In a volatile crypto market, XRP has emerged as a leading player. At the time of this writing, it was trading above $0.546, up 8 percent. This impressive rise came just after the market slump on Thursday and Friday that shook prices and worried many investors. While the Fear and Greed Index currently holds steady at 37, pointing to a bearish bias, XRP’s resilience stands out, bolstered by developments in the ongoing SEC and Ripple Labs case. Here are the details…
Ripple investors react to the appeal decision
While XRP continues to rise, Bitcoin has taken its own steps by rising above the $ 26,000 level, as we have reported as Cryptokoin.com. Ethereum is not far behind, hovering around $1,670 and even Dogecoin has managed to gain 1.2% in the last 24 hours. The collective effort of the top 10 cryptocurrencies to turn green contributed to a 0.8 percent increase in total crypto market cap, which is currently an impressive $1.12 trillion.
XRP holders welcomed the latest development in the legal battle between the SEC and Ripple Labs. After the July decision declaring that XRP is not a security, the price of the cryptocurrency has followed a turbulent course. However, its decline to $0.47 on August 18 seemed to herald further declines. Judge Analisa Torres recently granted the SEC’s request to file an expedited appeal against Ripple’s decision on direct sales of XRP. This move has received positive reactions from XRP enthusiasts and investors.
XRP above significant levels
Despite a brief dip that saw the price retest intraday lows, XRP quickly rallied above the important $0.50 threshold. This resurgence in price can be attributed to the market’s interpretation of the SEC’s appeal, which recognizes that XRP is not a security. John E. Deaton, a prominent pro-XRP attorney, shared his thoughts on this development, saying:
There is no doubt that 75,000 XRP holders are a major reason behind the SEC’s acceptance of this issue. We fought for the judge to actually write that the token is not a security. In fact, it was the first part of our discussion on the dossier.
I have to say there is no doubt 75K #XRPHolders are a major reason the SEC is conceding this issue. We fought to have the judge actually ✍️ that the token itself is not the security. In fact, it was the first section in our argument in the Brief. https://t.co/ann7Hah7K3 pic.twitter.com/yqodFQ1eAV
— John E Deaton (@JohnEDeaton1) August 18, 2023
The SEC’s application also sheds light on its stance, as highlighted in an article by Fox Business reporter Eleanor Terret:
The SEC hasn’t claimed, either here or at Terraform, that the underlying asset of these investment contracts is necessarily a security (and the SEC does not seek an appeal scrutiny of any stance regarding the fact that the underlying assets here are nothing more than computer code with no inherent value).
Optimism in price
This renewed clarity surrounding the state of XRP has injected new optimism into the market. In July, the price of XRP rose to around $0.94 after Judge Torres’ initial decision, and investors are now watching closely to see if history repeats itself. The cryptocurrency market remains a dynamic area where legal battles and regulatory decisions can have a profound effect. XRP’s resilience and recent rally highlight the continued importance of the Ripple Labs lawsuit with the SEC. As the legal processes continue, market participants are eagerly awaiting the next installment of this intriguing crypto saga.
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