{"id":26591,"date":"2023-07-15T14:56:36","date_gmt":"2023-07-15T17:56:36","guid":{"rendered":"https:\/\/tiproject.online\/index.php\/2023\/07\/15\/xrp-eyes-0-75-to-target-a-return-to-0-80-on-relistings\/"},"modified":"2023-07-15T14:56:36","modified_gmt":"2023-07-15T17:56:36","slug":"xrp-eyes-0-75-to-target-a-return-to-0-80-on-relistings","status":"publish","type":"post","link":"https:\/\/tiproject.online\/index.php\/2023\/07\/15\/xrp-eyes-0-75-to-target-a-return-to-0-80-on-relistings\/","title":{"rendered":"XRP Eyes $0.75 to Target a Return to $0.80 on Relistings"},"content":{"rendered":"

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XRPUSD 150723 4 Hourly Chart<\/figcaption>

SEC v Ripple Case Dust Settles and Sends XRP to Sub-$0.70 Levels<\/h2>\n

On Friday, investors considered Judge Torres\u2019s ruling on the SEC v Ripple<\/a> case in greater detail.<\/p>\n

While ruling that XRP is not a security supported the breakout Thursday session, uncertainty surrounding the sale of XRP to institutional investors and XRP sales to ODL users led to the Friday pullback.<\/p>\n

A ruling that ODL-related sales breach securities laws could impact US business. Ironically, Ripple would need to register with the SEC to continue offering the remittance business in the US that competes with traditional financial institutions.<\/p>\n

Judge Torres grouped institutional investors with ODL users despite ODL users holding XRP for seconds and solely for remittance purposes. However, Ripple has been growing its business overseas because of the SEC v Ripple case, which should limit the impact of such a ruling on the Ripple business.<\/p>\n

Ripple CTO David Schwartz had this to say<\/a>,<\/p>\n

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\u201cWe\u2019re still figuring this out. We don\u2019t currently have ODL-related sales with a US nexus, and not being able to do so is not really a huge deal. We can still do ODL in the US, as long as XRP is never sourced from Ripple.\u201d<\/p>\n<\/blockquote>\n

Looking beyond Ripple, the Court ruling should force US lawmakers to react to the Court ruling and SEC Chair Gary Genslar\u2019s sweeping statements that all cryptos (except BTC) are securities.<\/p>\n

Ripple CEO Brad Garlinghouse called on Congress to react, saying<\/a>,<\/p>\n

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\u201cHoping yesterday\u2019s decision is the wake-up call that Congress needs. This ruling directly undercuts the SEC\u2019s claims that nearly all tokens are inherently securities \u2013 likely to set a positive precedent for other digital tokens in the US.\u201d<\/p>\n<\/blockquote>\n

The Day Ahead<\/h2>\n

We expect the SEC v Ripple Court ruling to remain the focal point this weekend. While the implications of the Court rulings are favorable for the broader crypto market, there is the threat of the SEC appealing the decision considering the Court ruled against Ripple vis-\u00e0-vis institutional sales.<\/p>\n

However, US lawmakers could deliver support. A call from both sides of the Aisle to review the SEC\u2019s role in regulating the digital asset space would be a step in the right direction.<\/p>\n

SEC Chair Gary Gensler\u2019s Twitter account has remained silent about the Court rulings. An end to regulation by enforcement would be a start for the US crypto market.<\/p>\n<\/div>\n