Ripple CLO says less than 10% of appeals result in reversal, expresses confidence in XRP ruling
- Ripple CLO Stuart Alderoty told CryptoLaw in an interview that less than 10% of appeals result in ruling reversals.
- SEC is less likely to win appeal against Ripple, argues Alderoty.
- XRP drops to $0.55 on Friday, loses key support at $0.57.
Ripple (XRP) traders are still digesting the outcome of the Securities & Exchange Commission (SEC) lawsuit against Ripple. Chief Legal Officer Stuart Alderoty spoke to the team at CryptoLaw in a recent interview, which was published on X.
XRP lost key support at $0.57 and trades at $0.55 at the time of writing.
Daily digest market movers: Ripple CLO expresses confidence in XRP ruling
- Ripple Chief Legal Officer Stuart Alderoty commented on the likelihood of the US financial regulator appealing the ruling in the SEC vs. Ripple lawsuit during his interview with CryptoLaw.
- Alderoty presented listeners with an interesting statistic: less than 10% of the appeals result in reversals. Alderoty is confident that the SEC is less likely to appeal the ruling in the Ripple lawsuit.
- Of two rulings in the lawsuit, the SEC is more likely to appeal Judge Analisa Torres’ July ruling that offered legal clarity on XRP. The July 2023 ruling says XRP is not a security in secondary market transactions.
Ripple Final Judgment https://t.co/6UX9tF3YXS
— CryptoLaw (@CryptoLawUS) August 15, 2024
- XRP traders are digesting the news of the lawsuit ruling and CLO Alderoty’s comments on the outcome and a likely appeal.
Technical analysis: XRP could suffer nearly 8% decline
Ripple is in a multi-month downward trend. XRP is likely to slip lower and erase nearly 8% of its value to sweep liquidity at $0.5195, as seen in the chart below. XRP could begin its recovery once the inefficiency is filled. The target is $0.62, a key resistance level for the altcoin.
The Moving Average Convergence Divergence (MACD) shows underlying negative momentum in XRP price trend.
XRP/USDT daily chart
XRP could rally to $0.60, a psychologically important level for Ripple, if there is a daily candlestick close above $0.5792.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
