- Ripple has locked in another major victory as the judge has given XRP holders more power in the ongoing case.
- Judge Analisa Torres has given the XRP community the status of “amici curiae” in the lawsuit.
- Token holders would be able to assist the court in briefing legal issues relevant to the SEC v. Ripple case.
The Securities & Exchange Commission (SEC) v. Ripple case has taken a turn as the judge on the case granted the power to a prominent XRP advocate and lawyer representing many of the cryptocurrency’s holders to be a part of the ongoing legal battle.
XRP holders granted ‘amici status’
John Deaton, a lawyer who represents XRP token holders wishing to insert themselves in the ongoing lawsuit filed by the SEC, has been granted “amici status” by US District Judge Analisa Torres.
Deaton and XRP holders would be allowed to act as “friends of the court,” by assisting the court in briefing legal issues relevant to the case. However, these legal issues must be first approved in advance by the court.
According to the order by the judge, the court believes that this type of assistance would be beneficial during the briefing of dispositive motions. The order further stated that it may also exercise its discretion to request or deny further applications.
Another notable lawyer familiar with the case, James Filan commented that this is a “huge win” for the XRP community, because the interests of the Ripple executives and the community are aligned.
However, it is also worth noting that the XRP holder’s motion to intervene in the case is denied despite the capacity to be involved in the case as amici curiae. The court further stated that in order to maintain the balance between the parties and Ripple investors, the court will not allow the community to offer evidence or present witnesses.
XRP bulls catch their breath before heading higher
XRP price has broken out of the symmetrical triangle pattern and attempted to reach the bullish target set out by the governing technical pattern. However, Ripple fell short of reach as strength declined, as the bulls are catching their breath before the next run-up.
The optimistic target set out by the triangle pattern was set at $1.11, where the 100 twelve-hour Simple Moving Average (SMA) sits.
Currently, Ripple is consolidating and accumulating strength before its next move as it continues to trend sideways. XRP price is ranging between the 27.2% and 38.2% Fibonacci retracement levels at $1.01 and $1.07, respectively. The former acts as the first line of resistance for the token, where the 50 twelve-hour SMA rests.
XRP/USDT 12-hour chart
Should XRP price be faced with increased selling pressure following its rally, Ripple would discover further support at the 20 twelve-hour SMA before dropping toward the September 21 high at $0.95. If the bears were to continue to take control, the token would discover a strong foothold at the apex of the triangle, where the support line given by the Momentum Reversal Indicator (MRI) and 200 twelve-hour SMA coincide.
The next target for the bulls is to break above $1.07 resistance and tag the 100 twelve-hour SMA at $1.10. Further buying pressure may incentivize XRP price to shoot for the 50% Fibonacci retracement level at $1.13.
Like this article? Help us with some feedback by answering this survey:
Follow us on Telegram
Stay updated of all the news
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.