The cryptocurrency community continues to watch in anticipation for the outcome of the ongoing lawsuit between Ripple (XRP) and the US Securities and Exchange Commission (SEC). However, the current proceedings suggest that the case could end in a settlement in Ripple’s favor.
Fox Business’ Eleanor Terret recently revealed on Twitter that a source familiar with the case told her that the regulatory agency anticipated a defeat in its court case against the payments company.
Terret added that the source revealed that SEC commissioner Hester Peirce, Crypto Mom, disclosed in a private session that the SEC is not likely to get its desired outcome from the case—making an example out of Ripple. Terret tweeted:
“Turns out even the staff at the SECGov aren’t confident they will win the case against Ripple. A source close to the SEC tells me HesterPeirce has expressed, privately, that she thinks the SEC will not get the outcome it’s looking for.”
Elsewhere, Ripple CEO Brad Garlinghouse said in a recent Fox Business interview that SEC chairman Gary Gensler admitted to an audience that he believes the regulatory watchdog will “lose some of its cases.”
While Gensler did not explicitly mention the companies he was referring to, many believe that the chairman was referring to the drawn-out case with the blockchain company.
Key Ripple Levels to Watch — March 9
XRP has maintained a bullish momentum for the second day today, as the broader market regained some upward trajectory and the total crypto market valuation retakes $1.8 trillion. Despite the bullish bias, the cryptocurrency remains in a five-day range between $0.7500 and $0.7000, making it prudent to wait for an additional bullish move away from the consolidation range before placing aggressive bets.
Currently, the XRP price is propped by the daily 50 SMA at $0.7211, making that the critical level for bulls to defend in the near term. That said, the sixth-largest cryptocurrency needs to breach the $0.8000 barrier, where my descending trendline resides, to help it regain a medium-term bullish bias.
Meanwhile, my resistance levels are $0.8000, $0.8250, and $0.8500, and my support levels are $0.7300, $0.7000, and $0.6800.
Total Market Capitalization: $1.84 trillion
Ripple Market Capitalization: $36.1 billion
Ripple Dominance: 1.95%
Market Rank: #6
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