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Investing.com – The US Securities and Exchange Commission’s (SEC) lawsuit against fintech will have a ripple effect across the industry.
One would therefore have expected that Ripple would have broad support from the entire industry, but this has not been the case. Rather, it seems that the company is alone in fighting for the future of the entire industry.
However, the situation could change somewhat, as the global organization Chamber of Digital Commerce will take part in the process.
In a request filed by both parties to settle the sealing issues in the context of the expedited procedure request, the Chamber of Digital Commerce is already named as amicus.
Lawyer Jeremy Hogan expects the organization to make a similar case to that used in the Telegram case. This would mean that some sales of XRP could fall under securities law, while the token itself is not a security in nature.
Ripple price technical benchmarks
The is currently up 0.17% at a price of $0.3556, while the weekly gain is almost 10%.
XRP/USD rebounded from its low at the 78.6 percent retracement area of $0.3135, but the upside move met resistance at the 38.2 percent Fibo retracement of $0.3135. $0.3626.
The ensuing correction led to a test of the $0.3483 50 percent Fibo retracement support. If the support is broken at the daily close, expect a move back towards the 61.8 percent Fibo retracement of $0.3339.
Only if the bulls manage to sustainably break above the 38.2% Fibo retracement will a further rally towards the 23.6% Fibo retracement of $0.3803 be possible.
By Marco Oehrl