The Ripple $(XRP) price has been testing the psychologically significant support level of $0.50 on Friday, despite the recent rally of Bitcoin prices to $70,900 on April 12. CRYPTOCAP:XRP prices have remained unaffected by Bitcoin's recent gains. The possible influence on CRYPTOCAP:XRP prices is the recent Automated Market Maker (AMM) amendment, along with developments in the Securities and Exchange Commission (SEC) lawsuit against Ripple (CRYPTOCAP:XRP) and related court cases, such as the Govil and Coinbase lawsuit.
On Friday, XRPLedger's 'fixAMMOverflowOffer' amendment went live, and the AMM is back in action on the mainnet, marking a milestone for Ripple's blockchain. Ripple's CLO Stuart Alderoty shared details of a lawsuit in which the Second Circuit rejected the SEC's appeal. The SEC alleges that Aron Govil used his position as a controlling shareholder to cause Cemtrex to engage in a variety of fraudulent conduct. The regulator is seeking disgorgement of misappropriated funds; however, the Second Circuit denied the SEC's appeal. Alderoty considers it the SEC's loss since the Second Circuit refused to reconsider their decision in Govil, which held that if a buyer suffers no financial loss, then the regulator is not entitled to disgorgement from the seller.
The SEC is seeking over $2 billion in fines from the payment remittance firm, Ripple, for the institutional sales of XRP made by the payment remittance firm and violation of securities laws. It alleges that Ripple violated securities laws. The Govil decision sheds light on what XRP holders can expect from the SEC's appeal in the Ripple lawsuit. Pro Ripple attorney Bill Morgan commented on the Govil lawsuit and its impact on the Ripple case. Morgan said that no conclusion can be drawn until Ripple's brief and counter-arguments against the SEC's motion are public.
Technical analysis shows that the Ripple price (CRYPTOCAP:XRP) is trading within a tight range between the February 7th low of $0.5077 and April 9 high of $0.6431. CRYPTOCAP:XRP price is testing the $0.60 support on Friday, which is considered a key psychological level for the altcoin. It acted as support throughout March and April 2024. A successful retest of $0.60 would mean CRYPTOCAP:XRP prices are likely to make their way to the April 9 high of $0.6431. The altcoin faces resistance at $0.6336, a level that it has failed to break in the past two weeks.