Daily digest market movers: Ripple traders await ruling in lawsuit, RLUSD launch
- The SEC alleges that Ripple sold unregistered securities (XRP tokens) to institutional investors and asked the court for over $2 billion in penalties. In a development in May 2024, the SEC quoted $102.6 million.
- Ripple filed a letter of supplemental authority, citing the Binance lawsuit, where Judge Analisa Torres’ ruling was considered as precedent. The ruling of Judge Amy Berman Jackson cemented the status of XRP as not a security in secondary market sales, meaning sales on exchange platforms.
- SEC filed its response to the supplemental authority letter. With both filings in, Ripple traders are awaiting a ruling in the lawsuit.
- Pro-crypto attorney Fred Rispoli says the ruling is expected as early as Saturday, July 13, or by July 31, 2024.
- The lawsuit has been a key market mover for the altcoin since the legal battle commenced.
- Alongside lawsuit developments, on-chain metrics have influenced XRP traders’ sentiment and the asset’s price in the past.
- Santiment data shows a large spike in active addresses in XRP on July 10; over 27,000 addresses were active on the XRP Ledger. This supports a bullish thesis for the altcoin, signaling rising demand and relevance among market participants.
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