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Judge Analisa Torres denies SEC appeal
The cryptocurrency community is abuzz with excitement over a significant decision by Judge Analisa Torres of the United States District Court that has given Ripple Labs the upper hand. On October 3rd, she temporarily halted the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple, the creator of the XRP token, regarding alleged previous losses.
Legal landscape shifting
Previously, a July court ruling had determined that XRP token sales did not classify as legally securities. The SEC had challenged this, citing “significant differences in views” regarding relevant laws. However, Judge Torres viewed the matter differently, pointing out that the SEC’s legal arguments were lacking substantial legal basis.
While this might appear as a dent in the SEC’s armor, the legal battle is far from over. Judge Torres has marked April 23, 2024, on the calendar for a court session to clarify remaining concerns in the case.
Navigating the complex legal corridors of cryptocurrency, the Ripple-SEC dispute has emerged as a pivotal moment. For Ripple supporters, it seems like a victorious turn. However, its broader impact on the cryptocurrency industry is still unfolding, underscoring the importance of transparent regulatory pathways in the dynamic financial sector.
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$25 Million Crypto Whale Investment Could Trigger XRP Recovery
A resilient group of crypto whales has purchased $25 million worth of Ripple (XRP) in the past week. Could this trigger an early price recovery?
XRP’s price quickly dipped below the $0.50 support level on Monday, with weekly losses nearing 9%. Technical indicators and on-chain data suggest that the bulls are in a favorable position to regain control.
Crypto whales have accumulated 50 million XRP tokens to support the recovery mission
Following an unsuccessful attempt to break the $0.55 resistance level on October 3rd, XRP’s price dropped by 10%, falling below $0.50 on Monday. However, oddly enough, on-chain data reveals that a group of savvy crypto whales holding balances ranging from 100,000 to 1 million XRP still have the potential to drive a recovery despite recent price downturns.
Between October 3rd and October 9th, these whales acquired 50 million XRP tokens, increasing their accumulated holdings from 3.77 billion to 3.82 billion XRP.
Valued at the current market price of $0.50, these newly acquired XRP tokens are worth approximately $25 million. Notably, this wave of accumulating 50 million tokens has pushed their holdings to the highest level in two months.
Increasing accumulation by crypto whales in a bearish trend could drive prices higher for several reasons. Firstly, strong demand can slow down price declines. Secondly, it can boost confidence among other strategic traders in the ecosystem.
XRP Price Prediction: $0.55 USD Still a Feasible Upside Target
If these conditions hold, XRP’s price may rebound to $0.55 USD in the coming weeks instead of falling to $0.45 USD.
With XRP currently trading at $0.51 USD, daily timeframe technical analysis identifies the immediate support level to watch as $0.49 USD. Breaking below this level could lead to a test of the next support level at $0.45 USD.
On the upside, the primary resistance is at $0.53 USD (SMA 50). Successfully surpassing these key resistance levels could signal a potential trend reversal. However, caution is advised as the overall cryptocurrency market sentiment remains sensitive to macroeconomic events.
