The recent lack of updates on the SEC vs Ripple case has been cited as a factor contributing to the slight decrease in the XRP price. However, the outcome of the pending ruling on this case, as well as the ongoing legal battle between the SEC and Coinbase, are anticipated to have a significant impact on the price of XRP in the near future.
Currently, XRP has dipped below the $0.53 mark, trading at $0.52 after experiencing a 0.67% decline in the last 24 hours and a 3.5% drop in the last 30 days. Analysts attribute this lack of movement to the absence of new information regarding the SEC vs. Ripple case. Nevertheless, this could change as investors eagerly await the court’s decision on Ripple’s Motion to Seal, which will determine the penalty the company must pay for violating US securities laws.
The SEC had previously proposed a penalty of nearly $2 billion and an injunction preventing XRP sales to institutional investors, a proposal vehemently opposed by Ripple. Ripple argued that the penalty should be closer to $10 million, given the lack of allegations of recklessness or fraud in the case. The ongoing legal battle between Ripple and the SEC is seen as an attempt by the Commission to intimidate the cryptocurrency industry in the US.
A verdict in the SEC vs Ripple case is expected in the summer, with the SEC likely to appeal against the ruling on the Programmatic Sales of XRP. Additionally, XRP enthusiasts are eagerly awaiting the outcome of the Empower Oversight’s lawsuit against the SEC, which could further impact the price of XRP if evidence of a conflict of interest is established.
The pro-crypto stance of former US President Donald Trump, along with potential changes in leadership at the SEC, could also influence the regulatory environment for cryptocurrencies, including XRP. A positive outcome for Coinbase in its legal battle against the SEC may lead to further clarity on the securities status of cryptos, potentially setting the stage for a bull run in the XRP price.
Currently, XRP is trading below key moving averages, with the potential to breach the $0.5739 resistance level if it moves above the 200-day EMA. However, a break below the trend lines could see the price drop to $0.48, according to analysis by Crypto News Flash. Overall, the future of XRP remains uncertain as it awaits key legal rulings and regulatory developments.