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SEC Challenges XRP Programmatic Sales Ruling: Will XRP Break $0.55?
The post SEC Challenges XRP Programmatic Sales Ruling: Will XRP Break $0.55? appeared on BitcoinEthereumNews.com. XRP remains below $0.55 as the SEC’s appeal on programmatic sales weigh on the market. The appeal challenges the July ruling, which cleared Ripple’s programmatic sales of XRP. Ripple stresses that the question of XRP not being a security is fundamentally settled. XRP remains under pressure as the U.S. Securities and Exchange Commission (SEC) appeals a court ruling on Ripple’s programmatic sales. On October 18, XRP closed at $0.5474, a slight gain of 0.62% for the day but still below the key resistance mark at $0.55. This comes as the SEC filed details challenging Judge Analisa Torres’s July 2023 decision, which stated that Ripple’s programmatic sales did not meet the criteria of the Howey Test. This legal move by the SEC spurred market speculation, with the outcome of the appeal potentially impacting the future of XRP. XRP Price Struggles Amid Legal Battle If the court upholds the initial ruling, XRP’s price could surge significantly, as it did in July. Meanwhile, Ripple’s Chief Legal Officer Stuart Alderoty emphasized that the question of XRP not being a security is fundamentally settled. He urged investors to focus on the status quo despite the SEC’s appeal and affirmed that XRP and its secondary trading do not qualify as securities. On Friday, the overall cryptocurrency market witnessed a 1.53% rise, pushing the total market cap to $2.294 trillion. However, XRP’s price remained stagnant as investors braced for potential legal outcomes. Technical Indicators Show Bearish Trend Technically, XRP is trading below key moving averages, including the 50-day and 200-day EMAs, signaling a bearish trend. According to analysts, if XRP fails to break above the $0.5739 resistance level, it could lead to further decline, dropping below $0.50. Also, if the SEC appeal is rejected, it could spark a breakout to higher levels, with $0.6609 being a key…
The post SEC Challenges XRP Programmatic Sales Ruling: Will XRP Break $0.55? appeared on BitcoinEthereumNews.com.
XRP remains below $0.55 as the SEC’s appeal on programmatic sales weigh on the market. The appeal challenges the July ruling, which cleared Ripple’s programmatic sales of XRP. Ripple stresses that the question of XRP not being a security is fundamentally settled. XRP remains under pressure as the U.S. Securities and Exchange Commission (SEC) appeals a court ruling on Ripple’s programmatic sales. On October 18, XRP closed at $0.5474, a slight gain of 0.62% for the day but still below the key resistance mark at $0.55. This comes as the SEC filed details challenging Judge Analisa Torres’s July 2023 decision, which stated that Ripple’s programmatic sales did not meet the criteria of the Howey Test. This legal move by the SEC spurred market speculation, with the outcome of the appeal potentially impacting the future of XRP. XRP Price Struggles Amid Legal Battle If the court upholds the initial ruling, XRP’s price could surge significantly, as it did in July. Meanwhile, Ripple’s Chief Legal Officer Stuart Alderoty emphasized that the question of XRP not being a security is fundamentally settled. He urged investors to focus on the status quo despite the SEC’s appeal and affirmed that XRP and its secondary trading do not qualify as securities. On Friday, the overall cryptocurrency market witnessed a 1.53% rise, pushing the total market cap to $2.294 trillion. However, XRP’s price remained stagnant as investors braced for potential legal outcomes. Technical Indicators Show Bearish Trend Technically, XRP is trading below key moving averages, including the 50-day and 200-day EMAs, signaling a bearish trend. According to analysts, if XRP fails to break above the $0.5739 resistance level, it could lead to further decline, dropping below $0.50. Also, if the SEC appeal is rejected, it could spark a breakout to higher levels, with $0.6609 being a key…
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