The cryptocurrency world has been witnessing a legal tug of war revolving around Ripple’s XRP token for a long time. July went down in history as an important turning point for this case. On July 13, 2023, Judge Analisa Torres of the Southern District of New York District Court, a federal court in the United States, ruled that XRP sales by Ripple Labs in secondary markets were not sales of securities.
This provision meant that sales of XRP to retail investors would not have to be regulated by the Securities and Exchange Commission (SEC). The decision was seen as a major victory for Ripple Labs and altcoin advocates.
However, the SEC quickly took steps to appeal the decision. In early September, the SEC filed an application to appeal Judge Torres’ decision. However, the final development on October 3, 2023 was that the SEC’s interlocutory appeal was denied.
A widely followed crypto analyst expressed bullish expectations for XRP following the latest development. brought. The analyst, who goes by the pseudonym Credible Crypto, said that in the current tight liquidity conditions, XRP must overcome the $0.60 resistance level to start an uptrend.
“If we get through this, we will fly. We’re being rejected at that level, and that means we’re not ready yet, primarily due to the lack of liquidity in the space right now. However, this is great news (rejection of SEC attempt to appeal) that makes me even more excited for XRP as new money begins to flow into this space… It has also increased my long-term belief in XRP.”
The analyst, who examines Bitcoin (BTC) other than the popular altcoin, thinks that the $ 24,800 support level will work in a possible correction. On the other hand, Credible Crypto says that the leading altcoin Ethereum (ETH) is in a bearish trend.
“On the other hand, I wouldn’t be surprised if ETH breaks a new local low as the lower demand area has already been tested and will likely lead to another test. We also have an inefficiency just below the lower range, and just below that is a more significant demand zone.
“While BTC maintains a higher low above $24,800, ETH making another local bottom is a testament to my idea of weakness that I expect in most altcoins and ETH/BTC as BTC dominance rises to new highs.”
While Bitcoin is trading at $27,422 at press time, the leading altcoin ETH is changing hands at $1,637.
You can follow the current price movement here.