Quick overview

Live XRP/USD Chart

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XRP is trading below $2.2,  about 30 cents below the mid-tier Bollinger Band. Prices above $2.5,  essential for any attempts to return to the early 2025 highs, have been absent from XRP for 16 days.

 

A District Judge rejected the US Securities and Exchange Commission’s (SEC) and Ripple’s request for an indicative ruling following the positive Ripple vs. decision in an SEC case. , causing the token to drop roughly 10% in just one week.

, Judge Analisa Torres pointed out that it would be difficult to close the ripple resolution if the case were sent back to the District Court. In addition to a statement from the Southern District of New York Judge, the SEC vs. Ripple case today experienced another setback.

The company that issues the XRP Ledger and the XRP coin, Ripple, has written an additional letter to the SEC requesting clarification on what constitutes a security and when a digital asset is no longer eligible to be classified as such.

Although the 1946 Howey Test is typically used for these evaluations, the antiquated approach may overlook crucial elements for decentralization and dApp capability.

Additionally, the SEC will take an extra two months to decide whether to approve Bitwise’s submission of a mixed crypto ETF. Specifically, the prices of Ripple (XRP), Bitcoin (BTC), Solana (SOL), Ethereum (ETH), and Cardano (ADA) on spot markets make up the Bitwise 10 Crypto Index Fund.