The outcome of the SEC vs Ripple case is anticipated to be announced on either July 31 or July 13. If the decision is in favor of Ripple, it is expected to trigger a bullish reversal for the XRP price.
As of now, XRP has experienced a 12% decline in the past 24 hours and is currently trading at $0.400.
The downward trend of XRP persisted, leading to a crash to $0.400 in the last 24 hours. Interestingly, this bearish movement affected the overall market, with Bitcoin (BTC) dropping by 7% and trading at $54k, while Ethereum (ETH) also experienced a 10% decline and is trading at $2.859.
Based on our data, the significant decline in the XRP price began on July 3, when the asset fell by 3.7% and closed the trading session at $0.4329. Notably, this was the first time XRP ended the day below the $0.45 support level since May.
At that time, the entire cryptocurrency market cap experienced a 5.84% decrease, reaching $2.043 trillion. This was the largest single-day loss since April 13. XRP continued to fall by 7.32% on Thursday (June 4), followed by further declines on Friday. The total crypto market cap recorded a significant drop of 24% to $1.98 trillion, the largest in months.
In light of the ongoing market decline, XRP investors are hopeful that a favorable ruling in the Ripple vs. SEC case could revive the price and bring it back to a bullish level.
Update on the SEC vs Ripple Case and its Impact on the XRP Price
Defense Attorney James Filan recently revealed that Ripple has submitted a Notice of Supplemental Authority concerning the recent ruling on the Binance case.
A portion of the filing states:
“The rubric outlined in the mere seven pages that comprise the Howey opinion does not neatly fit intangible digital assets. Additionally, the SEC’s decision to regulate this billion-dollar industry through litigation, on a case-by-case basis, coin-by-coin, court after court, is likely not an efficient approach and may result in inconsistent outcomes, leaving relevant parties and potential customers without clear guidance.”
To provide context, Judge Amy Berman Jackman recently dismissed the SEC’s claims that the secondary market transactions of Binance’s BNB token meet securities requirements under the Howey Test. The court’s decision was based on Judge Analisa Torres’s ruling in July 2023 regarding the Programmatic sales of XRP.
The court seems to align with the approach taken in the Ripple Labs case, as the SEC’s approach appears to be inconsistent with clear directives from the Supreme Court.
Legal experts suggest that the court’s ruling in this case could discourage the Commission from appealing the ruling on the Programmatic Sales of XRP. Capitalizing on this, Ripple stated in its Notice of Supplemental Authority that the lack of clarity prior to that ruling supports its position that the “Court’s finding of a strict liability violation on some of Ripple’s sales – but far fewer than the SEC alleged were violations – does not reflect reckless disregard for the law or warrant harsh remedies.”
Currently, the SEC is seeking $2 billion in disgorgement, while Ripple proposes a mere $10 million. The potential verdict dates are expected to be either July 31 or July 13, coinciding with Judge Analisa Torres’s historic ruling date. Analysts believe that a favorable settlement could propel the XRP price to as high as $1.