Ripple (XRP) price has reached $0.61 after Bitcoin tested the $71,000 level today. XRP is likely affected by the recent Automatic Market Maker (AMM) update, developments in the Securities and Exchange Commission (SEC) lawsuit against Ripple, and related court cases like Govil and Coinbase.
Significant Development for XRP
The ‘fixAMMOverflowOffer’ update for XRPLedger went live earlier today. This update reactivated the AMM on the main network, marking a significant milestone for Ripple’s Blockchain. The AMM’s reactivation on the XRP Ledger main network is a major milestone and could enhance the overall network performance by making XRPLedger operate more securely and efficiently.
Ripple’s CLO Stuart Alderoty shared details of a case where the Second Circuit denied the SEC’s appeal. The SEC claims that Aron Govil used his position as the controlling shareholder to cause Cemtrex to engage in various fraudulent behaviors. The regulatory body seeks restitution of embezzled funds, but the Second Circuit denied the SEC’s appeal.
Alderoty believes the SEC’s loss is due to the Second Circuit’s refusal to reconsider its decision in Govil’s case. This ruling means that if a buyer does not suffer a financial loss, the regulator does not have the right to seek restitution from the seller.
The Case’s Significance for Ripple
This case decision has implications for the Ripple case. The SEC is seeking over $2 billion in fines from the payment transfer company. The SEC is demanding penalties for corporate XRP sales and violations of securities laws by the payment transfer company.
Therefore, the Govil decision sheds light on what XRP holders can expect from the SEC’s appeal in the Ripple case. Pro-Ripple attorney Bill Morgan commented on the impact of the Govil case and its implications for the Ripple case. Morgan stated that no conclusions can be drawn until Ripple’s summary and the SEC’s counterarguments are made public.
Technical Analysis: XRP Price Trends Below $0.62
Ripple’s price has been trading in a narrow range between the lowest level of $0.5623 on April 4 and the highest level of $0.6431 on April 9. XRP price tested the $0.60 support on Friday. This level is considered a significant psychological level for the altcoin as it has served as support throughout March and April 2024.
Successfully retesting $0.60 could mean that the XRP price may reach the April 9 high of $0.6431. XRP is now facing the $0.6336 resistance level, which it has not broken through in the last two weeks.