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.
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
You can purchase crypto coins here: Buy Tokens
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
