Ripple vs. SEC: XRP Holders Receive Court Approval to Intervene

31 March 2021 | Updated: 31 March 2021

Ripple (XRP) has gotten a breather in its ongoing legal battle with the US Securities and Exchange Commission (SEC), following the decision by District Judge Analisa Torres to allow XRP holders to intervene in the case.

According to recent reports, about 6,000 XRP holders petitioned to participate in the ongoing court case between Ripple Labs and the SEC. John Deaton of Deaton Law Firm LLC, and an XRP investor, filed a motion asserting that the ongoing lawsuit would affect holders/investors and not just the company behind the cryptocurrency.

The US court in New York authorized Deaton’s decision to file a motion to intervene. The court order reads that the motion must get filed on or before April 19. The court order added that after the submission the Commission has until May 3 to issue a counter-response.

Interestingly, the court approval to Deaton’s motion comes after the SEC filed an amended complaint, which noted that it would be “logic-bound to allow all investors and interested members of the public with differing viewpoints to intervene in the underlying actions.” The SEC added that the approval would “create an avalanche of claims and near-certainty of undue delay, complexity, and confusion.”

Key XRP Levels to Watch — March 31
Following a sharp rebound from the $0.4500 support level last week, Ripple appears to have fallen into range-bound momentum over the past few days. The seventh-largest cryptocurrency is currently consolidating between the $0.5800 and $0.5400 price points and faces a real risk of falling below the lower end of the pivot zone.

XRPUSD – 4-Hour Chart

That said, we could see a mild price climb to the $0.5600 resistance over the coming hours, followed by a slide to the $0.5400 support or lower.

Meanwhile, our resistance levels are at $0.5600, $0.5700, and $0.5800, and our support levels are at $0.5400, $0.5250, and $0.5100.

Total Market Capitalization: $1.84 trillion

Ripple Market Capitalization: $25 billion

Ripple Dominance: 1.36%

 

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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.