Bittime - Ripple price ($XRP) experienced a significant decline, breaking the level at $0.60 for the first time in almost 10 days.
This decline occurred amidst an unfavorable situation for XRP, where Coinbase, one of the leading crypto asset exchange platforms, is facing lawsuits from the Securities and Exchange Commission (SEC) related to XRP.
SEC vs Coinbase battle
The legal battles between the SEC and Coinbase and Ripple are closely related. Coinbase adheres to the application of the legal test ruled by Judge Torres to XRP.
This landmark decision, which was considered a partial victory for Ripple, was questioned in the SEC vs Coinbase case.
The status of XRP, whether it is classified as a security or not, has a significant influence on the SEC's lawsuit against Coinbase and links the two legal cases into one whole.
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SEC Lawsuit against Coinbase and Its Impact on Ripple
The Securities and Exchange Commission (SEC) lawsuit against Coinbase has significant implications for the Ripple case. The outcome of this lawsuit could greatly affect the security status of XRP, a crypto asset issued by Ripple.
The SEC accused Coinbase of unregistered sales of United States securities (crypto assets). In the latest update, the judge denied the exchange's motion to dismiss the lawsuit.
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Ripple CLO Analysis of SEC Evidence
Stuart Alderoty, Ripple's Chief Legal Officer (CLO), has been researching SEC filings in the Coinbase lawsuit. He found that regulators have offered four different definitions of what constitutes a crypto ecosystem.
The lack of clarity in this definition raises questions about how the SEC will define the status of XRP. This could have a major impact on the outcome of the Ripple case.
In its lawsuit against Ripple, the SEC was criticized for deviating from Howey, a standard test for determining whether an asset is classified as an investment contract subject to US securities laws.
XRP's security status was thrown into doubt after Judge Analisa Torres in her ruling on July 13 questioned the validity of Howey's test, and two other US federal judges have rejected the test. For further information, please refer to the following sources.
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XRP Technical Analysis: Slips Below $0.60 with No Sign of Recovery
XRP price took a dive and breached the $0.60 level without showing any clear signs of recovery.
XRP's movement is stuck in a narrow range between $0.5670 and $0.6686, with both levels acting as key support and resistance on the 1-day chart.
Technical indicators indicate bearish sentiment. The Awesome Oscillator (AO) displays red bars below the neutral line, and the Relative Strength Index (RSI) is below the 50 level (neutral), strengthening the thesis of XRP price decline.
Possible further decline
- XRP price may break support at $0.5386 to gather liquidity before attempting a recovery.
- Recovery attempts could test resistance at $0.6686.
- A daily candlestick close below $0.60 could trigger a further decline to the Jan. 31 low of $0.4853.
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XRP Price Resistance
If the price of In its move towards this year's peak of $0.7440, XRP met resistance at $0.6686.
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KuCoin Hit by Legal Issues, Triggering Massive Crypto Outflow
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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