XRP programmatic sales ruling was a key milestone that marked Ripple’s partial victory in the Securities and Exchange Commission (SEC) lawsuit. A development in the SEC’s lawsuit against Coinbase has rejected the ruling and is likely to have a significant impact on the regulator’s legal battle with Ripple.
Notably, the judge completely rejects Judge Torres logic in the Ripple decision that secondary sales can’t be investment contracts because the purchaser doesn’t know who they are buying from. From the ruling:
— John Reed Stark (@JohnReedStark) March 28, 2024
“Contrary to Defendants’ assertion, whether a particular transaction… https://t.co/osVBxKmF1B
XRP price is consolidating within the $0.65 (50% Fibonacci placeholder of the decline from March 11 peak of $0.7440 and March 20 low of $0.56) and $0.56. The declining Relative Strength Index (RSI) demonstrates a decline in momentum.
The red bars below the zero line on the Moving Average Convergence Divergence (MACD) indicator signal a negative momentum has crept in XRP price and a candlestick close below $0.60, a psychologically important level, could be the nail in the coffin. XRP price could sweep the March 20 low and collect liquidity before a rebound in its price.
XRP/USDT 1-day chart
On the upside, a daily candlestick close above $0.63 or the 61.8% Fibonacci retracement level, could invalidate the bearish thesis and promote gains in XRP price. The altcoin could target the year-to-date peak of $0.7440 in its uptrend and face resistance at $0.65 and $0.67, its 50% and 38.2% Fibonacci placeholders.
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.