XRP Bulls target $0.40 as SEC v Ripple case draws to a close

XRP joins the cryptocurrency market in the red as investors reap profits

Sunday’s session was quiet, with no updates from the ongoing SEC v Ripple case to provide guidance. While hopes for a positive outcome in this case continue to provide price support, the broader crypto market pushed XRP into the red on Sunday.

Investors held onto their gains to end a seven-day winning streak. Despite the optimism, there remains uncertainty about the outcome of the case, with several court decisions pending. However, courts may hold back until parties and non-parties submit their final requests on January 18.

By Wednesday, all parties and non-parties must file Opposition to non-partisan motions to seal.

Among the pending rulings is a decision on the Securities and Exchange Commission’s proposal to redact the content of documents related to William Hinman’s letter. Another court order against the SEC could force the SEC to settle.

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, with the US on recess, any updates from the SEC v Ripple case are unlikely to have an impact. The lack of updates will leave XRP in the hands of the broader crypto market. After pulling back on Sunday, the uptrend is likely to continue as the risk of FTX contagion diminishes and Fed concerns subside.

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