XRP News Today: SEC Appeals Loss, Boosts Ripple’s Case
SEC Faces Losing Streak
The Securities and Exchange Commission (SEC) has lost yet another court battle, raising questions about the agency’s approach to cryptocurrency regulation. The latest setback came in the case of SEC v. Govil, where the Second Circuit Court of Appeals rejected the SEC’s motion to reconsider its ruling. The court previously determined that the SEC was not entitled to “disgorgement” from a seller if the buyer suffered no financial loss.
This decision follows a string of SEC losses in recent months. Stuart Alderoty, Ripple’s Senior Attorney in the lawsuit against the SEC, highlighted the agency’s losing streak, stating “another loss this week for the SEC.”
Implications for Ripple
Ripple’s battle against the SEC has been ongoing since December 2020. The SEC alleges that Ripple’s sale of XRP tokens constituted an illegal securities offering. However, experts believe the SEC’s Govil loss could bolster Ripple’s case.
Ripple’s legal team is expected to use the decision to argue that the SEC must prove investor losses before seeking disgorgement. This could potentially weaken the SEC’s case against Ripple.
SEC Requests $2 Billion Penalty
Despite the SEC’s setbacks, the agency is still seeking a staggering $2 billion penalty from Ripple. Ripple is expected to respond to the penalty request on April 22. A win for Ripple would boost XRP and the broader crypto market.
XRP Price Forecast
XRP price has been trading within a range between $0.5687 and $0.6 since mid-March. Analysts cite a neutral but falling Relative Strength Index (RSI) and the confluence of resistance at $0.6 as bearish signals.
However, if Bitcoin halving leads to improved market sentiment, XRP could potentially retest support at $0.5687 and eventually rally towards $10 in 2024 if Ripple prevails in its lawsuit against the SEC.
Conclusion
The SEC’s losing streak in court has raised hopes for Ripple in its legal battle. While XRP price faces bearish headwinds, Ripple’s strong legal position and the potential for a Bitcoin halving rally could support a bullish outlook in the long term.