XRP holders jittery over SEC v. Ripple lawsuit outcome: Will XRP price recover?
- XRP price noted a sharp decline earlier today, the altcoin is changing hands at crucial support level $0.51.
- XRP proponent John Deaton outlined the best and worst outcomes for the US financial regulator’s lawsuit against payment giant Ripple.
- Ripple community expected an outcome of the legal battle on March 31, in line with counsel Stuart Alderoty’s prediction.
XRP holders are hit by uncertainty over the SEC v. Ripple lawsuit’s outcome. XRP holders in the community expected an outcome in the US financial regulator’s lawsuit against the payment giant, in line with the prediction of Ripple counsel Stuart Alderoty.
The altcoin’s price nosedived to $0.51 overnight.
Also read: Altcoin bulls battle US regulatory crackdown and anti-crypto campaigns: XRP, XLM, HBAR, KAS
SEC v. Ripple lawsuit outcome anticipated, John Deaton outlines likely results
The US financial regulator, Securities and Exchange Commission’s legal battle with cross-border payment settlement firm Ripple has raged on without an end. XRP holders anticipated that Judge Torres would rule on the case on March 31, based on the prediction of legal counsel Stuart Alderoty.
However, Ripple proponent John Deaton informed the XRP Army that the ruling may come two months hence. Deaton took to Twitter to shed light on the different outcomes in the SEC v. Ripple lawsuit, ranking them from the best to worst for the payment firm.
The best outcome is an outright win for Ripple and the worst is Judge Torres granting a summary judgment in favor of the SEC, in which case Deaton would ask the judge to comment on the secondary sales of the altcoin that affect XRP holders.
Imagined #XRP outcomes:
— John E Deaton (@JohnEDeaton1) March 31, 2023
Best outcome: outright win for @Ripple w/the Judge smacking the SEC for gross overreach and behavior in the case (Judge Netburn has commented SEC lawyers are hypocrites, lack faithful allegiance to the law, and only care about winning the next argument); https://t.co/gJXoxZX6cf
The Ripple proponent told the community that the decision could come out within the next 30-60 days or the next day, as there is no deadline for the same.
What to expect from XRP price
After yielding nearly 21% gains for holders over the past week, XRP price nosedived to support at $0.51, earlier today. Interestingly, there was a massive surge in XRP trade volume across Korean exchanges Bithumb, Upbit and Korbit, ahead of this decline.
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Whale accumulation of XRP
Whale holdings for the altcoin increased consistently, signaling that large wallet investors are “buying the dip,” this can be perceived as a bullish sign. The altcoin’s recovery could push it back to the $0.54 level, the 24-hour high for XRP.
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.
