Ripple vs SEC case is getting extended every new day as SEC remains to be ambiguous when it comes to the lawsuit. Recently, one of the biggest XRP holders and co-founders Jed McCaleb accomplished hid task of getting rid of all 9 billion XRP that he received as compensation. As per the reports Jed earned nearly $3 billion and more than 700 Bitcoin in total since 2014.
While the SEC earlier wanted each video of the company’s discussion, why did they royally ignore the gains of McCaleb?
John E Deaton who represents the XRP community in the court of law recently pointed out that if SEC believes XRP is a security and anyone selling violates section 5 of the Securities Act, then why was Jed McCaleb left apart?
However, SEC has been constantly failing to prove XRP as security and hence offers no clarity nowadays. Therefore, many experts believe the lawsuit may reach its destination at the earliest when the decision may be in favour of the company. And this may significantly impact the XRP price in the coming days.
XRP Price Analysis
Bitcoin price in the early trading hours climbed close to $24,000, escorting the Ethereum price above $1500. While a bullish trend has been laid all over the crypto space, the XRP price fails to hold a tight grip over the rally. The asset still remains heavily consolidated below $0.4, constantly failing to ignite a strong upswing.
The XRP price despite failing to gain extensive bullish momentum breaks above the descending channel. The price currently appears to be pretty bullish but the bears are also poised to drag the price lower and hence a tough brawl with the bulls is witnessed at the moment.
While the bearish pressure appears to have mounted compared to that of buying, the bulls are expected to get exhausted at the earliest. Therefore a slight pullback may be expected in the coming days, again within the channel.