In a courtroom showdown that felt like an intense season finale, Ripple has emerged as the victor in its three-year-long battle against the SEC. Judge Analisa Torres, armed with wisdom and a gavel of justice, ruled in favour of Ripple Labs during a riveting session at a New York District Court on July 13.
All odds have been against Ripple in its case against SEC
Now, let’s be honest, the odds were about as favourable as finding a unicorn riding a skateboard while juggling flaming chainsaws. Even attorney John Deaton himself gave Ripple a mere 25% chance of winning against the infamous U.S. Securities and Exchange Commission. Talk about a long shot!
In 2020, the United States Securities and Exchanges Commission filed a class action lawsuit against Ripple Labs citing the company was selling and distributing unregistered XRP securities. According to the lawsuit, Ripple managed to raise a whopping $1.8 billion by peddling these supposed illegal XRP securities. Quite the heist, huh?
Despite barrels of negative sentiment surrounding the hopes of winning the complex legal battle, Ripple stood its ground and spent $200 million to bar SEC from blocking the distribution of XRP. Ripple Labs head Brad Galinghouse mentioned the amount spent to defend themselves against the SEC during a fireside chat at the Dubai Fintech Summit.
The lawsuit split financial experts into two groups. Those rooting for SEC, and those like Gemini founder Cameron Winklevoss who believe the SEC has turned to a Salem witchhunt for the ‘wrong guys’
Those rooting for Ripple like pro-XRP attorney John were optimistic to win the case but felt despite the possibility of a win, the fight for crypto had not come to an end. Chief Legal Officer Stuart Aldeorty for Ripple Labs had expressed hopes for a win, claiming the SEC had only won 4 out of 5 of its lase cases at the Supreme Court.
According to court filings on the 13th of July, Judge Torres granted a summarized judgement favouring the defendant, Ripple Labs, accused of breaching U.S. securities laws. Torress ruled XRP was not a security but a token.
Now that the case is over, mic over to Netflix executives directing the next big break in crypto regulation documentaries. XRP, fight for the Cryptos.
XRP/USD Technical Analysis after the Court Win
XRP is not only fighting for the cryptos but also eyeing the spotlight.
The XRP/USD pair didn’t waste any time in showing off its moves after the court ruling. It went from “ripple” to a full-on “tidal wave,” surging from 0.47365 to 0.66023. It’s safe to say that XRP was determined to make a splash in the market!
The RSI (Ripple Sentiment Indicator, just kidding, it’s the Relative Strength Index) went from “meh” to “Wowza!” It jumped from 38 to 79, as if to say, “Who needs a lawyer when you have bullish momentum on your side?”
Looking at the indicators, it seems like they’ve put on their party hats. We have 18 “buys,” 8 “neutrals,” and 0 “sells.” It’s like the indicators are saying, “We’re all in on XRP, folks!” They’re probably already planning the after-party.
The oscillators seem a bit less enthusiastic, with 4 “buys,” 7 “neutrals,” and 0 “sells.” Maybe they’re the ones who couldn’t score an invitation to the indicators’ party. But hey, at least they’re not raining on XRP’s parade.
As for the moving averages, they’re joining the bullish bandwagon too. We have 14 “buys,” 1 “neutral,” and 0 “sells.” It’s like they’re saying, “We’re moving on up, and we’re taking XRP with us!”
All in all, it seems like Ripple’s legal victory has given XRP a real boost. They’re not just winning court battles; they’re winning hearts (and wallets) in the crypto world.
Key technical levels to watch out for:
Nice Evening!
Mubashir Ahmed is a multifaceted market analyst with extensive knowledge of the blockchain industry. He is proficient in market analysis and blockchain technology, having had experience with numerous projects in the space. He has a deep understanding of the Cryptocurrency industry, its trends, and how to best approach investing in it.
