After winning a court battle with LBRY Inc., US financial regulator Securities and Exchange Commission declared the token LBC a security. After both sides submitted reply papers in their lawsuit against the SEC, payment giant Ripple awaited the result.
What do experts think?
According to analysts, the asset is forming a triple bottom pattern at $0.45, who claim that the XRP price (1) outlook is still gloomy. After a New Hampshire judge ruled that LBRY Inc. is unregistered security, the US regulator Securities and Exchange Commission (SEC) was successful in its action against the company, marking a significant victory for the regulator. The payment industry behemoth Ripple, embroiled in a similar issue with the SEC, may be doomed as an S SEC successfully sued LBRY Inc.
The Securities and Exchange Commission (SEC) (2), a US financial regulator, has prevailed in a court case against LBRY Inc. LBC token, deemed unregistered security by a New Hampshire federal court that decided in favor of the US SEC. The ruling rocked the whole bitcoin market.
The SEC and payment juggernaut Ripple have been engaged in legal conflict since December 2020. The cross-border payment settlement company received backing from several US advocacy groups, exchanges, industry heavyweights, and industry titans. The Crypto Council, Coinbase, and Cryptillian payment systems are three of the eleven organizations that submitted an amicus curiae brief in favor of Ripple.
Supporters of the payment company are certain that the outcome of the SEC v. Ripple case might have a long-lasting effect on the cryptocurrency market. The digital token LBC, sometimes called LBRY Credits, was made available as a security. The ongoing discussion about whether cryptocurrencies should be treated as securities and subject to federal regulation was spurred by Judge Paul Barbadoro's decision.
An Update on the SEC v. Ripple litigation
Holders of XRP are optimistic and optimistic that Ripple will prevail despite the SEC's victory in its action against operators of a decentralized video-sharing site.
The US regulator has requested an extension until November 30, 2022, to submit papers to the court. The SEC has requested the court to designate November 11 as the date by which amicus curiae submissions must be submitted.
XRP-related investment products witnessed inflows for the third week totaling $1.1 million month-to-date, according to a report from cryptocurrency analytics platform CoinShares (3). Despite the most recent developments in the litigation, investors are still expressing interest in XRP.
Analysts are still pessimistic about XRP
Technical expert Arslan Butt examined the XRPUSD price chart and concluded that the prognosis is still firmly negative. At $0.45, the price of XRP breached a triple bottom pattern, resulting in 7% losses for holders.
Following the triple bottom, the price of XRP kept falling, wiping away gains from the previous two weeks. The analyst's target objective for the XRP price on the downside is $0.42; it is now trading barely over that at $0.4380. However, if the price of XRP can rise beyond $0.45
