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XRP News: Ripple’s Victory – Torres Rejects SEC Interlocutory Appeal

By:
Bob Mason
Published: Oct 4, 2023, 01:07 UTC

A legal win for Ripple as Judge Torres denies SEC's appeal, signalling possible bright future forecasts amidst an intensifying lawsuit.

XRP News

In this article:

Key Insights:

  • XRP rallied 5.27% on Tuesday, reversing a 2.27% loss from Monday, closing the session at $0.5393.
  • Judge Analisa Torres denied the SEC motion for an interlocutory appeal in a pivotal ruling.
  • Ripple Chief Legal Officer reiterated that XRP is not deemed a security post-ruling.

The Tuesday Overview

On Tuesday, XRP rallied 5.27%. Reversing a 2.27% loss from Monday, XRP ended the day at $0.5393.

Judge Analisa Torres Denies SEC Motion for Interlocutory Appeal

Overnight, Judge Torres denied the SEC motion for interlocutory appeal. Defense attorney James Filan shared the court ruling, saying,

“BREAKING: Judge Torres has DENIED the SEC’s Motion to File an Interlocutory Appeal.”

Judge Torres was explicit on the matter of expectation of profits. The court ruling stated,

“The Court held that based on the totality of the circumstances in this case, including an examination of the facts, circumstances, and economic realities of the transactions, Ripple’s Programmatic Sales could not lead investors to reasonably expect profits from Ripple’s efforts.”

Judge Torres added,

“The Court also concluded that although the record may have demonstrated that “many Programmatic Buyers purchased XRP with an expectation of profit,” the SEC failed to provide evidence that such Programmatic Buyers’ “speculative motive derived from the entrepreneurial or managerial efforts of others.”

Ripple Chief Legal Officer Stuart Alderoty had this to say about the court ruling,

“The Court’s July 13 ruling was, and remains, the law of the land. XRP is not a security.”

Amicus Curiae attorney John E. Deaton summed up the court ruling, saying,

“And let me add, my very quick perusal of her order is UNTOUCHABLE. And yes, evidence submitted by XRP holders make another appearance in this decision – in her findings of fact – that she relied on.”

Deaton added,

“She stated that she never said no digital asset could ever be a security sold on an exchange – just that XRP in this case wasn’t one and that even though some XRP acquirers purchase XRP for speculation – the SEC DIDN’T PROVE it was tied to the efforts of Ripple.”

XRP Price Action

Weekly Chart sends bullish price signals.
XRPUSD 041023 Weekly Chart

Daily Chart

XRP sat above the 50-day and 200-day EMAs, sending bullish price signals.

A break above the trend line and $0.5470 resistance level would support a move toward the $0.5835 resistance level. Selling pressure will likely intensify at the $0.5835 resistance level. The trend line is confluent with the resistance level.

However, investors will likely respond to any SEC reaction to the court ruling.

A break below the 50-day and 200-day EMAs would give the bears a run at the $0.5042 support level.

The 55.47 14-Daily RSI reading supports a break above the trend line and $0.5470 resistance level before entering overbought territory.

XRP Daily Chart affirms bullish price signals.
XRPUSD 041023 Daily Chart

4-Hourly Chart

In the 4-hourly Chart, XRP sits above the 50-day and 200-day EMAs, affirming bullish price signals.

A break above the trend line and the $0.5470 resistance level would support an XRP move toward the $0.5835 resistance level.

However, an XRP fall through the 200-day and 50-day EMAs would bring the $0.5042 support level into play.

The 14-4 Hourly RSI 56.62 reading supports an XRP break above the trend line and $0.5470 resistance level before entering overbought territory.

XRP 4-Hourly Chart reaffirms bullish price signals.
XRPUSD 041023 4-Hourly Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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