Liquidity crunch concerns eased to provide modest support for XRP
There were no significant updates from the ongoing SEC v Ripple case on Saturday, leaving XRP in the hands of the broader crypto market.
Market concerns about the ongoing FUD campaign against Binance have allayed, providing much needed support.
However, cryptocurrency headwinds have brought the cryptocurrency market back from its most significant recovery. Regulatory risks have resurfaced since the collapse of FTX, creating uncertainty about the regulatory landscape and how it will affect XRP and the crypto market.
With the ongoing SEC v Ripple case, we also expect uncertainty as to whether lawmakers and regulators can influence the outcome. The collapse of FTX prompted lawmakers and regulators to take a tougher view of the digital asset space, which could also affect Judge Torres.
While investors await the court’s ruling on summary judgment requests, the next court date is December 22nd. Parties shall submit comprehensive proposals to close all articles relating to the summary provision proposals and proposed revisions to these articles.
For the SEC, losing status could result in the crypto regulator being handed over to the CFTC. Lawmakers are calling for an investigation into the SEC’s failure to prevent the collapse of FTX. Gary Gensler has been quieter than usual in the wake of the FTX meltdown. The loss in the Ripple case could be another embarrassment.