The recent lack of updates on the SEC vs Ripple case is said to have caused a slight decrease in the XRP price. However, future developments such as the pending court ruling on the case, the SEC vs Coinbase legal battle, and other factors could impact the price.
XRP has dropped below $0.53, currently trading at $0.52, with a 0.67% decline in the last 24 hours and a 3.5% drop in the last 30 days. Analysts attribute this stagnation to the absence of new information on the SEC vs Ripple case. Investors are eagerly awaiting the court ruling on Ripple’s Motion to Seal, which will determine the penalty for violating US securities laws.
The SEC had initially proposed a hefty $2 billion penalty and a ban on XRP sales to institutional investors, but Ripple disputed this, arguing for a much lower penalty of around $10 million. The ongoing legal battle has raised concerns about the SEC’s intimidation tactics in the crypto industry, with Ripple expressing confidence in a fair outcome from the Judge.
A verdict in the case is expected in the summer, with the SEC likely to appeal against the ruling on Programmatic Sales of XRP. The XRP community is also closely watching a lawsuit by Empower Oversight against the SEC over alleged conflicts of interest involving former director William Hinman and his ties to Ethereum promoters. If evidence of a conflict is found, it could impact the SEC’s appeal plans.
The pro-crypto stance of former President Donald Trump and the outcome of the SEC vs Coinbase case are also significant factors affecting XRP’s price. A favorable decision for crypto under a Republican-led SEC could lead to regulatory clarity and a potential bull run for XRP. Ripple’s president has hinted at an XRP ETF in the future, anticipating positive outcomes from the court battles.
Currently, XRP is trading below key moving averages, but a break above could signal a bullish trend. However, a drop below these levels could push the price lower, as analyzed by Crypto News Flash. Investors are advised to stay informed on the latest developments in the SEC vs Ripple case and other regulatory issues affecting XRP.