As the legal battle between blockchain firm Ripple and the Securities and Exchange Commission (SEC) rages on, uncertainty looms within the crypto community over the outcome and its potential implications for the industry.
A key question on everyone’s mind is when Judge Annalisa Torres will issue a summary judgment in the high-profile case.
Ripple recently addressed the potential timing for a summary judgment in its Q1 2023 quarterly report. The company expects a resolution within the year but acknowledges that the court ultimately decides the timeline.
Summary Judgment Date Speculation: May 6th in Focus
Initial predictions suggested that the case could be resolved by the end of Q1 2023.
However, prominent pro-XRP lawyer John Deaton now advises observers to watch for May 6th, as he believes a summary judgment will be delivered on that date. Ripple CEO Brad Garlinghouse also anticipates a resolution in the first half of 2023.
In the quarterly report, Ripple noted that the court has struck two SEC expert opinions from the record, including one regarding the “reasonable expectations of XRP purchasers” and another on determining the cause of XRP price changes.
This development is significant, as it narrows down the issues to be considered in the summary judgment.
Ripple Criticizes SEC’s Regulatory Approach
Ripple has taken aim at the US regulatory approach to the crypto industry, arguing that it focuses on enforcement rather than establishing clear rules.
The company cites examples of enforcement actions, such as the SEC issuing Wells Notices to Coinbase and Paxos, rather than creating regulations.
For context, the SEC sued Ripple and two of its executives, Chris Larsen and Brad Garlinghouse, in December 2020, alleging that they offered unregistered securities in the form of XRP.
The SEC has faced backlash over its lack of clarity regarding what constitutes a security, and the ongoing Ripple case is expected to provide more insight.
Despite repeated inquiries, SEC Chair Gary Gensler has not provided a definitive answer, including on the status of Ethereum (ETH).
Ripple is currently seeking the unsealing of documents related to the Hinman speech, which could reveal how the SEC initially classified digital assets.
Ripple’s Business and On-Chain Metrics Amid Legal Uncertainty
Despite the ongoing legal proceedings, Ripple has continued to demonstrate strong on-chain activity in the first quarter of the year.
Transaction volumes increased by 9% to 116 million, up from 106 million in the previous quarter.
Additionally, decentralized exchange (DEX) volumes surged by 34% to $115 million compared to the prior quarter.
As the Ripple-SEC legal saga unfolds, its impact on XRP’s price remains uncertain. However, Ripple’s resilience in the face of adversity may offer some reassurance to markets – with that said lets dig into XRP price prediction.
Ripple (XRP) Price Analysis
As Ripple (XRP) continues a -21% slide from topside resistance above $0.55, bulls are reeling to find support in the current consolidation zone above $0.45.
With XRP currently trading at $0.46 (24hr change of -0.37%), many are wondering whether double-bottomed support into the highly anticipated summary judgement (tipped for May 6) could ignite a rally back above the MA 20 resistance level.
With steadfast support from the MA 200 holding strong, XRP’s MACD remains sat on the fence.
The RSI, however, has cooled off rapidly during this consolidation period.
With an oversold signal at 43, there is plenty of capacity for price to push up here.
On the upside, XRP is targeting a break back above the MA 20 to push up to the next resistance zone around $0.50 (representing a +8.6% move).
With strong consolidatory footing, downside risk is minimal with feet at $0.45 (a potential -2.25% move).
This leaves XRP with a Risk: Reward ratio of 3.85 – an attractive entry heading into May 6.
However, Ripple remains exposed to unique risk structure due to the impending summary judgement, if things turn sour here XRP could plummet to new lows.
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