- The recent developments keep the SEC vs Ripple case on track for possible appeals.
- XRP price is well positioned to retest its all-time high in the near future catalyzed by rising demand from institutional investors.
Judge Analisa Torres of the Southern District of New York denied Ripple Labs and the United States Securities and Exchange Commission (SEC) motion for an indicative ruling. Both the SEC and Ripple had sought the court’s guidance on whether the July 2023 summary judgment ruling could be reconsidered.
The parties wanted the court to consider the recent Coinbase ruling, which clarified the application of the Howey test in regard to XRP sales. However, Judge Torres rejected the motion for an indicative ruling, stating that both parties failed to show how the Coinbase ruling would ultimately alter the case trajectory.
According to Fred Rispoli, a trial lawyer focused on the cryptocurrency market, both the SEC and Ripple ought to file a detailed motion to convince Judge Torres why the case should be ultimately dropped.
Impact of Judge Torres’s Decision on Ripple vs SEC on the XRP Market
As Coinpedia has regularly pointed out in the past few months, XRP price confirmed a macro bullish breakout and is en route to price discovery in the coming months. The large-cap altcoin, with a fully diluted valuation of about $242 billion and a 24-hour average traded volume of about $4.8 billion, recently rebounded from the support level of around $2 to trade about $2.43 on Thursday, May 15, during the late North American trading session.
In the four-hour timeframe, the XRP price has been trapped in a short-term correction mode, which was exacerbated by the Judge Torres ruling. As of this writing, XRP price had dropped about 5.1 percent in the past 24 hours, thus likely to drop further to retest the support level at about $2.35.
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