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- Recent events hold the SEC case against Ripple on their way to possible appeals.
- The XRP Price is well positioned for the re -testing of its permanent maximum in the near future catalyzed by the growing demand of institutional investors.
Analysis Torres analyzed from the southern New York Southern District rejected Ripple Labs and a proposal for the Commission for Securities of the United States (SEC) for an indicative verdict. Both SEC and Ripple have requested the court guidelines on whether the judgment of the summary of the verdict may be reviewed in July 2023.
The parties wanted the court to consider the recent Coinbase verdict, which explained the application of the Howy test for the sale of the XRP. However, Judge Torres rejected the proposal for an indicative verdict, stating that both parties failed to show that the Coinbase verdict would ultimately change the path of the case.
According to Fred Rispoli, the trial lawyer focused on the cryptocurrency market, both SEC and Ripple should file a detailed proposal to convince the Torres Judge why the case should eventually be dismissed.
Impact of the decision of the Torres Judge on Ripple VS Sec on the XRP market
As Coinpedia has regularly emphasized in the last few months, the XRP Price has confirmed the macro bull’s breakthrough and in the coming months is on the way to the discovery of the price. Altcoin with large drops, with a fully diluted estimate of about $ 242 billion and an average 24-hour shopping quantity of about $ 4.8 billion, recently rejected the support level of around $ 2 for trading around $ 2.43 on Thursday, May 15, during the late North American session session.
Within a four-hour time frame, the price of the XRP was captured in a short-term correction mode, which worsened the judgment of Torres. Of this writing, the price of the XRP has dropped about 5.1 percent in the last 24 hours, so it will probably fall further to again test the support level at around $ 2.35.
