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- XRP stages a bullish reversal amid the recent decision of the US Securities and Exchange Commission (SEC) to alter its complaint against Binance.
- According to analysts, XRP could target the $0.66 resistance level once it sustains its position above the $0.63 zone, however, it would fall to $0.57 if it breaks below $0.60.
The latest development in the case between the US Securities and Exchange Commission (SEC) and Ripple Labs has made a significant impact on the XRP price, triggering an 8% surge in the last 24 hours to trade at $0.64.
According to our data, XRP recorded a 4% gain yesterday, July 30, ending the trading session at $0.6277. At press time, the asset was changing hands at $2.9 billion, representing a 145% increase in the last 24 hours.
Reporting on the principal driving factor, CNF earlier disclosed that the SEC has submitted a proposal to amend its complaint regarding the security status of third-party crypto assets like (SOL), Cardano (ADA), Polygon (MATIC), FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI. According to them, there is insufficient reason to issue a ruling on these assets at this time.
It intends to seek leave to amend its Complaint, including with respect to the “Third Party Crypto Asset Securities” as defined in the SEC’s Omnibus Opposition to Defendants’ Motion to Dismiss […], obviating the need for the Court to issue a ruling as to the sufficiency of the allegations as to those tokens at this time.
More on the SEC vs Ripple Case
Prior to this amendment, Judge Amy Berman Jackson dismissed a case against Binance in June 2024, citing the programmatic sales of XRP ruling by Judge Analisa Torres in July 2023.
The court is inclined to agree with the approach of the court in Ripple Labs since the ‘it-is-what-it-is’ approach of the SEC appears to be inconsistent with the clear Supreme Court directives.
Reacting to the ongoing development, Ripple CEO Brad Garlinghouse disclosed that the SEC has, over the years, shown inconsistencies using “bad faith litigation tactics.”
More evidence of SEC hypocrisy. Chair Gensler testifies the rules are clear, yet his SEC can’t figure them out and applies them haphazardly, festering more industry confusion. A political agenda and/or bad faith litigation tactics. Def not a “faithful allegiance to the law”.
Pending the settlement verdict in the SEC vs Ripple case, the US regulator has issued a Sunshine Act Notice, announcing a closed meeting on August 1, different from the July 25 Notice. To experts, this development, coupled with the recent filing, hints that the SEC could rescind its decision to appeal the Programmatic Sales of XRP ruling.
What to Expect from XRP
Drawing insight from the historical price movement, a favorable settlement would “catapult” the XRP price to a new height, as observed after July 13, 2023.
At that time, the price made an impressive run from $0.4696 to $0.9327 in just a few days. However, this moment was short-lived as the price took a nosedive to below $0.45 in mid-August following reports of a potential SEC appeal.
Currently, XRP is trading above the 50-day and 200-day EMAs, showing a bullish signal. Another bullish price signal is the bullish cross of the 50-day EMA through the 200-day EMA. With the price trading above the July 17 high of $0.6378, XRP could likely reach the $0.66 resistance level and subsequently move to $0.7. However, a break below $0.60 could send the price to $0.5739.
