Ripple’s XRP has been on a wild ride, witnessing remarkable volatility that saw it plummet by 86% from its peak of $3.40 in 2018, and lately slipping below $0.45 due to renewed selling pressure.
The legal battle between Ripple and the SEC has intensified, particularly over Ripple’s citation of the Binance case in its defense against proposed penalties by the SEC.
XRP has been a rollercoaster for investors, experiencing significant ups and downs unlike any other top 10 cryptocurrency.
Since its peak in 2018, XRP has dropped sharply, with a notable surge occurring early in 2021. Despite this volatility, Ripple has managed to maintain its position among the top 10 most valuable cryptocurrencies.
Currently, Ripple is testing a critical resistance level at $0.6687. Breaking through this barrier could set XRP on a path towards $0.9594, marking a potential breakout after being confined within this range for five years, hinting at a possible substantial rally.
However, XRP is currently feeling the heat of a broader market correction. As of the latest update, XRP’s price has fallen by an additional 6%, dropping below $0.45, while daily trading volume surged by 64% to $1.5 billion. This decline follows Ripple’s unlocking of 1 billion XRP tokens from escrow, according to Crypto News Flash.
Despite its volatility, Ripple remains a robust Layer-1 blockchain with some of the lowest transaction fees in the crypto market. Its ecosystem is expanding, bolstered by the recent launch of a native stablecoin, which enhances Ripple’s appeal to crypto investors.
The legal battle between Ripple and the SEC has taken a contentious turn with the SEC filing a counter to Ripple’s use of the Binance case. This has sparked fresh controversy over regulatory clarity and enforcement.
According to a report by Crypto News Flash, Ripple has contested the SEC’s regulatory stance, arguing against what it perceives as overreach. The SEC, in response, has criticized Ripple’s reliance on the Binance ruling, asserting that the circumstances of the Binance case differ significantly from those of Ripple.
The SEC maintains that the court’s comments on its litigation strategy in the Binance case do not support Ripple’s position, emphasizing that Ripple acted with “reckless disregard for the law” and that the Binance ruling does not mitigate Ripple’s violations.
Bill Morgan, a crypto lawyer, commented on the SEC’s response, suggesting that the SEC’s evident displeasure with the Binance decision has led them to dismiss it as lacking authority whenever it doesn’t align with their stance.
As the legal battle unfolds, XRP continues to face selling pressure, struggling to surpass the $0.50 mark, as reported by CNF.