XRP price wavers as an update in the SEC lawsuit places Ripple at a crossroads

According to attorneys who closely followed the lawsuit between the U.S. Securities and Exchange Commission (SEC), James K. Filan, it seems the agency has taken Ripple to a crossroads. And this comes as XRP price hovers at $0.763, down 10% over the past sevens days.

xrp-price-wavers-as-an-update-in-the-sec-lawsuit-places-ripple-at-a-crossroads

XRP/USD 4-hour chart | Source: TradingView

XRP price wavers as an update in SEC lawsuit puts Ripple at crossroads

A recent update in the lawsuit shows that the SEC has filed a Letter of Supplemental Authority supporting its proposal to protect Ripple’s fair notification, based on the ruling from the case with similar fair notice arguments.

According to Attorney Jeremy Hogan, who previously predicted the end of the case with the SEC in April 2022, the SEC has a burden to respond because it is trying to counter the firm protections of fair notice. He noted in a tweet that the precedent set in the SEC and Fife case is radically different from the ongoing Ripple-SEC case.

Last year, in late December in the SEC v Fife case, a court ruling dismissed the defendants’ offer of the “Fair Notice” argument to dismiss the case.

In a premature, the Southern District of New York Federal District Court of the United States released transcripts of July 15, 2021, phone conference before Judge Netburn. The motion of the SEC suppressing the Hinman deposition is debated.

Reportedly, expert discovery is expected to end on January 14, with the last expert deposition on January 19. This unexpected move from the SEC seems likely to come earlier than with the itinerary of events.

XRP entered a triangle range shortly after hitting a high of $1.34 on Nov. 10. Although it posted a late-2021 recovery, it failed to close above the daily highs. December 23 is $1.01. At the time of publication, XRP is sitting at $0.76.

xrp-price-wavers-as-an-update-in-the-sec-lawsuit-places-ripple-at-a-crossroads

XRP/USD chart | Source: TradingView

A bullish reversal from this point could generate a 44% gain, taking the eighth-largest cryptocurrency above the $1.10 mark. XRP could then move towards a retest of the $1.41 high. Alternatively, if the bulls speculate, the $0.70 level remains the immediate support. While a negative moving average crossover may seek to undermine the bulls, the good news is that previous XRP “death crosses” have signaled a significant bottom or average.

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