XRP price forecast: Ripple’s battle against the United States regulator, the Securities and Exchange Commission (SEC) could take a different turn, favoring the blockchain company following yet another loss by the agency in court.
According to Ripple’s Senior Attorney in the lawsuit, Stuart Alderoty, the SEC is fighting a losing battle as it piles defeats. The legal officer’s highlights follow the decision by the Second Circuit Court of Appeals, rejecting to reconsider its determination in the case of the SEC v. Govil.
XRP price had dropped 2% in 24 hours to $0.5982 during US business hours, reflecting the generally mundane trading environment across the market. As discussed, Bitcoin (BTC) price hovered above $70,000 amidst the lack of momentum to keep the uptrend ongoing.
Ethereum and other major altcoins faced modest declines while investors gazed toward the upcoming Bitcoin halving.
The SEC Is On A Losing Streak – Ripple’s Chief Legal Officer
Alderoty highlighting the Govil v. SEC case in which the Second Circuit Court of Appeals rejected a motion to reconsider its decision “that if a buyer suffers no financial loss, the SEC is not entitled to disgorgement from the seller,” opined “another loss this week for the SEC.”
Simply translated, the court’s decision means “no harm, no foul.” The SEC stomached the loss in November when the Second Circuit Appeals court ruled that the regulator had no grounds to seek a punitive “disgorgement” amount until it had proven that investors of the company bagged actual losses.
Another loss this week for the SEC – the streak continues. The 2d Circuit in SEC v Govil held that the SEC can’t ask for a crippling disgorgement award w/o first proving that “investors” suffered actual financial harm. In other words, no harm, no foul.
— Stuart Alderoty (@s_alderoty) November 3, 2023
This second affirmation is seen as positive for Ripple which is still battling the case filed in December 2020. It is expected that Ripple’s legal defense team will reference the decision to fight against claims made by the SEC. Ripple could argue that the agency must first prove investors suffered losses before seeking the disgorgement amounts.
The development in Govil v. SEC comes ahead of Ripple’s expected response on April 22 to the SEC’s $2 billion penalty.
The SEC requested the court to have Ripple pay a staggering $2 billion penalty for the institutional sale of XRP tokens. A win for Ripple would be a win for XRP and the crypto market, especially with Ethereum’s status still undetermined.
XRP Price Forecast: Assessing XRP Technical Structure Amid Volatility
The crypto market’s volatility has kept XRP price confined within two key levels marked by support at $0.5687 and resistance at the 0.5 Fibonacci ratio since mid-March.
A neutral yet falling Relative Strength Index (RSI) at 39 suggests that the path of least resistance is downwards. Besides, a four-hour red candle on the chart shows that sellers may continue to have more influence in the coming sessions.
Adding credence to the bearish thesis is the confluence resistance at $0.6 formed by the 0.786 Fibonacci level, the 200-day EMA, the 20-day EMA, and the 50-day EMA (the purple, blue, and red line on the chart).
If XRP closes the day below resistance at $0.6, further losses may follow this weekend amid the possibility of retesting support at $0.5687.
However, with Bitcoin halving likely between April 17 and 21, such a drop may be a blessing in disguise allowing investors to DCA to maximize gains as crypto prices rally up on improved market sentiment.
Ripple’s win against the SEC in the lawsuit, although not guaranteed would signal immense potential for the token XRP which may finally tap into fresh momentum leading to a major breakout targeting highs above $10 in 2024.
The post XRP Price Forecast: Reasons XRP Could Hit $10 If Ripple Wins SEC Lawsuit appeared first on CoinGape.
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