- The spotlight is once again on Ripple as its legal battle with the SEC approaches its tail end.
- XRP enters into a squeeze zone in its long-term pattern signaling a potential breakout or breakdown.
The Ripple [XRP] versus SEC case might soon come to a close. Reports indicate that Judge Analisa Torres is deliberating the final judgment that will bring the case to an end after almost four years.
The case which kicked off in December 2020 saw Ripple become the SEC’s punching bag. The crypto company was accused of violating U.S securities laws through XRP issuance.
The crypto market has been closely watching the case unfold because the judgement could set the pace for regulation and legal reach in the industry.
New information suggests that Judge Torres is contemplating the final rulings of the lengthy legal undertaking. This means the market could finally have clarity over the U.S regulatory stance regarding Ripple and the rest of the crypto market.
Ripple did score some wins last year especially on XRP not being classified as a security. While this win was seen as a partial victory, the company was not completely off the hook.
The final ruling will determine the final penalties for the company. There is also the possibility that the SEC may file an appeal, potentially extending the case.
The official timeline was not revealed but the ruling might be given within the next four weeks. The possibility of a final ruling happening is also timely. The SEC might soon be subjected to a reshuffle depending on the U.S presidential elections outcome.
A bright future for Ripple and XRP?
The case has slowed down the expansion of Ripple’s services such as ODL. The ruling could clear a path for the company to secure more partners in its pursuits.
Many exchanges delisted XRP due to the legal battle. A favorable ruling could result in the re-instatement of XRP. A move that will allow it to access more liquidity.
The final ruling is expected to have a significant impact on XRP’s performance. Speaking of, XRP has been trading in a long-term wedge pattern.
It is now in a squeeze zone, which means that a breakout is imminent. XRP exchanged hands at $0.61 at the time of writing.
Source: TradingView
Read Ripple’s [XRP] Price Prediction 2024-25
News of the previous partial win in June 2023 triggered a rally by 100%. The legal battle’s conclusion could trigger more volatility. For now, XRP is experiencing some resistance at its current price level after encountering the descending resistance line.
This means there is a possibility of a retracement in the coming days. A breakout from the triangle pattern may also be on the cards.
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