Ripple vs. SEC: Pending White House Crypto Report Could Undo Ripple’s Wins
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However, new reports show that a pending White House report scheduled for a few months from now could unravel the case in favor of the SEC.
Last week, Fox Business journalists Charles Gasparino and Eleanor Terrett tweeted that sources familiar with the SEC’s case against Ripple believe that the pending White House crypto report could classify XRP as a security. These sources claim that the regulatory watchdog is dragging their feet to stall the case into the summer when the White House crypto report should drop.
While the content of this report remains unknown, spectators expect an executive order from the White House in February. Recall in January when the US government announced plans to implement an outright executive order on cryptocurrency as “a matter of national security.”
That said, the latest development has sparked doubt with several members of the XRP community, with many questioning the legality of a possible judicial override by executive order. XRP proponent Mickey B Fresh explained that thanks to the checks and balances of the three arms of government, an executive order should not be able to override a judicial proceeding.
Key Ripple Levels to Watch — February 16
XRP continues to struggle to hold a bullish position as it remains restricted below the $0.8500 resistance after falling off the $0.9167 top last Wednesday. The sixth-largest cryptocurrency has had four failed attempts (today’s inclusive) at breaking the $0.8500 resistance, indicating bullish burnout.
That said, I expect to see a correction towards the $0.8000 – $07500 support area in the near term, where the cryptocurrency should attract some dip-buying to help it rebound to the $0.9000 area (wedge top) in the coming days.
Meanwhile, my resistance levels are $0.8500, $0.8800, and $0.9000, and my support levels are $0.8000, $0.7500, and $0.7300.
Total Market Capitalization: $1.96 trillion
Ripple Market Capitalization: $39 billion
Ripple Dominance: 1.98%
Market Rank: #6
