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The SEC alleges that Ripple and its executives sold XRP as an unregistered security, violating federal laws and harming investors. Ripple denies these charges and argues that XRP is a digital asset, not a security and that the SEC's actions are arbitrary and harmful to the cryptocurrency industry. In this article, we will review the latest developments in the ongoing case, and how they affect XRP and the cryptocurrency landscape.
On January 11, the media and cryptocurrency community can participate in the Zoom court session via a Webinar link. The Zakinov case could be crucial for the SEC, which intends to challenge the XRP Programmatic Sales order. The plaintiffs in the Zakinov v Ripple case claim Ripple offered XRP as an unregistered security.
The Ripple vs SEC case is nearing the end. Ripple and the SEC are now engaged in remedy-related discovery. Ripple risks a penalty for selling XRP to institutional investors.
After the case, the SEC may file an appeal against the Programmatic Sales judgment. Other court opinions before the probable appeal could impact the prospects of victory.
The SEC asked the court last week to review the Terraform Labs verdict in the SEC v Coinbase dispute. TerraUSD and LUNA, according to Judge Rakoff, are securities. An SEC victory over Coinbase might throw cryptocurrency into the SEC Securities basket.
Coinbase was charged by the SEC with operating as an unregistered securities exchange, broker, and clearing agency. Furthermore, Coinbase was charged by the SEC for the unregistered offering and sale of securities in connection with their staking-as-a-service business.
XRP has remained below the 50-day and 200-day exponential moving averages, confirming negative price signals.
A break above the $0.5835 resistance level would be supported by an XRP advance through the 200-day EMA. Returning to $0.60 would expose the 50-day EMA and the $0.6364 resistance level.
On Monday, the emphasis will be on BTC-spot ETF updates, SEC v crypto, Zakinov v Ripple, and US legislator investigation.
A break below the US$0.5470 support level, on the other hand, would offer the Bears another shot at the US$0.5042 support level.
The 14-day RSI reading of 32.59 suggests that the XRP price will drop through the US$0.5470 support level before entering oversold territory.
On the 4-hourly chart, XRP remained below the 50-day and 200-day exponential moving averages, reinforcing negative price signals.
A rebound of XRP to the US$0.56 handle would pave the way for a move to the US$0.5835 resistance level and the 50-day EMA. A break above the 50-day EMA would reveal the 200-day EMA.
A break below the US$0.5470 support level, on the other hand, would allow the bears a run at the US$0.5042 support level.
With a value of 31.92, the 4-hourly RSI implies that XRP will fall through the US$0.5470 support level before entering oversold territory.
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