Coin Edition -
- XRP met resistance around $0.55 amid expectations of another round of litigation.
- The XRP pullback coincided with Ripple’s filing to oppose the SEC’s remedies proposal.
- Fred Rispoli thinks Ripple is in a great position to win the ongoing lawsuit against the SEC.
XRP met resistance around $0.55 amid expectations of another round of litigation between Ripple and the U.S. Securities and Exchange Commission (SEC). The top altcoin failed to overcome the $0.55 barrier on Tuesday despite showing significant momentum the day before.
Tuesday’s pullback coincided with Ripple’s filing to oppose the SEC’s remedies proposal for the firm to pay $2 billion in fines regarding the protracted legal battle between them. Ripple argued that the SEC had no basis for such a request, citing the commission’s lack of allegations or findings of recklessness or fraud against it.
Following the development, several crypto users suspect Ripple’s opposition filing could trigger another round of litigation between the pair. One such user, a crypto industry attorney, Fred Rispoli, noted that Ripple is in “a great position” to win the lawsuit. However, he observed that there are “ominous signs.”
In his post on X, Rispoli noted that Ripple told the Court that if the SEC wants to sue on the new contracts, it needs to bring a new enforcement action. He highlighted the possibility of the Judge penalizing the SEC, dissuading them from a repeat enforcement action.
Bad news: The parties are teeing up (or posturing on) "Round 2." Ripple tells Court if SEC wants to sue on the new contracts, it needs to bring a new enforcement action (p16). SEC getting hammered with a low penalty will help in dissuading a repeat enforcement action. 5/8— Fred Rispoli (@freddyriz) April 23, 2024
Despite the ongoing legal battle, on-chain metrics suggest increasing confidence among XRP investors. One such metric is data from Santiment showing that the number of wallets holding between 1 and 1 million XRP tokens is nearing all-time highs (ATH). This category of wallets represents small-volume wallets typically owned by retail investors. The increasing retail investor population for XRP suggests a growing confidence among market participants.
XRP traded for $0.54513 at the time of writing after pulling back 2.82% on Tuesday after Ripple’s remedies opposition filing, according to data from TradingView.
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