Altcoin
Lawyers Weigh In On SEC’s XRP Appeal, Settlement, Final Judgment Date
Ripple vs SEC Lawsuit News: Unless there’s an expected twist from the US Securities and Exchange Commission (SEC), lawyers say the long-awaited final judgment in SEC v. Ripple Labs could come in July. They also believe the SEC will probably appeal the summary judgment as Judge Torres ruled that XRP programmatic sales are not security contracts.
Lawyers Clears Air On If SEC Can Appeal Entire Ruling
Pro-XRP lawyer Fred Rispoli predicts a ruling by Judge Torres on remedies by the end of July or early August. “Although Judge Torres could get poetic and issue it on July 13,” he added. The SEC argues $2 billion in total fines including penalties, while Ripple believes the penalty amount should not exceed $10 million.
Rispoli added that the case can always be settled beforehand, but the odds are currently at zero percent. SEC and Ripple can also settle arguments not addressed by judges in the ruling. However, the SEC can still move to appeal against programmatic sales of XRP.
This is splitting hairs from Marc’s answer, but the SEC cannot appeal anything to do with its claims against Brad and Chris relating to Institutional Sales, which the SEC agreed to dismiss with prejudice. The SEC could still appeal its claims against both for Programmatic Sales.
— Fred Rispoli (@freddyriz) June 13, 2024
Marc Fagel, a former SEC securities lawyer, also reaffirmed that the SEC will likely appeal the summary judgment ruling on liability as they didn’t agree with Judge Torres on XRP’s classification as not a security under the Howey test. In addition, he added that the agency can appeal the remedies order, “but that’s a real long shot.”
Also Read: XRP Whale Dumps 52M Coins Amid Price Upswing, What’s Next?
Judge Netburn May Not Rule on Expert Witness
Both parties have strong arguments on the expert witness motion in the XRP lawsuit. Lawyers including Bill Morgan and Jeremy Hogan think Ripple Labs will lose the motion to strike the declaration of expert witness Andrea Fox in the remedies dispute.
Commenting on whether Judge Netburn to rule on expert witness, Fred Rispoli said “Netburn and Torres can confer and determine that the issue before Netburn (the SEC’s “extra expert”) does not need to be ruled upon.” Judge Torres can bypass expert witness to announce a final judgment on remedies and injunction. But he claims this will only happen in case the ruling is in favor of Ripple.
Also Read: Ripple Vs SEC: Lawyer Says XRP Lawsuit Going To Appeals Court, What’s Next?
How $4.47B Settlement In Terraform vs SEC Impact XRP Lawsuit?
Terraform Labs and Do Kwon’s settlement with the U.S. SEC was not welcomed by the crypto community as the SEC has been unfair in enforcement lawsuits, including Ripple and DebtBox cases.
Coinbase CLO Paul Grewal and Ripple CLO Stuart Alderoty also expressed dissatisfaction with the SEC luring a hefty fine from Terraform Labs. The Terra Luna crisis caused investors to lose $40 billion in wealth and led to the collapse of many crypto firms in what was seen as a domino effect. They said the settlement made the SEC an unsecured creditor in the bankruptcy and no meaningful relief to fraud victims.
Formed SEC lawyer James Farell claimed that the injunction in the Terra fraud lawsuit weakens “lots of Ripple’s arguments regarding proprietary and proportionality.” Ripple claimed that a penalty over $10 million would be excessive when compared to prior crypto cases.
Also Read: Terraform Labs Has Just $75 Million In Assets, How Will It Pay the SEC $4.75 Billion?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.
Expert Reveals Time For XRP Price To Hit $27
In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.
Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.
In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.
In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.
Decision Time For The Altcoin
In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”
The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.
The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.
CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.
For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A recent Binance update has triggered massive liquidations while sending Solana memecoin ACT into a steep correction. At first, pundits blamed market maker Wintermute for the jarring declines but Binance’s update to leverage and margin tiers appears to be the culprit.
Several Altcoins on Binance Suffer Massive Corrections
According to an X post, several altcoins listed on Binance took a major hit, dropping by double-digit percentages. The hardest hit of the lot was Solana memecoin ACT, experiencing a sudden drop of over 50% in 30 minutes.
Other altcoins including DEXE and DF equally recorded steep declines of 23% and 16% respectively in the same window. The price slump left traders scratching their heads but a consensus formed that sizable sell orders were behind the declines.
“The sudden dips were triggered by large sell orders executed in a short time frame, leading to a significant surge in spot trading volume,” said one pundit.
Others turned to market maker Wintermute as the trigger for the selloff. However, Wintermute CEO Evgeny Gaevoy denied responsibility while noting that the market maker reacted “post move.”
The decline comes amid a broader market recovery with several cryptocurrencies including Compound (COMP) gaining 70%.
What Triggered The 50% Decline For Solana Meme Coin
A Binance update on leverage and margin tiers on specific tokens like ACT triggered the massive declines. According to an April 1 announcement, the top exchange has updated the margin tiers of several perpetual contracts, noting that existing positions will be affected.
Following the move, one ACT whale got liquidated for $3.79 million at $0.1877, triggering a broad selloff. Former FTX community manager Benson Sun noted that traders had less than 3 hours to respond to the change, criticizing Binance for the move.
“Before changing the rules, Binance should have evaluated how many positions would be closed,” said Sun. “If there are market makers with large positions, they should have notified them in advance.”
Within hours of MUBARAK’s listing, the memecoin tumbled by 40% with Binance CEO Changpeng Zhao downplaying the impact of a listing on prices. Binance has drawn criticism in recent days following its exclusion of Pi Network from its Vote To List initiative.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A crypto market crash looks imminent, with Bitcoin, Ethereum, XRP, and Dogecoin witnessing notable declines. This price crash happened following the release of weak manufacturing PMI and JOLTS data, which provides a bearish outlook for the market.
Crypto Market Crash: BTC, ETH, XRP, & DOGE Decline
CoinMarketCap data shows that a crypto market crash could be on the horizon, with the Bitcoin price sharply dropping below $83,000 from a daily high of around $84,400. Altcoins such as Ethereum, XRP, and DOGE also witnessed sharp declines.
This market crash occurred following the release of weak ISM manufacturing PMI and JOLTS data. The March PMI data dropped to 49, below expectations of 49.5 and lower than the 50 recorded in February.
The US JOLTS job openings for February came in at 7.568 million, below the expected 7.690 million and lower than the 7.762 million recorded in January. These data add to several macro fundamentals that paint a bearish outlook for the market.
This crypto market crash could persist, with China, Japan, and South Korea agreeing to respond to Donald Trump’s proposed tariffs. Trump is set to announce a number of reciprocal tariffs tomorrow, which could significantly harm the market as it sets off a trade war between the US and other nations.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
How Did UPCX Lose $70 Million in a UPC Hack?
Ethereum Struggles to Break Out as Bear Trend Fades
XRP Price to $27? Expert Predicts Exact Timeline for the Next Massive Surge
Binance Megadrop Launches KernelDAO
Wintermute Sells ACT Tokens Due To Binance Limit Changes
Ethereum Founder Buterin Funds Swiss Project With 274 ETH—What’s The Agenda?
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Ethereum23 hours agoEthereum May Have To Undo This Death Cross For Bull’s Return
-
Market23 hours agoBlackRock’s Larry Fink Thinks Crypto Could Harm The Dollar
-
Market22 hours agoCoinbase Tries to Resume Lawsuit Against the FDIC
-
Altcoin22 hours agoCharles Hoskinson Reveals How Cardano Will Boost Bitcoin’s Adoption
-
Market21 hours agoHedera (HBAR) Bears Dominate, HBAR Eyes Key $0.15 Level
-
Market24 hours agoXRP Bears Lead, But Bulls Protect Key Price Zone
-
Altcoin23 hours agoEthereum Bitcoin Ratio Drops to Record Low, What Next for ETH?
-
Market20 hours agoThis is Why PumpSwap Brings Pump.fun To the Next Level
✓ Share: