- SEC v. Ripple Lawsuit Judge Annalisa Torres recently ruled in favor of Ripple compiling documents filed in connection with Daubert’s allegations.
- Ripple protects the sensitive business interests and third-party privacy of the money transfer network, earning a small win in court.
- The outlook for XRP price this week is bearish as the altcoin breaks below its 50-day exponential moving average and approaches weekly lows.
The SEC v. Ripple lawsuit has been dragged on with a small win in favor of the remittance giant. Judge Annalisa Torres ruled in favor of payments giant Ripple, allowing the company to redact documents filed in connection with the Dovert motion.
This motion is of a special kind and is used to exclude the testimony of experts who do not possess the required level of expertise.
Also read: 2023 XRP Price Prediction: Ripple Prepares For A Brighter Future If It Wins Legal Fight With SEC
SEC v. Ripple Lawsuit Takes a Step in Remittance Network’s Favor
The SEC v. Ripple lawsuit is one of the most closely scrutinized legal battles in the crypto ecosystem. The lawsuit has followed him nearly two years since the US financial regulator, the Securities and Exchange Commission (SEC), indicted Ripple and its executives.
There is no end in sight as both parties file a joint motion for an extension of time to January 13 and file a Daubert motion and accompanying redacted evidence. The latest update to the legal battle favors the payments giant, with Judge Analisa Torres urging her to protect the privacy of the third parties involved and their businesses and to redact the documents filed for Daubert’s allegations. Allowed by the company.
The XRP community has been keeping an eye on a lawsuit seeking a small win in favor of the cross-border money transfer company, one of the largest public holders of the third-largest altcoin. While the XRP community remains bullish on altcoins, large wallet investors continue to accumulate.
Data from crypto intelligence tracker Santiment reveals a spike in the number of XRP-bearing shark and whale addresses. Accumulation is trending upward despite the ups and downs of lawsuits filed by US financial regulators.
Addresses holding 1-10 million XRP
XRP addresses holding 1-10 million tokens surged from 1,500 in November to 1,614. Altcoin price outlook is bearish this week and bullish for Q1 2023 based on technical indicators.
XRP Price Outlook Is Bearish This Week
Ripple’s attorneys are defending the company against charges brought by the US SEC in a long and difficult battle with financial regulators. Despite the bitterness of the legal battle, big wallet investors continued to scoop up her XRP.
The long-term price outlook for XRP is bullish as altcoins form a falling wedge on the chart. His XRP price this week is trading below the 50-day Exponential Moving Average (EMA). The 50-day EMA at $0.3552 has been acting as resistance for altcoins since W1 in December 2022.
XRP/USDT 4-Hour Price Chart
Altcoins are close to the lower trendline forming a downward wedge, and XRP is likely to find support at the weekly low of $0.3440. If XRP plummets from this level, it could plummet to the monthly low of $0.3160.
It indicates a trend reversal if the XRP Ledger’s native token breaks out of the 50-day EMA and rises towards the upper trendline forming a descending wedge. It may invalidate the price’s bearish thesis.