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Will Judge Torres Vacate Key Rulings?
While Ripple may be in negotiations with the SEC, James Murphy warned that federal judges are generally reluctant to vacate prior rulings as part of a settlement.
Pro-crypto lawyer Bill Morgan commented on the injunction and the possibility of having it vacated:
“This is complicated as permanent injunctions are sometimes made to protect the public and sometimes just the party seeking the injunction. This injunction against Ripple is the former, so wouldn’t Ripple, even with the SEC’s consent, need to file a motion to set it aside on the ground there has been a change in circumstances.”
Considering US case law, Morgan noted that while Ripple could file a motion, the SEC would need to give consent, which may not be enough to convince Judge Torres to vacate the injunction.
XRP Price Trends: Appeal Strategy and XRP-Spot ETFs in Focus
XRP’s near-term trajectory depends on two crucial factors: the SEC’s appeal strategy and potential XRP-spot ETF approvals. If the SEC withdraws its appeal, the path for XRP-spot ETF approval would be clearer, boosting demand. However, approving ETFs while the appeal remains unresolved could introduce uncertainty.
XRP Price Action
Daily Chart
After February’s 29.3% slump, XRP remains below the 50-day Exponential Moving Average (EMA) while holding above the 200-day. The EMAs send bearish near-term and bullish longer-term price signals.
If XRP breaks above $2.5 and the 50-day EMA, the bulls may target $3 next. A breakout from $3 could support a move toward the January 16 high of $3.3999. Favorable Ripple case-related news may bring the all-time high of $3.5505 into sight.
Conversely, an XRP drop below $2 may enable the bears to target the $1.9299 support level and the February 3 low of $1.7024 next.
With a 14-day Relative Strength Index (RSI) reading of 35.92, XRP may drop to the $1.9299 support level before entering oversold territory (RSI below 30).
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