XRP Rallies by 5.26% to Avoid Sub-$0.41 Level
On Thursday, XRP made a significant recovery, rising by 5.26% and avoiding falling below the $0.41 level for the first time since November 2022. Despite a mixed start to the day, XRP rebounded and reached a high of $0.45550 in the late afternoon, closing at $0.44439. The cryptocurrency also managed to steer clear of the First Major Support Level (S1) at $0.3963, which indicates strong support.
SEC v Ripple Case Takes Center Stage
The SEC v Ripple case remained in the spotlight on Thursday, with defense attorney James Filan presenting the SEC’s response to Ripple’s filing on Monday to Judge Torres. The response included references to the Bittner and Voyager cases. The SEC expressed concern about Ripple’s fair notice defense, stating that the defendants had “shamelessly mischaracterized” statements from the Voyager bankruptcy court and taken phrases out of context in a “misguided attempt” to bolster their argument. The SEC’s quick response to the Ripple letter suggests potential concerns within the agency.
Ripple References Voyager Case in Fair Notice Defense
Ripple’s defense team referenced the Voyager (VGX) bankruptcy hearing and Judge Wiles’s rulings in their fair notice defense. They argued that cryptocurrency market participants operate in a highly uncertain regulatory environment, where even regulators cannot agree on whether cryptocurrencies are commodities that may be subject to regulation by the CFTC or securities that are subject to securities laws. The defense also highlighted the lack of clarity regarding the criteria for making such a decision.
Market Optimism for a Ripple Win
Midweek, Ripple Labs President Monica Long expressed optimism about a Ripple win in the SEC case, which could have contributed to the market’s optimism on Thursday. If the case is resolved in Ripple’s favor, it could have a positive impact on the price of XRP and the broader cryptocurrency market.
US Treasury Secretary Janet Yellen Reassures Investors
On Thursday, US Treasury Secretary Janet Yellen reassured investors that American bank deposits were safe and that regulators had the necessary tools to address a bank crisis. Her comments could have contributed to the overall positive sentiment in the market on Thursday.