XRP and back to $0.42 in the hands of SEC v Ripple Court Rulings

However, the reversal saw XRP drop to a morning low of $0.3770. After finding support at the first major support level (S1) at $0.3778, XRP retested R1 before relaxing.

XRP is tracking the broader market as investors await court rulings

Monday’s hearing was quiet, with no updates from the ongoing SEC v Ripple case to provide guidance. Earnings optimism supported an early decline to $0.40. However, there are several pending court decisions leaving investors in a more cautious position, which is reflected in the pullback from $0.40.

Investors await decisions before final application on Wednesday when all parties and non-parties must file Opposition to non-partisan motions to seal. Although the court may withhold any rulings until after motions, court rulings may be issued at any time.

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 speech. 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.

Overnight, Amicus Curiae attorney John Deaton spoke about the potential impacts of the Amicus calendar on the SEC’s attempt to classify XRP as a security. Deaton shared part of his application, likeAnd

“The SEC is literally claiming that XRP itself is, is and always will be a security.

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“The scope of Howey’s argument from the SEC has become so wide that it cannot really be determined, in space or time.”

Today, investors should look out for any updates on the SEC v Ripple case. The lack of updates will leave XRP in the hands of the broader crypto market. US economic indicators and corporate earnings will attract attention in the afternoon session.

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