XRP price has shown a strong reaction after the (fake) news of the alleged sale of 9,800 BTC by the US government and the subsequent sell-off across the crypto market, staying above the key support. However, XRP investors have yet another damper to digest today.
Ripple CEO Brad Garlinghouse said during the Dubai Fintech Summit that he expects a ruling in the legal battle with the U.S. Securities and Exchange Commission (SEC) by the end of the third quarter of 2023. In a previous statement in January at the World Economic Forum, Garlinghouse still expressed his optimism that a ruling will come in the first half of 2023 (by the end of the second quarter).
Ripple CEO Lowers His Expectations For A Verdict
During the interview at the Dubai Fintech Summit, the Ripple CEO emphasized the protracted nature of the legal battle with the SEC, stressing that the case has been ongoing for two and a half years. While this is a long time, Garlinghouse pointed to a silver lining:
So it has certainly been frustrating and slow, But the good news is we are at the end of that journey. While others in the crypto might be beginning their journey, the silver lining is that Ripple is now at the end.
Furthermore, Garlinghouse revealed that he “expects a resolution in the next two or six months.” The Ripple CEO conceded Judge Analisa Torres has additional deliberation time, as she has extensive information to process and make a decision based on it.
Ultimately, Garlinghouse indicated that, like everyone else, he can only guess how long Judge will need to make her decision:
A federal judge can operate on whatever timeline, in this case, she would like, but I am optimistic we can see a resolution, I believe, before the end of Q3.
XRP Price Holds Key Support
The XRP price is following the current market sentiment today and is slightly in the red today, down -0.34% over the last 24 hours. At press time, XRP was trading at $0.4253, holding above key support at $0.4131.
The support is key because a break to the downside would knock the XRP price back down the trading range from early November 2022 to mid-March 2023. XRP had spent over four months in this trading range before an impulsive move higher on March 21. If XRP closes below $0.4131 on the 1-day chart, it would be an extremely bearish signal.
On the upside, XRP first faces the 200-day Exponential Moving Average (EMA) at $0.4353 again. The indicator is often referred to as the “bull boundary” and is accordingly of great importance to subsequently break through resistance at $0.4402 and regaining bullish momentum.
Featured image from iStock, chart from TradingView.com
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