Ripple Faces SEC Hurdles Amid Push For FIT21 Bill by US Lawmakers
As the SEC vs. Ripple case continues, it’s important to note that the uncertainty surrounding this legal battle has impacted the financial markets, particularly causing losses on Wednesday. Investors are eagerly awaiting a court decision regarding the sealing motions, and both the SEC and Ripple are required to submit redacted versions of documents within 14 days of the ruling.
While the outcome of the sealing motions may not directly affect the penalties Ripple faces, it could impact the company’s business relationships and the adoption of XRP due to sensitive information being disclosed.
The SEC has responded to Ripple’s Motion to Seal by asserting that the documents in question are judicial documents, countering Ripple’s arguments about the release of sensitive information such as financial statements.
The outcome of the SEC vs. Ripple case will have an impact on the demand for XRP, and the SEC’s plans to appeal the ruling on the Programmatic Sales of XRP pose a challenge for the cryptocurrency.
In addition to the legal developments, the US House of Representatives passed the FIT21 Bill aiming to establish a regulatory framework for digital assets. The bill received bipartisan support and is seen as a positive step in regulating the crypto industry.
On the economic front, the FOMC Meeting Minutes revealed a willingness among FOMC members to raise interest rates to tackle US inflation. This had an impact on the demand for riskier assets, including cryptocurrencies.
Daily Chart
Technical analysis indicates that XRP remains below the 50-day and 200-day EMAs, confirming a bearish price trend. A break above the 50-day EMA could indicate a potential move toward the 200-day EMA, while a breakout from the 200-day EMA could test the $0.5739 resistance level. On the other hand, a drop below the trend lines could signal a decline toward the $0.48 handle.
Investors should closely monitor US economic indicators and updates related to the SEC vs. Ripple case as they will impact XRP’s performance.
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