- SEC’s recent decision to not classify Solana, Cardano, and MATIC as securities has buoyed XRP traders.
- XRP’s value rose to $0.6183 early Tuesday, reflecting positive market sentiment amid ongoing legal proceedings.
As July nears its end, the cryptocurrency sector is attentive to the developments in the legal battle between Ripple and the Securities & Exchange Commission (SEC). A ruling is expected soon, potentially this week, which could have significant implications for the regulatory environment surrounding digital currencies.ย
Recently, the SEC withdrew its request to classify assets such as Solana, Cardano, and Polygon (MATIC) as securities, a move that has given XRP traders a reason to be optimistic about the outcome of the Ripple lawsuit.
XRP’s value increased by nearly 3% early on Tuesday, reaching $0.6183. This rise occurs as XRP trades above the $0.60 level, signaling a positive market response to the ongoing legal developments.
The legal proceedings are focused on Judge Analisa Torres, who will decide on the imposition of fines or a possible settlement concerning Ripple’s alleged violations of securities laws.
In a prior decision, Judge Torres ruled that XRP does not meet the security criteria when traded on secondary markets, which means it is not considered a security in those transactions. However, the classification of XRP in institutional sales remains unresolved and is expected to be addressed in the upcoming ruling.
There has been speculation about a possible settlement between Ripple and the SEC following a private meeting on July 25, but no further information has been released since the meeting. The details and outcome of this meeting could be pivotal in determining the future steps in this case.
In terms of market activity, Ripple’s price trend indicates potential for further gains. Technical analysis points to XRP possibly testing the support at $0.5632, with a potential increase to $0.6666, corresponding to the 78.6% Fibonacci retracement level of the decline from the peak in March to the low in July. However, resistance is expected at $0.6058, the 61.8% Fibonacci retracement level.
As the lawsuit progresses, the Ripple community is closely monitoring the situation, aware that the judge’s ruling could either strongly support Ripple’s market standing or pose new challenges. This week could be crucial for Ripple, shaping not just its future but also influencing broader regulatory standards for digital assets in the U.S.
