Harvard Law offers insights on SEC’s Ripple lawsuit defeat amidst XRP value decline

The SEC vs Rippke case has emerged as a pivotal moment in cryptocurrency regulation, not just in the United States but worldwide.
Despite the recent surge of bullish sentiment in the crypto market, the prolonged legal battle between the United States Securities and Exchange Commission (SEC) and Ripple Labs has kept XRP’s price stagnant. While other altcoins have seen gains of over 100 percent in the past two weeks, XRP has only experienced a modest 20 percent increase before facing heavy liquidation on Friday.
According to the latest price data, XRP’s value dropped by around 10 percent in the 24 hours leading up to Friday, bringing it down to approximately 62 cents.
In July of last year, District Judge Analisa Torres delivered a ruling that brought relief to the Ripple global community. The judge stated that XRP sold on centralized exchanges does not qualify as investment contracts and therefore does not violate securities laws. Additionally, the US SEC dropped the charges against Ripple’s top executives, including Brad Garlinghouse.
As previously reported by Crypto News Flash, all eyes are now on March 22, when the SEC is set to issue crucial opening briefs regarding the proposed remedies for XRP. According to defense lawyer James K Filan, Ripple’s opposition brief is due on April 22, 2024, and the SEC’s reply brief is due on May 6, 2024.
The SEC vs Ripple case was recently discussed at the Harvard Law School Forum on Corporate Governance, where experts debated whether digital assets should be considered securities and whether securities laws should apply to cryptocurrencies.
The court’s decision in this case will have a profound impact not only on the price of XRP but also on the entire altcoin industry. A recent study conducted by Consensys revealed that 42 percent of Americans believe that heavy regulation is necessary in the cryptocurrency market to prevent destabilization of traditional financial markets and protect investors.
Despite the challenges posed by the ongoing SEC vs Ripple lawsuit, XRP’s price has managed to break free from a long-term downward trend. Currently, XRP is retesting this breakout and could potentially rally towards $1 in the near future. With a market capitalization of over $62 billion and an average daily trading volume of $4.2 billion, XRP is widely traded in most jurisdictions as a commodity.
From a technical perspective, XRP’s price is expected to find strong support around $0.5758, which aligns with the 78.6 percent Fibonacci retracement level. If Ripple emerges victorious in the upcoming civil trial, XRP’s price could potentially experience a historic breakout, reaching a new all-time high.
Furthermore, the United States market holds significant importance for Ripple and its cross-border payment services.
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