XRP price rallied nearly 100% after Ripple scored a partial victory against the US Securities and Exchange Commission (SEC) in the SEC vs. Ripple laws
It depends on the transaction, according to a court ruling released on July 14:For retail investors who bought the token via programmatic sales on exchanges, on-demand liquidity services and other platforms, XRP is not a security.The United States Securities & Exchange Commission accused Ripple and its executives of raising more than $1.3 billion through an unregistered asset offering of the XRP token.
Ripple gets a big win over the fact that programmatic sales aren’t considered securities, and this could bode well for the broader crypto sector as most of the assets eyed by the SEC’s crackdown are handled by decentralized entities that sold their tokens mostly to retail investors via exchange platforms, experts say.
While defendants can use parts of Ripple’s ruling in their favor, the SEC can also find reasons in it to keep its current strategy of regulation by enforcement.The court decision is a partial summary judgment. The ruling can be appealed once a final judgment is issued or if the judge allows it before then. The case is in a pretrial phase, in which both Ripple and the SEC still have the chance to settle.
The ongoing pattern for Ripple stretches from late December 2021 to date. The left shoulder was formed in February 2022, and the head in June 2022. The right shoulder is yet to form, which would likely push XRP price down by another 11% to tag the $0.548 and $0.532 levels. A subsequent bounce from these levels could propel the remittance token anywhere between 35% to 40% to reach the neckline.
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