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The price of XRP reacted strongly after the (fake) news of the alleged sale of 9800 BTC by the US government and the subsequent sell-off in the cryptocurrency market, remaining above key support. Today, however, XRP investors have another damper to digest.
Ripple CEO Brad Garlinghouse said at the Dubai Fintech Summit that he expects a ruling on the US Securities and Exchange Commission (SEC) litigation by the end of the third quarter of 2023. In a previous statement at the World Economic Forum in January, Garlinghouse still expressed optimism that a decision would be made in the first half of 2023 (by the end of the second quarter).
Ripple CEO lowers his expectations for the verdict
During an interview at the Dubai Fintech Summit, Ripple’s CEO highlighted the protracted nature of the SEC litigation, stressing that the case has been going on for two and a half years. Although this is a long time, Garlinghouse pointed out the worst:
So it’s certainly been tedious and slow, but the good news is that we’re at the end of the road. While others in crypto may be starting their journey, the positive side is that Ripple is now at an end.
In addition, Garlinghouse said that he “expects a decision in the next two or six months.” The Ripple CEO acknowledged that Judge Analissa Torres has additional time to discuss as she has a wealth of information to process and make a decision based on it.
Ultimately, Garlinghouse pointed out that, like everyone else, he could only guess how long it would take Judge to make a decision:
A federal judge can work on whatever schedule she wants in this case, but I’m optimistic that we’ll see a decision before the end of the third quarter, I believe.
XRP Price Holds Key Support
The price of XRP is following the current market sentiment today and is slightly in the red today, down -0.34% in the last 24 hours. At press time, XRP was trading at $0.4253 holding key support at $0.4131.
Support is key because a downside breakout would push the price of XRP back into a trading range from early November 2022 to mid-March 2023. XRP spent over four months in this trading range before making an impulsive rally on March 21st. XRP closes below $0.4131 on the 1-day chart, this would be an extremely bearish signal.
On the other hand, XRP is once again facing the 200-day exponential moving average (EMA) at $0.4353. The indicator is often referred to as the “bullish border” and as such is of great importance for the subsequent break of the resistance at $0.4402 and restoration of bullish momentum.
XRP price holds key support, 1-day chart l Source: XRPUSD on Tradingview.com