The legal battle between Ripple (XRP) and the U.S. Securities and Exchange Commission (SEC) has intensified, with new developments shaping the case. Ripple-supported Bitnomial Exchange faces more courtroom time after being named in a new lawsuit against the SEC, asserting that XRP futures were ‘security futures.’
The SEC is coming down hard on XRP and anyone connected to that token, but this case will further tap that trend of aggressive enforcement. Ripple’s continued support of companies like Bitnomial questions the SEC’s motives.
Many believe the agency’s action is likely killing Ripple’s growth. The Company, however, is optimistic, filing a cross-appeal challenge to the SEC’s assertions and indicating it’s ready to fight on.
– Advertisement –
Bitnomial Battles SEC Over XRP Futures Classification
Bitnomial Exchange legally fought the SEC after the agency deemed XRP futures as ‘security futures’. Despite that, Bitnomial marches on with plans for a new perpetual futures platform dubbed Botanical.
As part of its even closer alignment with the exchange, Ripple CEO Brad Garlinghouse has joined Bitnomial’s board following the company’s funding of $25 million. Critics claim that the SEC’s scrutiny of Bitnomial has been a calculated move to hinder progress.
Bill Morgan, the pro-XRP lawyer, speculates that the SEC’s aggressive attack is an effort to disrupt Ripple and its business partners. Bitnomial’s legal troubles complicate things further for the crypto company.
Ripple’s Legal Battle Could Reshape Crypto Market
Ripple’s involvement in Bitnomial has intensified discussions about the SEC’s broader goals in targeting XRP-related companies. The appeal of the Ripple case and attack on Bitnomial indicate coordinated action against Ripple’s increasing presence.
However, Ripple’s cross-appeal reveals that the firm is set to stand its ground and fight back against the SEC’s claims. The case’s progress remains a source of optimism for Ripple’s leadership, such as its Chief Legal Officer, who commented on it himself.
It remains to be seen how Ripple continues to fund and support Bitnomial as a strategic operation to defend XRP’s legitimacy. This raises the bar for the muddling complexities of a legal battle between Ripple and its related businesses.
The Ripple vs. SEC case is ongoing and could have far-reaching consequences for the blockchain and cryptocurrency market, XRP, and its partnering companies. Grayscale’s decision to switch its XRP Trust to an exchange-traded fund (ETF) indicates that the market trusts Ripple’s longer-term prospects. The market also recently became interested in Ripple’s RLUSD stablecoin updates.
Break Above $0.5600 Could Push XRP Price Higher
After a steep downward move, the 4-hour XRP/USD chart forms a flag pattern that suggests a continuation pattern. A large price drop could accompany a break of this flag pattern to the downside. Support for $0.5255 is the key here, breaking below, which puts a fall down to $0.4000 in play.
However, if the flag’s resistance at $0.5600 is broken on the upside, this bearish setup will be invalidated, with targets to the next psychological level of $0.6000.
MACD shows a slightly bullish crossover as the MACD line is attempting to move above the signal line, implying short-term bullish momentum.
However, the lack of strong histogram bars suggests that momentum is weak. Moreover, the RSI (Relative Strength Index) is slightly above 50, signaling neutral conditions.
