The US Securities and Exchange Commission (SEC) has taken a new approach to Ripple in its Aug 19 Motion to Certify Interlocutory Appeal. The SEC has changed its stance on XRP from claiming XRP is a digital asset to stating that the token is a “computer code with no inherent value”. This could fuel hopes of the court’s ruling on XRP not being a security becoming permanent.Ripple’s Chief Technology Officer David Schwartz clarified the current status of the Ripple SEC lawsuit. Judge Anissa Torres ruled that XRP is not a security, but the case is far from over. The SEC has the right to appeal adverse rulings after the lawsuit’s conclusion.The XRP price has formed a bullish technical pattern called the ‘Falling Wedge’. If the wedge pans out, the XRP price could rise 453% to reach $2.84. However, the XRP price dropped nearly 3% to a daily low near $0.504 before recovering slightly. If the downtrend continues, the token might drop to its support near $0.462. On the other hand, if buyers enter the market, the XRP price might rise to the 100-day EMA (blue wave) resistance near $0.562.
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇺🇸 🇮🇳 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Brad Garlinghouse, Chris Larsen, David Schwartz, Anissa Torres, SEC |
| Currencies | XRP, Bitcoin, Ethereum |
| Securities | None |
