Ripple
Ripple v. SEC: Will XRP drop below $0.6 after latest filing
Posted:
| Last updated: February 6th, 2024
Journalist
- The latest filing showed that the SEC is not giving up on the fight.
- XRP’s price decreased and may not rise above $0.60 in the short term.
The U.S. SEC filed a new motion against the Ripple [XRP] team on the 11th of January. According to the latest filing, the SEC pleaded with the Southern District of New York court to ask Ripple to make its 2022 to 2023 financial statement public.
From the motion, the SEC also requested that Ripple make its post-compliant contract available to the court. The motion read,
“The SEC respectfully requests an order compelling Ripple Labs, Inc. (“Ripple”) to produce two narrow categories of documents: (a) its financial statements for the years 2022-2023; and (b) its postComplaint contracts governing “Institutional Sales.”
Last year, Judge Analisa Torres handed Ripple a partial win over the SEC by declaring that the sale of XRP did not make the token a security. However, recent filings by the regulator showed that it was not satisfied with the judgment.
Holders remain faithful to Ripple regardless
But the outcome of the latest proceedings now rests on Judge Sarah Netburn. AMBCrypto then checked the public profiles of accounts associated with Ripple and found out that the company has not responded to the matter.
At press time, the X account of CEO Brad Garlinghouse was free of the SEC motion. It was also the same with the Stuart Alderoty handle whose last comments were about the Bitcoin (BTC) ETFs approval.
However, the XRP price has lost 1.59% of its value since the development was brought to light. As of this writing, XRP changed hands at $0.59. This was a notable decline from its rise to $0.62 a few days back.
Despite the price decrease, the sentiment around the Ripple native token remained positive. This inference was taken from the Weighted Sentiment data, built on the Santiment platform.
At the time of writing, the Weighted Sentiment had increased to 1.3. This indicates that market players were bullish on the cryptocurrency regardless of its legal challenges.
Source: Santiment
XRP is stuck
The perception was also evident in the amount of XRP holders.
According to AMBCrypto’s evaluation of Santiment’s data, the number of XRP holders was 5 million, and it has remained that way for some time. This was also proof that many holders have refrained from liquidating their holdings.
From a technical point of view, the Awesome Oscillator (AO) gave a reading of 0.02. However, the red histogram bars indicated that the momentum could go fully bearish. But that would only be the case if the AO turns negative.
How much are 1,10,100 XRPs worth today?
Further indications from the Directional Movement Index (DMI) showed that bulls were trying to fight off a potential slide.
At press time, the +DMI (green) was 24.54 while the -(DMI) red was 16.75. However, for XRP to return to $0.60, the ADX (yellow) has to rise higher than 24.84.
Source: TradingView
