XRP News Today: Ripple’s Legal Battles Weigh on Prices, Awaiting Court Ruling

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The Thursday Overview

On Thursday (May 30), XRP declined by 0.84%. Following a 0.83% loss on Wednesday (May 29), XRP ended the session at $0.5189.

SEC vs. Ripple: The Motion to Seal Ruling

There were no SEC vs. Ripple case-related updates to influence buyer demand for XRP on Thursday.

Investors await a court ruling on the Ripple Motion to Seal. Following its reply brief filing on Wednesday, Ripple awaits a court decision on whether it must disclose financial statements and other non-public information that could impact its business relationships.

However, the court decision on the Motion to Seal will not affect the SEC vs. Ripple outcome. After the court ruling, the US courts will decide the penalty Ripple must pay for breaching US securities laws. In March, the SEC pursued an almost $2 billion penalty and an injunction. An injunction would prohibit Ripple from selling XRP to US institutional investors.

Conversely, Ripple presented its case for a far less punitive $10 million penalty.

The outcome of the case could influence buyer appetite for XRP. However, SEC plans to appeal against the Programmatic Sales of XRP remains an XRP headwind. If the SEC can overturn the Programmatic Sales of XRP ruling, XRP would fall under the purview of the SEC. Furthermore, the SEC could use a successful appeal to tighten its case against Coinbase (COIN).

SEC vs. Coinbase: Motion for Interlocutory Appeal

There is also a pending ruling in the ongoing SEC vs. Coinbase case. In April, Coinbase filed a Coinbase Motion for Interlocutory Appeal on a controlling question of whether an investment contract requires something contractual.

Coinbase filed a Motion for Interlocutory Appeal rather than wait until the end of the case to appeal against the court ruling, denying, in large part, the Coinbase Motion to Dismiss (MTD).

Coinbase filed a Motion to Dismiss in August, arguing the SEC lacked the statutory authority to regulate crypto exchanges. The outcome of the Coinbase case could have more significant implications for the US digital asset space.

XRP Price Action

XRPUSD 310524 Weekly Chart

Daily Chart

XRP remained below the 50-day and 200-day EMAs, affirming the bearish price signals.

An XRP break above the 50-day EMA would support a move toward the 200-day EMA. A breakout from the 200-day EMA could give the bulls a run at the $0.5739 resistance level.

SEC vs. Ripple and Coinbase case-related updates need consideration.

Conversely, an XRP fall through the trend lines could signal a drop to the $0.48 handle.

The 14-day RSI reading, 46.42, indicates an XRP fall to the $0.48 handle before entering oversold territory.

XRPUSD 310524 Daily Chart

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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