© Reuters
Investing.com – The lawsuit filed by the US Securities Commission (SEC) against could end this month. The company’s chief legal officer, Stuart Alderoty, expects the court to issue an interim judgment by the end of the month.
Both the SEC and Ripple had filed motions for summary judgment for this litigation that has been going on for more than two years, following which Judge Torres is expected to decide, based on the available evidence, whether or not XRP is a security.
Ripple CEO Brad Garlinghouse let it be known that the week would not be good for the SEC, which has already suffered several setbacks.
The SEC and Ripple had requested the removal of expert testimony. Judge Torres’ decision on the Daubert motions has detracted from the authority’s arguments about why XRP should be a security.
Statements by SEC experts on what an XRP buyer expects and how XRP is priced are removed and no longer play a role in decision-making. At the same time, statements by Ripple experts on the difference between Ripple contracts and the Howey test, the tax treatment of XRP, the accounting valuation of XRP and the valuation of XRP by currency experts are still part of the proceedings.
In addition, the SEC tried to prevent Binance.US from making a bid for Voyager Assets through a legal remedy, which was rejected by the court. Added to this is Grayscale’s complaint against the SEC, which concerns the authority’s rejection of the request to transform the Grayscale Trust into a Bitcoin Spot ETF. According to the SEC, there is a big difference in safeguards for ETFs based on the futures market or the spot market. The court declined to follow that reasoning, bolstering Grayscale’s position, as Reuters reported.
Ripple technical course markers
Ripple is up 1.98% today at a price of $0.3769, while the weekly loss amounts to -1.28%. XRP is thus the only Top20 cryptocurrency to record a daily gain.
On the daily chart, we can see that the 61.8 percent Fibo retracement of $0.3600 again acted as support on March 6 and followed by a rally above the 50 Fibo retracement. percent of $0.3737.
The door is therefore open for a test of the 38.2% Fibo retracement of $0.3875. If this level is breached on the day’s close, the upside move may be extended towards the psychological level of $0.4000 and the 23.6% Fibo retracement of $0.4045.
If the support at the 50 percent Fibo retracement of $0.3737 fails to withstand the downside pressure on the daily close, expect a retest of the 61.8 percent Fibo retracement.
By Marco Oehrl