John Deaton, the founder of CryptoLaw and a lawyer defending XRP investors in the Ripple-SEC dispute, slammed the US Securities and Change Fee (SEC) for its conflicting claims in its defense of the ongoing Ripple lawsuit. Deaton pointed out that the SEC first claimed that Ripple was a “frequent enterprise.”
Nonetheless, Ripple forced the SEC to declare that XRP holders do not get any interest in the company just by proudly possessing XRP tokens. As a result, the SEC changed its approach and claimed that the whole XRP ecosystem, including all XRP holders worldwide, all exchanges that offer XRP, and any distributors or organizations accepting XRP as payment, formed the same enterprise.
Deaton went on to criticize the SEC for relying on an expert witness who stated that all XRP holders were reliant on Ripple to back up its overly inflated allegation. Fortunately, the judge excluded this knowledgeable witness, giving some encouraging news.
Nonetheless, rather than acknowledging defeat, the SEC amended its common enterprise notion once more, rejecting its previous arguments and embracing a fresh new model that portrays XRP itself as the common enterprise. Deaton describes this behavior as “schizophrenic defense,” signifying inconsistency and instability in the SEC’s tactics.
XRP’s Current Market Position
According to CoinMarketCap, XRP (XRP) is the sixth most valuable cryptocurrency by market cap. It had a 1.08% decrease in value over the last 24 hours, bringing its value all the way down to $0.4252 at press time. This increased its total market capitalization to around $22.045 billion.
Furthermore, during the last 24 hours, XRP has lost ground against the crypto market giants Bitcoin (BTC) and Ethereum (ETH). At the time of publication, XRP was down 0.18% vs BTC and 0.22% against ETH. As a result, 1 XRP was worth 0.0000157 BTC and 0.0002348 ETH.
Technical Overview of XRP
Over the preceding week, the value of XRP has been consolidating between $0.4216 and $0.4301. Last Friday, the remittance token’s worth attempted to break out of the channel and reached a high of $0.4446 before plummeting all the way down to $0.4239.
On its 4-hour chart, the cryptocurrency was trading bearishly beneath the 9 and 20 EMA traces, indicating that it will drop below $0.4216 within the next 24-48 hours. The 4-hour chart’s RSI indicator corroborated this bearish thesis, with the RSI line buying and selling below the RSI SMA line.
Before buyers and merchants may consider entering a short-term long position for XRP, it must first cross the previously indicated $0.4301 threshold. Merchants looking for the next impending demand for food may attempt to enter a long position as soon as XRP’s value closes a 4-hour candle above the 9 and 20 EMA traces.
It may be too late for XRP to establish a short position if it bounces off the bottom of the current consolidation channel around $0.4216. If this does not happen, XRP’s value will fall into the demand zone between $0.4145 and $0.4216, where it is likely to bounce and break above $0.4216 once more.
