The recent lack of updates on the SEC vs Ripple case has been linked to a slight decrease in the price of XRP. However, the outcome of this case, along with the ongoing legal battle between the SEC and Coinbase, could have a significant impact on the future price of XRP.
Currently, XRP is trading at $0.52, down by 0.67% in the last 24 hours and 3.5% in the last 30 days. Analysts attribute this stagnant movement to the absence of new developments in the SEC vs Ripple case. Investors are eagerly awaiting the court ruling on Ripple’s Motion to Seal, which will determine the penalty Ripple faces for violating US securities laws.
The SEC initially proposed a penalty of nearly $2 billion and an injunction against XRP sales to institutional investors, to which Ripple strongly objected, arguing for a much lower figure of $10 million. The ongoing legal battle between the two parties has raised concerns within the crypto community.
The final ruling on the case is expected in the summer, with the SEC likely to appeal against the Programmatic Sales of XRP ruling. Additionally, another lawsuit filed by Empower Oversight against the SEC regarding a conflict of interest involving former director William Hinman could further impact the outcome of the case.
The pro-crypto stance of former US President Donald Trump and the upcoming decision on the SEC vs Coinbase case are also factors to watch. A favorable outcome for crypto in the US election and a potential appeal by Coinbase against the SEC’s ruling could boost the price of XRP in the long run.
Currently, XRP is trading below key moving averages, but a move above the 200-day EMA could signal a potential breakout above the $0.5739 resistance level. However, a break below the trend lines could push the price down to $0.48, as predicted by Crypto News Flash. The future of XRP remains uncertain, but with significant legal battles and regulatory decisions on the horizon, investors are eagerly watching for any developments that could shape the future of the cryptocurrency.