Ripple’s XRP is currently trading at $0.6025, marking a 4% decrease on Saturday. This dip follows the ongoing legal battle between Ripple and the SEC, as Ripple’s General Counsel suggests the SEC is losing ground. Meanwhile, Fidelity has filed with the SEC to launch a spot Ethereum ETF, joining BlackRock’s efforts and intensifying competition in the cryptocurrency investment sector.
Stuart Alderoty, Ripple’s Chief Legal Officer, criticized the SEC for its recent courtroom defeats, such as Grayscale’s August court victory where a federal judge termed the SEC’s actions “arbitrary and capricious.” Ripple scored a significant win in July when a judge ruled XRP was not a security by itself. Further, in October, charges against Ripple executives Brad Garlinghouse and Chris Larsen were dropped.
John Deaton, founder of CryptoLaw, believes Ripple’s penalties might be reduced based on the Supreme Court’s Morrison ruling, which doesn’t apply to sales outside the US. These legal victories could boost market confidence in XRP, potentially reflecting in its value, though XRP’s current downturn is largely attributed to the broader negative market sentiment.
The market has responded positively to Fidelity’s and BlackRock’s developments, though XRP has not benefited from this trend. Chart analysis shows a downward channel that constrains XRP’s upward potential, making it challenging for the currency to breach the pivot point of $0.6203. The overall market trend for