Ripple vs. SEC: XRP Community Says the Case Has Gone Cold

7 July 2021 | Updated: 7 July 2021

The legal case between Ripple (XRP) and the United States Securities and Exchange Commission (SEC) has lost its novelty to many members of the crypto community. There has been little to no new development from the ongoing case in the past few weeks.

Yesterday, crypto analyst Martin Valk tweeted that the case had become “a bit cold.” Under the tweet, he tagged some lawyers in the XRP community, including James Filan and Jeremy Hogan, and added the founder and host of CryptoLaw, John E. Deaton. Valk questioned if the XRP will be privy to access court proceedings or if it means the lawsuit will continue out of public view henceforth.

The lawsuit, filed by the US agency against the currency provider in December 2020, alleged that the firm, CEO Brad Garlinghouse, and Executive Chairman Chris Larsen raised more than $1.3 billion in seven years through the sale of an unregistered XRP token. Ripple, and its executives, have since denied the allegations mounted against them and want to get over the case soon.

That said, many analysts predict that without a settlement, the case would persist till early 2022. Despite the ongoing lawsuit, Ripple has plans to organize an IPO in the coming months.

Speaking at Consensus 2021, Garlinghouse revealed that the company plans on going public after the lawsuit runs its course.

Key Ripple Levels to Watch — July 7

Despite the bullish sentiment across the broader market, Ripple appears unable to muster a push above the $0.7000 resistance. XRP continues to trade in a sideways momentum between $0.7000 and $0.6500.

XRPUSD – 4-Hour Chart

That said, the sixth-largest cryptocurrency trades along an ascending trendline and a descending channel from the broader perspective. A sustained break above the channel could help the cryptocurrency snap out of its rangebound movement. However, failure to break above this level over the coming hours could send XRP below the $0.6500 level to the $0.6000 support.

Meanwhile, our resistance levels are $0.7000, $0.7500, and $0.7800, and our support levels are $0.6500, $0.6000, and $0.5200.

Total Market Capitalization: $1.47 trillion

Ripple Market Capitalization: $30.6 billion

Ripple Dominance: 2%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.