The recent absence of updates on the SEC vs Ripple case has been cited as a factor in the slight drop in XRP price. However, future developments such as the pending court ruling on the case, the SEC vs Coinbase legal battle, and other factors could influence the price moving forward.
XRP has dipped below $0.53, currently trading at $0.52 after a 0.67% decrease in the last 24 hours and a 3.5% decline over the past 30 days. Analysts attribute this stagnation to the lack of new information on the SEC vs Ripple case, but this could change as investors await the outcome of Ripple’s Motion to Seal and the subsequent penalty determination for violating US securities laws.
The SEC had initially proposed a nearly $2 billion penalty and a ban on XRP sales to institutional investors, a figure fiercely contested by Ripple, who argued for a much lower penalty of around $10 million. Ripple criticized the SEC’s request for penalties as evidence of ongoing intimidation against the entire crypto industry, expressing confidence in a fair resolution from the Judge.
A verdict is expected in the summer, with the SEC likely to appeal the Programmatic Sales of XRP ruling. Notably, the SEC’s previous attempt to appeal was denied by Judge Analisa Torres last year, prompting the Commission to drop charges against Ripple’s co-founders.
Another case anticipated by the XRP community is the Empower Oversight lawsuit against the SEC, investigating alleged conflicts of interest within the agency, particularly surrounding the former director’s ties to Ethereum promoters. A resolution in favor of Empower Oversight could impact the SEC’s appeal plans in the XRP case.
The pro-crypto stance of former US President Donald Trump and potential developments in the SEC vs Coinbase case are also under scrutiny. A victory for the Republican Party could bode well for the crypto industry, while a positive outcome in Coinbase’s appeal against the SEC could lead to regulatory clarity and a potential bull run for XRP.
Ripple’s president has expressed optimism about an XRP ETF following positive court outcomes, hinting at a market evolution and regulatory clarity. Current XRP trends suggest a potential breach of the $0.5739 resistance level if it moves above the 200-day EMA, while a drop below trend lines could see the price fall to $0.48, as predicted by Crypto News Flash.