The price of XRP, pending an SEC decision
The U.S. Securities and Exchange Commission (SEC) today begins a debate to decide whether to withdraw the lawsuit against Ripple Labs, the cryptocurrency issuing company XRP.
The legal dispute, which began in December 2020, began when the SEC accused Ripple of raising more than $1.3 billion through an initial bid from XRP, considered by the regulator to be a title unregistered security.
In March, Ripple CEO Brad Garlinghouse announced that the SEC, influenced by a pro-cryption stance ordered by U.S. President Donald Trump, had dismissed the case after four years of litigation.
However, in June, Judge Analisa Torres of the Southern District Court of New York rejected a joint motion by Ripple and the SEC to annul a previous court order and reduce the fine imposed on the company, as reported by CryptoNews.
On this, lawyer Bill Morgan said: “There is no decision pending from the Court. Judge Torres’s role is over.
Morgan explained: “We are only waiting for the SEC commissioners to vote on the dismissal of the appeal, and the parties will take the final step by dismissing their respective appeals.”
He clarified that until the appeals are dismissed, both those of Ripple and the SEC are still formally in the process.
Morgan added that the dismissal is likely before 15 August, the deadline for informing the appeals court about the status of appeals, but warned: “The parties could request another extension.” It seems unlikely, and I don’t understand why another extension is needed, but I wouldn’t be surprised.
Meanwhile, the price of XRP remains above $3, with no impact on litigation or external factors such as the Federal Reserve’s rate policy or import tariffs in the United States.
In the last 24 hours, its price has increased by 4%. The $3 is consolidated as a support and resistance zone, where XRP faces difficulties climbing or falling, analyst Ali Martinez says. Although the $2.80 could act as temporary support, chain data indicate that the firmer support is below $2.48.
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