Ripple
(XRP)
traders
are
awaiting
the
final
ruling
in
the
US
Securities
and
Exchange
Commission
(SEC)
lawsuit
against
the
payment
remittance
firm.
A
pro-crypto
attorney,
Fred
Rispoli,
informed
market
participants
that
a
ruling
is
likely
by
July
31
2024,
through
a
tweet
on
X.
XRP
traders
are
awaiting
the
ruling,
a
key
market
mover
for
the
altcoin,
in
July
2024.
Additionally,
a
crypto
analyst
behind
the
X
handle
@egragcrypto
has
analyzed
XRP
price
trend
and
set
a
$17
target
for
2025.
While
XRP
trades
at
$0.44
on
Wednesday,
July
10,
the
analyst
presents
a
Bent
Fork
chart
as
a
thesis
backing
his
prediction
for
the
altcoin.
XRP
Active
addresses
and
price
XRP
Network
realized
profit/loss
Analyst
behind
the
X
handle
@egragcrypto
has
predicted
a
$17
target
for
XRP
by
2025
based
on
his
Bent
Fork
chart.
This
is
a
long-term
target
for
the
altcoin
that
currently
trades
at
$0.44
on
Binance.
The
analyst
introduced
the
chart
with
key
resistances
at
$1,
a
psychological
hurdle,
and
$3.5,
the
asset’s
all-time
high.
The
analyst
introduced
the
target
for
the
first
time
in
2023
with
four
tracks,
A)
Major
Historical
Support
B)
Ranging
Zone
C)
Mid-Cycle
Top
D)
Cycle
Top
The
analyst
considers
the
track
D
is
the
one
that
the
altcoin
is
most
likely
to
reach,
with
a
slight
variation.
The
target
has
been
increased
from
$15
in
2023
to
$17
in
the
latest
update.
XRP/USD
chart
On
the
XRP/USDT
daily
chart,
it
is
clear
that
XRP
is
recovering
from
its
recent
downward
correction.
If
Ripple
extends
its
gains,
the
altcoin
could
add
8.45%
to
its
value
and
hit
resistance
at
$0.4760,
the
July
2
low
and
the
upper
boundary
of
the
Fair
Value
Gap
(FVG),
as
seen
in
the
chart
below.
The
Relative
Strength
Index
(RSI)
reads
39.58,
showing
Ripple’s
price
trend
has
underlying
positive
momentum.
XRP/USDT
daily
chart
Ripple
could
find
support
at
$0.4032,
the
July
8
low.
In
the
event
of
further
correction,
XRP
could
sweep
liquidity
at
the
July
5
low
of
$0.3823.
It
depends
on
the
transaction,
according
to
a
court
ruling
released
on
July
14:
For
institutional
investors
or
over-the-counter
sales,
XRP
is
a
security.
For
retail
investors
who
bought
the
token
via
programmatic
sales
on
exchanges,
on-demand
liquidity
services
and
other
platforms,
XRP
is
not
a
security.
The
United
States
Securities
&
Exchange
Commission
(SEC)
accused
Ripple
and
its
executives
of
raising
more
than
$1.3
billion
through
an
unregistered
asset
offering
of
the
XRP
token.
While
the
judge
ruled
that
programmatic
sales
aren’t
considered
securities,
sales
of
XRP
tokens
to
institutional
investors
are
indeed
investment
contracts.
In
this
last
case,
Ripple
did
breach
the
US
securities
law
and
will
need
to
keep
litigating
over
the
around
$729
million
it
received
under
written
contracts.
The
ruling
offers
a
partial
win
for
both
Ripple
and
the
SEC,
depending
on
what
one
looks
at.
Ripple
gets
a
big
win
over
the
fact
that
programmatic
sales
aren’t
considered
securities,
and
this
could
bode
well
for
the
broader
crypto
sector
as
most
of
the
assets
eyed
by
the
SEC’s
crackdown
are
handled
by
decentralized
entities
that
sold
their
tokens
mostly
to
retail
investors
via
exchange
platforms,
experts
say.
Still,
the
ruling
doesn’t
help
much
to
answer
the
key
question
of
what
makes
a
digital
asset
a
security,
so
it
isn’t
clear
yet
if
this
lawsuit
will
set
precedent
for
other
open
cases
that
affect
dozens
of
digital
assets.
Topics
such
as
which
is
the
right
degree
of
decentralization
to
avoid
the
“security”
label
or
where
to
draw
the
line
between
institutional
and
programmatic
sales
are
likely
to
persist.
The
SEC
has
stepped
up
its
enforcement
actions
toward
the
blockchain
and
digital
assets
industry,
filing
charges
against
platforms
such
as
Coinbase
or
Binance
for
allegedly
violating
the
US
Securities
law.
The
SEC
claims
that
the
majority
of
crypto
assets
are
securities
and
thus
subject
to
strict
regulation.
While
defendants
can
use
parts
of
Ripple’s
ruling
in
their
favor,
the
SEC
can
also
find
reasons
in
it
to
keep
its
current
strategy
of
regulation
by
enforcement.
The
court
decision
is
a
partial
summary
judgment.
The
ruling
can
be
appealed
once
a
final
judgment
is
issued
or
if
the
judge
allows
it
before
then.
The
case
is
in
a
pretrial
phase,
in
which
both
Ripple
and
the
SEC
still
have
the
chance
to
settle.
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