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Judge Analisa Torres’ decision in the Ripple case, stating that some XRP sales were not securities offerings, has been questioned following an order by a judge in the United States District Court. So, what is the current situation with Ripple (XRP) after this decision?
Latest Developments in the Ripple Lawsuit!
Judge Jed Rakoff from the SDNY has dealt a major blow to the previous decision in the XRP case. The judge’s decision allows the Securities and Exchange Commission (SEC) to proceed with its case against Terraform Labs and its founder Do Kwon, rejecting the distinction between public and institutional sales made in the Ripple case.
John Reed Stark, a former attorney at the SEC’s Enforcement Division, announced Judge Rakoff’s decision regarding Terraform Labs’ request to dismiss the complaint filed against them by the SEC. It is worth noting that Terraform Labs and Do Kwon’s lawyers have applied to the court to have the SEC’s case dropped.
Lawyers supporting the claim that these tokens are not within the SEC’s jurisdiction referred to the decision in the Ripple case. In response, the SEC expressed its disagreement with Judge Analisa Torres’ logic in the Ripple case and announced its intention to appeal the decision. Judge Rakoff strongly opposed Judge Torres’ approach in the Ripple case and said the same thing in clear objection to her decision.
Impact on Ripple’s Price!
Judge Rakoff criticized the differentiation between public and institutional sales in the Ripple case. According to him, the Howey test does not take into account the profit expectation of a buyer when purchasing cryptocurrency, thus treating all buyers equally. As of the latest data, XRP is currently priced at $0.6899 and has fallen below the psychological threshold of $0.70 for the first time since July 13. The token, affected by the latest news, has experienced a decline of 1.93% in the past 24 hours.
In the previous 30 days, XRP witnessed a rise that accounted for approximately 43% of the observed period, but only lasted for 13 days. Nevertheless, it is noteworthy that XRP continues to trade above its 200-day simple moving average, showing some resistance to market volatility.
Currently, XRP has a support level at $0.65059, which may indicate a level where historical buying interest and potential price stability are shown. On the other hand, the token faces a resistance level of $0.7401, which could be a price point where selling pressure and profit-taking may emerge. In terms of market capitalization, XRP currently has a value of $36.3 billion.
