The Ripple case, closely followed by cryptocurrency investors, is now reaching its final stages. The long-standing case is coming to an end. Recently, Ripple’s Chief Legal Officer made some important statements. Despite the recent defeats of the SEC, it is not expected to give up. So, what do the latest statements from the Ripple side indicate?
Ripple’s Chief Legal Officer, Stuart Alderoty, reminded of what Gary Gensler has done during his tenure through his social media account. It is argued that the SEC has deviated from the job it should have done by adopting a negative approach, contrary to the views advocated by some US politicians and regulatory bodies. Even the decision to approve the BTC ETF for futures while rejecting it for spot is considered evidence of this.
“Another day, another court has found that the SEC has acted arbitrarily and capriciously. Is there anyone else concerned about this disturbing trend of the SEC deviating from the rule of law under Mr. Gensler’s leadership?”
According to Alderoty, recent events have contributed to the image that the SEC, under the leadership of Gary Gensler, has deviated from its commitment to upholding the law. In his opinion, this is an extremely worrying trend. The institution is being undermined due to its arbitrary and capricious behavior. The Fifth Circuit Court of Appeals in the United States evaluated the SEC’s share repurchase disclosure rule as arbitrary and lacking reasonable explanation on October 31st.
At the time of writing, XRP Coin is finding buyers again at the $0.61 level. With the breakthrough of the important resistance area, the price may target the $0.63 and $0.67 regions again. Bulls will need to surpass and convert the $0.74 resistance to support for new highs and a target of $1. With Bitcoin (BTC) striving to surpass $36,000, risk appetite is strengthening in altcoins. This situation can lead to parabolic rallies.
Possible upward targets are $0.93 and $1.02, followed by $1.21. If the rally continues, $1.35 may also be tested. However, if the $0.585 level is lost due to a possible decline in BTC, the price may decline to $0.55 and $0.53, and then to $0.49.
At this stage, it can be observed that the price of XRP Coin is influenced by the conference plan and possible judicial intervention (if there is no agreement on the dates) expected to be finalized by November 9th. Although the end of the case is approaching, it is known that the SEC is eagerly awaiting the appeals process. This will be the final challenging resistance period for the price.