This could include a permanent injunction or a complete ban on the sale of XRP tokens to institutional clients in the U.S.
The U.S. Congress approved the significant crypto legislation, FIT21, on Wednesday. XRP holders are curious about how XRP will be affected by the long-standing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple. The SEC is demanding a $2 billion penalty in its lawsuit against Ripple, alleging unregistered securities sales (XRP token sales) to institutional clients.
XRP Sales Continue
Attorney Bill Morgan states that Ripple is prepared for the worst-case scenario in its defense. In the worst case, the court may issue a permanent ban on Ripple’s sale of XRP tokens to institutional clients in the U.S. However, according to Morgan, Ripple continues to offer its services and sells XRP to overseas institutional clients through entities under different licensing regimes.
The FIT21 bill may not affect Ripple’s sales in countries where cryptocurrencies are regulated differently. The company has taken necessary steps to obtain relevant licenses and comply with local regulations.
XRP Price at $0.53
According to technical analysis, XRP’s situation is quite notable. The cryptocurrency has recently been trading at $0.53. From the peak of $0.6431 on April 9 to May 23, it experienced a decline of approximately 18%. However, recently, XRP has entered a consolidation phase since the high on April 9 and has surpassed the significant resistance of $0.51 several times this week.
When examining technical indicators, the MACD signals that Ripple is under positive momentum. The Relative Strength Index (RSI) has risen to 50.12, indicating an upward trend for the asset.
