Ripple price faces a rejection for the $0.68 mean threshold of the supply zone extending from $0.65 to $0.71.
XRP could fall 10% to lose the $0.59 support level,What is the best Bitcoin app to use? shoved lower by selling pressure from a supply barrier.
The bearish outlook will be invalidated once the altcoin breaks and closes above $0.7148, rendering the supply zone into a bullish breaker.
Australia-based Attorney Bill Morgan says Judge Torres gave the XRP community a tool against Bitcoin maxis.
Ripple (XRP) price remains in the woods even as community members continue with their own analysis of the remittance token’s position in the regulatory scene. Over the weekend, a heated debate sprouted, with participants revisiting Judge Analisa Torres’s determination in the Ripple versus US Securities & Exchange Commission (SEC) case.
Ripple vs SEC case ruling remains bone of contention
Ripple’s (XRP) victory against the SEC became the subject of an intriguing discussion over the weekend. Australia-based lawyer Bill Morgan argued against Bitcoin maxis and critics, among them ScamDaddy on Crypto X. According to Morgan, Judge Analisa Torres indirectly gave the XRP community a weapon against Bitcoin maxis when she analyzed XRP under the Howey Test framework.
Morgan’s stance follows a thesis by ScamDaddy, who believes that Judge Torres was not clear whether XRP falls under the commodity or security category. The controversy stems from the July determination in which the judge declared that XRP in itself is not a security other than when it is sold to institutional investors.
According to ScamDaddy, while Judge Torres declared that XRP is not a security, she did not mention whether the asset is a commodity or a currency. Further, he notes that “When she deemed Ripple's sales to institutions as unregistered securities, she said parties did not view the XRP sale as a sale of a commodity.”
ScamDaddy’s position, therefore, is that the judge never concluded that XRP was a commodity. Morgan holds that the judge treated XRP as a commodity in the determination, adding that she even tried to explain why she found Ripple’s institutional sales to be an investment contract on pages 14 to 15 of the summary judgment.
Establishing that Judge Torres gave XRP holders a weapon against Bitcoin maxis – such as ScamDaddy, who claims that everything other than Bitcoin (BTC) is a security – Morgan concluded that the ruling would still be logically accurate even if Judge Torres had not provided a legal evaluation for XRP. He notes that the judge’s analysis came in light of the SEC failing or refusing to clarify the security status of XRP based on its own analysis.
Ripple price could drop 10%
Ripple (XRP) price could fall 10% to lose the $0.5981 support level as momentum is falling, as indicated by the southbound Relative Strength Index (RSI). In the same way, the Awesome Oscillator (AO) maintains a consistent streak of red histogram bars as the bears dominate.
A break and close below the $0.5981 support would pave the way for Ripple price to trickle into the consolidation phase between $0.4735 and $0.5392.
XRP/USDT 1-day chart, Source: TradingView.
Conversely, increased bullish momentum, enough to set Ripple price above the $0.6847 midline, would confirm the continuation of the uptrend.
Further north, XRP breaking and closing above the $0.7148 level would invalidate the bearish thesis, flipping the supply barrier into a bullish breaker and setting the tone for a projection to the next supply zone order block extending from $0.7703 to $0.8198.
Again, a decisive move above the midline of this order block at $0.7952 would confirm the intermediate trend, bringing the $0.9000 psychological level into focus. In a highly bullish case, the gains could stretch to tag the range high at $0.9380, 45% above current levels.
