XRP Faces Uncertain Future: Ripple Vs. SEC Battle Boils Up

• The ongoing battle between Ripple and the SEC has raised questions about the XRP’s future.
• The outcome of this battle has a broad-ranging impact on the market.

Ripple vs. SEC‘s ongoing battle has grown more complex with new trends in the case. Bitnomial Exchange, supported by Ripple Labs, has faced more courtroom sessions.

This happened after the Bitnomial exchange was included in the latest lawsuit against the SEC. In that lawsuit, the company claimed that XRP futures were ‘security futures.’

As the lawsuit unfolds, XRP price has continued to display roller coaster moves and hovered around the 200-day EMA level. Investors were watching closely because the case might redefine the status ahead.

The SEC has been cracking the whip on XRP and everyone associated with that token. However, this case will expand on that enforcement trend.

Some speculate that the agency’s action is actively stiffing Ripple’s growth. The company, however, is optimistic; it has filed a cross-appeal to the SEC’s allegations. This suggested that the company was ready to defend itself.

Ripple CLO stated in one of his tweets:

“Today, Ripple filed a cross-appeal to ensure nothing’s left on the table, including the argument that there can’t be an ‘investment contract’ without essential rights and obligations found in a contract.”

XRP Futures Classification Dispute: Bitnomial Takes On the SEC

After the agency decided to categorize XRP futures as security futures, Bitnomial Exchange challenged the SEC. Nevertheless, Bitnomial continues to develop and launch a new perpetual futures platform called Botanical.

Ripple’s CEO, Brad Garlinghouse, joined Bitnomial’s board after the firm raised $25 Million in funding to facilitate even closer integration. The critics argued that the SEC has been targeting Bitnomial with the aim of slowing progression.

Ripple’s Legal Battle: A Turning Point for the Crypto Market?

Holding in Bitnomial has helped Ripple spearhead discourses on the regulatory goals of the SEC regarding XRP-related companies. However, the cross-appeal by Ripple shows that the firm is prepared to stale for more legal battles with the SEC.

The Ripple vs. SEC case is still moving. It provides hope to Ripple’s leadership, including its Chief Legal Officer, who wrote about it himself.

In the meantime, Ripple keeps progressing with the intended plans. The plans include establishing RLUSD as its stablecoin and strengthening partnerships. The legal hassles are still apparent. However, the company has become persistent and willing to reinvent itself.

XRP Price Hovers Around 200 Day EMA: What’s Next?

After a significant price correction of over 20% during the last week of September, the XRP price remained volatile. The token tried to recover gains. However, it faced the 200-day EMA hurdle.

XRP price was trading around $0.5579 at press time. It noted an intraday rise of over 2.30%.

The price action signified choppy movements and replicates a lack of clarity. It remained weak until the XRP coin price did not cross the $0.5800.

However, a fresh bearish wave could be seen once the XRP price breaks below the $0.5000 mark. The immediate support zones for XRP were $0.5200 and $0.5000. At the same time, the upside barriers were $0.5800 and $0.6000.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.