SEC Hires New Attorneys to Challenge Ripple Ruling, How’s XRP Price Reacting? 

The post SEC Hires New Attorneys to Challenge Ripple Ruling, How’s XRP Price Reacting?  appeared first on Coinpedia Fintech News

The legal battle involving Ripple and the U.S. Securities and Exchange Commission (SEC) has taken a fresh turn. The SEC has introduced two new attorneys, Marc Jones, and Peter Moores, into the fray to challenge a recent court ruling. This ruling concluded that XRP, Ripple’s cryptocurrency, does not qualify as a security when sold to the general public.

SEC’s motive behind this move is to potentially reshape the legal landscape surrounding XRP. While the court has granted official permission for these new attorneys to represent the SEC in this matter. 

On the other hand, John Deaton, who is representing XRP holders, has heavily criticized the SEC’s reasoning, particularly focusing on the agency’s argument that the ruling could affect similar lawsuits. Deaton suggests this is the weakest aspect of the SEC’s stance. 

Is XRP Price Showing Sign of Recovery Amid Crisis? 

Recently XRP saw a 37% decrease from its July peak of $0.93 to a low of $0.6, however price has shown signs of a minor recovery. The latest formation of a descending trendline on the chart was disrupted by a recent breakout, pushing the price up to $0.66 in recent trading.

Notably, the current price movement is the indicator of the completion of a potential first sub-wave in a bigger downtrend. From here a minor pullback from the recent high is expected, and if the price maintains its position above $0.60, it could mark the formation of a higher low.

The ultimate scenario could pave the way for a short-term upside move or even a new uptrend, resembling an ABC correction pattern. XRP listing on Gemini, upcoming ETF approvals, and the probable shift of the lawsuit in the SEC appeal to next year is giving hope to XRP fans. 

XRP price is currently trading at $0.6344 while continuing its sideways pattern.