Ripple 的 XRP 地位受到批评：里程碑式的裁决面临危险

Ripple 于 2023 年 7 月做出的​​裁决将 XRP 归类为二级销售中的非证券，该裁决面临被推翻的可能性。两名联邦法官批评托雷斯法官在裁决中应用豪伊测试，引发了对其一致性的担忧。 Ripple 仍然将 XRP 归类为机构销售中的证券。尽管存在潜在风险，XRP 价格仍表现出弹性，并保持在 0.60 美元的关键水平之上。

Ripple Ruling in Jeopardy: XRP's Security Status Hangs in the Balance

Ripple 裁决岌岌可危：XRP 的安全状况悬而未决

The legal battle surrounding Ripple's XRP cryptocurrency has taken a dramatic turn, with the landmark July 2023 ruling labeling XRP as a non-security in secondary sales now facing the threat of being overturned. Two federal judges have dismissed the application of the Howey Test to XRP, casting doubt on the previous classification.

围绕 Ripple 的 XRP 加密货币的法律斗争发生了戏剧性的转变，2023 年 7 月具有里程碑意义的裁决将 XRP 标记为二级销售中的非证券，现在面临被推翻的威胁。两名联邦法官驳回了 Howey 测试对 XRP 的应用，对之前的分类提出了质疑。

XRP's Contested Security Status

XRP 有争议的安全状态

The July 2023 ruling by Judge Analisa Torres differentiated between XRP sales on exchanges, deeming them "non-security" transactions, and institutional sales conducted by Ripple itself, which were classified as "securities." This distinction was based on the application of the Howey Test, a legal framework designed to determine whether an asset qualifies as an investment contract and, therefore, a security under federal law.

法官 Analisa Torres 于 2023 年 7 月做出的​​裁决对交易所的 XRP 销售进行了区分，将其视为“非证券”交易，而 Ripple 本身进行的机构销售则被归类为“证券”。这种区别是基于豪伊测试的应用，这是一个法律框架，旨在确定资产是否符合投资合同的资格，从而确定联邦法律下的证券的资格。

Challenged Application of the Howey Test

Howey 测试的应用受到挑战

The Howey Test requires an asset to meet four criteria to be considered a security: an investment of money, an expectation of profit, a common enterprise, and reliance on the efforts of others. Judge Torres's application of the test to XRP has come under fire, with critics arguing that it was improperly applied.

豪伊测试要求资产满足四个标准才能被视为证券：金钱投资、利润预期、共同企业以及对他人努力的依赖。托雷斯法官对 XRP 的测试应用受到了批评，批评者认为该测试应用不当。

Two federal judges presiding over unrelated cases have now expressed skepticism about the logic behind Judge Torres's ruling. They maintain that the Howey Test is not suitable for determining the security status of digital assets like XRP, which possess unique characteristics.

负责审理不相关案件的两名联邦法官现在对托雷斯法官裁决背后的逻辑表示怀疑。他们认为，Howey 测试不适合确定 XRP 等具有独特特征的数字资产的安全状态。

American Journalist Highlights 'Incoherence'

美国记者强调“不连贯”

Charles Gasparino, an American journalist and XRP expert, has highlighted the "incoherence" of Judge Torres's application of the Howey Test. He notes that the ruling failed to address the "decentralized" nature of XRP and its use as a "currency" rather than an "investment contract."

美国记者兼 XRP 专家查尔斯·加斯帕里诺 (Charles Gasparino) 强调了托雷斯法官对豪伊测试的应用“不连贯”。他指出，该裁决未能解决 XRP 的“去中心化”性质及其作为“货币”而不是“投资合约”的用途。

Market Reaction and Ripple's Response

市场反应和Ripple的反应

The news of the challenged ruling has sent shockwaves through the XRP community. Traders and investors are speculating on the potential consequences for the cryptocurrency's price and regulatory status.

受到质疑的裁决的消息在 XRP 社区引起了震动。交易员和投资者正在猜测加密货币价格和监管状况的潜在后果。

Ripple's Chief Legal Officer, Stuart Alderoty, has acknowledged the skepticism expressed by the federal judges, suggesting that the company is prepared to defend its position. Alderoty has also commented on the ongoing lawsuit against the Securities and Exchange Commission (SEC), expressing confidence in Ripple's ability to produce evidence that XRP is not a security.

Ripple 的首席法律官斯图尔特·阿尔德罗蒂（Stuart Alderoty）承认联邦法官表达的怀疑，并暗示该公司准备捍卫其立场。 Alderoty 还对正在进行的针对美国证券交易委员会 (SEC) 的诉讼发表了评论，表示相信 Ripple 有能力提供 XRP 不是证券的证据。

Whale Accumulation and XRP's Price Trend

鲸鱼积累和 XRP 的价格趋势

Despite the uncertainty surrounding the legal status of XRP, on-chain metrics indicate that whales, or large holders, have been accumulating the cryptocurrency. Data from Santiment shows a significant increase in the holdings of XRP whales, particularly those holding between 10 million and 100 million tokens.

尽管 XRP 的法律地位存在不确定性，但链上指标表明鲸鱼或大持有者一直在积累这种加密货币。 Santiment 的数据显示，XRP 鲸鱼的持有量显着增加，尤其是那些持有 1000 万至 1 亿枚代币的鲸鱼。

This accumulation suggests that whales are betting on XRP's long-term potential, regardless of the regulatory headwinds. The price of XRP has remained relatively stable, trading above the psychologically important $0.60 level, despite the recent market turmoil.

这种积累表明，无论监管阻力如何，鲸鱼都在押注 XRP 的长期潜力。尽管最近市场动荡，XRP 的价格仍保持相对稳定，交易价格高于 0.60 美元的重要心理水平。

Technical Analysis: XRP's Potential Recovery

技术分析：XRP 的潜在复苏

Technical analysis of XRP's price chart indicates a bullish trend. The altcoin has been consolidating within a tight range for over a year, with the support level at $0.60 remaining intact.

XRP 价格图表的技术分析表明看涨趋势。一年多来，山寨币一直在窄幅区间内盘整，0.60 美元的支撑位保持不变。

Indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) suggest that buyers are still in control of Ripple. A recovery to the year-to-date peak of $0.7440 is a possibility, representing a potential gain of approximately 16% from the current price.

相对强弱指数（RSI）和动量震荡指标（AO）等指标表明买家仍在控制瑞波币。有可能恢复到年初至今的峰值 0.7440 美元，这意味着较当前价格有约 16% 的潜在收益。

However, traders should remain cautious and monitor Bitcoin's price action, as a correction in the leading cryptocurrency could impact the altcoin market, including XRP.

然而，交易者应保持谨慎并监控比特币的价格走势，因为主要加密货币的调整可能会影响包括 XRP 在内的山寨币市场。

Conclusion

结论

The Ripple ruling that labeled XRP as a non-security in secondary sales is facing a significant challenge. The application of the Howey Test to XRP has been questioned by two federal judges, casting doubt on the validity of the classification.

Ripple 将 XRP 标记为二级销售非证券的裁决面临着重大挑战。 Howey 测试在 XRP 上的应用受到了两名联邦法官的质疑，对分类的有效性产生了怀疑。

The legal battle between Ripple and the SEC is ongoing, and the outcome will ultimately determine the regulatory status of XRP. Despite the uncertainty, whales continue to accumulate the cryptocurrency, and technical analysis suggests a potential recovery in the near future.

Ripple 与 SEC 之间的法律斗争正在进行中，结果将最终决定 XRP 的监管地位。尽管存在不确定性，鲸鱼仍在继续积累加密货币，技术分析表明在不久的将来可能会复苏。