There were no significant updates from the ongoing SEC v Ripple case to trigger the dial.
Investor sentiment regarding the SEC v Ripple Case has turned bullish
The lack of substantive updates from the Securities and Exchange Commission (SEC) on the XRP issue has left investors jittery about potential outcomes. Investor optimism continued to support, despite the high level of uncertainty that left $0.40 out of reach.
On Monday, the session was more choppy than usual. There was not a single event in the cryptocurrency market to send XRP lower in the early hours. The pullback was against the broader market trend, which raised more questions. The monthly release of one billion XRP on Sunday coincided with a whale alert tighten Unusual moves briefly crashed XRP.
However, the defect did not last long. XRP found support from the broader market to end the day in positive territory.
While whale alerts tend to influence prices, the SEC v Ripple case remains in focus. As the new year approaches, the debate continues over whether the Securities and Exchange Commission (SEC) will settle. But the answer to that question may be in the hands of the courts and the SEC’s latest attempt to protect the contents of William Hinman’s letter-related documents.
Historical judgment regarding William Hinman’s speech-related documents. The Securities and Exchange Commission seeks to protect selected content from the public. After more than half a dozen failed attempts to keep the documents from being made public, the latest move may be a last ditch effort before considering a settlement.
As a matter of background, former SEC Director of Corporate Finance William Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities. The controversial issue in the letter concerns Hinman’s relationship with Simpson Thacher, who is part of a group promoting Enterprise Ethereum. After leaving the SEC, Hinman returned to Simpson Thacher.
Today, investors should continue to monitor updates from the SEC v Ripple case. The lack of updates will keep XRP testing investors. Although optimism provided support, investors remained cautious, limiting the upside.