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XRP Bulls Face Sub-$0.4650 on Pending SEC v Ripple Ruling
This morning, XRP was again in the red. As time passes before a crucial Court decision, investor enthusiasm for the SEC v. Ripple lawsuit continues to decline.
Saturday saw a 1.82% decline in XRP. XRP lost the previous day's gain of 0.36% and finished the day at $0.48720. Notably, XRP finished the day below $0.49 for the first time in the previous six sessions.
XRP experienced a bearish morning and dropped from its beginning price of $0.49628 to a low point of $0.47883 in the middle of the day. First Major Support Level (S1) at $0.4860 was breached by XRP, which ended the day at $0.48720.
Investor Hope for a Ripple Win Has Once Again Diminished
There were no new developments in the ongoing SEC v. Ripple lawsuit to guide the discussion on Saturday. Investors were wary due to the lack of Court decisions or case-related talk, even though decisions were expected at any moment.
The Summary Judgment might provide much-needed clarity on whether XRP and other cryptocurrencies are commodities or securities, and the Ripple and the larger crypto market are anticipating it.
Attorney John Deaton for Amicus Curiae emphasized the necessity for more than simply the Howey Test in the bitcoin market. In response to a query from Caesar Korvinus, Deaton listed a number of possible ways to acquire XRP and explained how each would change how XRP is categorized.
Deaton acknowledged that XRP would pass the Howey Test in one situation. However, Deaton also made the point that acquiring XRP on the secondary market would not pass the Howey Test if you did not buy it directly from Ripple and did not have a contract with the company.
The several scenarios illustrated the complexities and perhaps helped Judge Torres' meticulous consideration. Notably, the SEC is attempting to apply a one-size-fits-all approach, which is incorrect.
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