XRP soars 40% after Ripple CEO hints at a confident win against SEC
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YEREVAN (CoinChapter.com) – XRP surged 40% in two days to reach $0.55 in the Asia-Pacific session on September 23, as traders closely followed developments in Ripple’s lawsuit filed by the US Securities and Exchange Commission (SEC).
ENTRY: The law enforcement agency claimed that XRP is unregistered securities. Thus, any sale of XRP would be subject to SEC jurisdiction and would be in violation of US investment laws. However, the case is still ongoing without any government agency proof of XRP status.
Attorney James K. Filan provided an update on the case, noting that Ripple nowgranted summary judgment with the court last week to decide the status of XRP once and for all. More specifically, summary judgment means that Ripple asked the court to enter a judgment based on the available evidence, ending the trial.
Ripple’s Garlinghouse Calls SEC ‘Coo-Coo’
Meanwhile, Ripple CEO Brad Garlinghouse appeared on FOX Business with Charlie Gasparino on September 22 to comment on the new development. The CEO called the SEC’s behavior during the trial “disrespectful,” citing the agency’s reluctance to hand over documents repeatedly requested by the judge.
Garlinghouse did not directly explain the reasons behind the latest XRP surge. Instead, he noted that many investors agree that the SEC’s prosecution is “overkill.” He also referred to Judge Netburn, who called the agency “hypocritical” and “did not exercise faithful loyalty to the law”.
I think the SEC has lost its way. I said yesterday on stage [on Messari Mainnet 2022 panel] that it’s coo-coo for coconut puffs.
Also read: SEC vs. Ripple lawsuit about to reach verdict — XRP bulls prepared
Meanwhile, XRP has climbed north of $0.50 in its biggest gain since early February 2022.
XRP may fall back to $0.2
Despite the big rally and the euphoria caused by the potential lawsuit, the XRP rally won’t last long, based on some technical indicators. More specifically, the XRP/USD price action formed a bullish setup called a “falling wedge”.
Two converging trendlines enclose the price action, promising a big price jump after the mark breaks above the resistance. If the installation is successful, the target price is $1.7. However, before XRP reaches the said resistance, it is likely to retest the trend line and fall towards the support at around $0.2.
Investors are ready to pump XRP
As CoinChapter previously reported, XRP’s price rally came a day after a mysterious $500 million token transfer between two anonymous wallets took place.proposeWhale could have bought XRP tokens while waiting for Ripple to win.
Furthermore, according to the cryptanalytic platform HolyThe XRP/BTC ratio has been rising since 2020, indicating that “shark and whale addresses with XRP between 1m and 10m have been accumulating since late 2020.”
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