Ripple vs. SEC‘s Ongoing Battle Has Grown More Complex With New Trends in the Case

Bitnomial Exchange, supported by Ripple Labs, has faced more courtroom sessions. This happened after the Bitnomial exchange was included in the latest lawsuit against the SEC.

The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has taken a new turn, with Bitnomial Exchange, a crypto derivatives exchange backed by Ripple, facing additional courtroom sessions.

This development comes after Bitnomial Exchange was included in the latest lawsuit against the SEC, in which the company alleges that XRP futures are “security futures.”

As the lawsuit progresses, XRP price has exhibited roller coaster movements and is seen hovering around the 200-day EMA level. Investors are keeping a close watch on the case, as it may further determine the status of XRP ahead.

The SEC has been known to take a strong stance against XRP and entities associated with the token. However, this case is set to expand on that enforcement trend.

Some speculate that the agency's actions are intended to hinder Ripple's growth. The company, on the other hand, seems optimistic; it has filed a cross-appeal to the SEC's allegations, suggesting that they are prepared to defend themselves.

Ripple CLO stated in one of his tweets:

“Today, Ripple filed a cross-appeal to ensure nothing’s left on the table, including the argument that there can’t be an ‘investment contract’ without essential rights and obligations found in a contract.”

XRP Futures Classification Dispute: Bitnomial Takes On the SEC

Following the agency's decision to categorize XRP futures as security futures, Bitnomial Exchange stepped in to challenge the SEC.

Despite this legal entanglement, Bitnomial continues to operate and has recently launched a new perpetual futures platform known as Botanical.

Ripple's CEO, Brad Garlinghouse, joined Bitnomial's board after the firm raised $25 Million in funding to facilitate closer integration. Critics have argued that the SEC is targeting Bitnomial in an attempt to slow down Ripple's progress.

Ripple's Legal Battle: A Turning Point for the Crypto Market?

Having a stake in Bitnomial has allowed Ripple to spearhead discussions on the SEC's regulatory objectives regarding XRP-related companies.

However, Ripple's cross-appeal demonstrates that the firm is preparing for further legal battles with the SEC.

The Ripple vs. SEC case is still unfolding and provides a glimmer of hope for Ripple's executives, including its Chief Legal Officer, who himself wrote about the development.

In the meantime, Ripple continues to advance with its intended plans, which include launching RLUSD as its stablecoin and forging new partnerships.

The legal troubles are still evident; however, the company has shown resilience and a willingness to reinvent itself.

XRP Price Hovers Around 200 Day EMA: What's Next?

After a substantial price correction of over 20% during the last week of September, XRP price remained volatile as the token attempted to recover gains but faced the 200-day EMA hurdle.

At press time, XRP price was trading around $0.5579, showing an intraday rise of over 2.30%.

The price action signaled choppy movements and a lack of clear direction. It remained weak until the XRP coin price crossed the $0.5800.

However, a fresh bearish wave could be seen once the XRP price breaks below the $0.5000 mark.

The immediate support zones for XRP were $0.5200 and $0.5000, while the upside barriers were $0.5800 and $0.6000.

The traders should be keeping an eye on the upcoming price movements of XRP as it might determine the further trend.

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don't establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.