- Ripple’s lawsuit was removed from the litigation section of the SEC website.
- Jeremy Hogan said that the case is still present on the actual appellate court website.
- It is unlikely for Acting Chair Mark Uyeda to dismiss the Ripple lawsuit in the absence of Chair Paul Atkins.
The United States Securities and Exchange Commission (SEC) has taken down its lawsuit against the American fintech firm Ripple from its website. This move is stirring up a debate in the crypto community about the agency’s future plans. Some think this could mean a potential victory for the firm; others aren’t so sure.
Jeremy Hogan, a partner at Hogan and Hogan law firm, was asked by a market participant about the missing lawsuit from the SEC website. Hogan first replied that the lawsuit could’ve been moved to a section for “cases on appeal” from the litigation section.
But, he later corrected his statement, since the website doesn’t have a section for appeals. He added that the legal action is still present on the actual appellate court website with no new filings.
The crypto community members on X (formerly Twitter) talked about why the SEC removed one of its biggest cases from its own website. A few people expect the lawsuit to end in a matter of weeks. They point out that pro-crypto Mark Uyeda has been made the Acting Chair of the SEC.
Related: Whale Activity, Buy Signals, and Liquidation Risks: A Closer Look at $XRP, $DOGE, and More
However, it’s important to note that a new SEC Chair would likely not join until later in the year. Industry participants do not see it as likely for an Acting Chair to drop a lawsuit of this size, especially the Ripple case.
XRP Price: What the Charts Say
XRP is currently trading at $3.11. It has jumped a massive 492.05% in the past year and is just 18.96% down from its all-time high of $3.84. As long as the digital asset stays above the $3 mark, the case for the cryptocurrency remains bullish.
Related: Crypto Lawyer Bill Morgan Downplays Bitcoin Maxi vs. XRP Army Spat
The RSI indicator for the XRP price shows a value of 62.10. This means that the bulls remain in control as the demand for the cryptocurrency remains high. The direction of the line suggests that higher prices are likely in the near future.
However, the MACD indicator confirmed a bearish divergence for XRP a few days ago, and the histogram also remains red. A retest of $3 could happen if bulls can’t increase the volumes.
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