Investing.com – The community has been waiting weeks for Judge Analisa Torres to issue her decision on summary judgment in the US Securities and Exchange Commission’s (SEC) lawsuit to determine whether XRP is a security.
Originally, it was expected that the judge would clarify the situation before the end of March. But it is now early April and nervousness is growing within the community.
Attorney John E. Deaton said patience is needed. He can understand that Judge Torres is taking her time, because her decision will have important consequences. Deaton even goes so far as to say that the judge has to make the most important decision of her career so far.
“I seriously doubt Judge Torres has ever felt pressure like the one she is currently under. Ripple reports: Hey Judge, look what the judge said in the Voyager case, look what the Supreme Court said on the Fair Notice, look at the behavior of the SEC, look at Binance, look at the CFTC”.
The judge is aware that if she issues a decision against Ripple, the company will challenge the case in a higher court. If it makes a decision against the SEC, it needs a statement that sets precedent and that the regulator is happy with.
According to Daeton, the scope of the decision increases with each passing day.
The Ripple ODL network continues to expand
Meanwhile, Ripple President Monica Long announced that the On Demand Liquidity (ODL) technology-based payment network is becoming increasingly popular. In 2022, Mexican crypto standard Bitso was able to process payments worth $3.3 billion between Mexico and the United States via ODL, and the trend is on the rise.
The real advantage is that cross-border payments are not only much cheaper than through traditional channels, but the sum of money is also available at the recipient in the currency of the relevant account immediately after the transfer order .
Ripple Technical Price Marks
Today, Ripple is up 4.75% with a price of $0.5202, while the weekly loss amounts to -9.54%.
The cryptocurrency has been testing the support of the 38.2 percent Fibo retracement of $0.4925 for the past two days, but a daily closing price below this level was avoided.
Today’s positive momentum has already led up to the 23.6% Fibo retracement of $0.5267. If we manage to exceed it durably, the attention will turn to the high of March 29, which is at 0.5820 dollar.
Only if the support at the 38.2% Fibo retracement cannot be held at the daily close should an extension of the downside correction be expected towards the 50% Fibo retracement of 0.4649 dollar.
By Marco Oehrl