The recent lack of updates on the SEC vs Ripple case has reportedly led to a slight decrease in the price of XRP. Despite this, the outcome of the pending ruling on the SEC vs Ripple case, as well as the legal battle between the SEC and Coinbase, among other factors, could have a significant impact on the price of XRP in the future.
XRP has dropped below $0.53 and is currently trading at $0.52, with a decrease of 0.67% in the last 24 hours and 3.5% in the last 30 days. Analysts believe that the stagnant movement is a result of the absence of new developments in the SEC vs Ripple case. However, this could change as investors eagerly await the court’s decision on Ripple’s Motion to Seal, which will determine the penalty Ripple faces for violating US securities laws.
Earlier reports by Crypto News Flash revealed that the SEC had initially proposed a penalty of nearly $2 billion and an injunction against XRP sales to institutional investors. Ripple strongly opposed this, arguing that the penalty should only be around $10 million. The ongoing legal battle has sparked discussions about the fairness of the SEC’s actions and the potential implications for the entire crypto industry in the US.
The final verdict in the case is expected to be delivered in the summer, with the SEC potentially appealing against the ruling on the Programmatic Sales of XRP. Notably, Judge Analisa Torres had previously rejected a SEC Motion for Interlocutory Appeal, prompting the Commission to drop charges against Ripple co-founders Chris Larsen and Brad Garlinghouse.
In addition to the SEC vs Ripple case, the XRP community is eagerly awaiting the outcome of the Empower Oversight’s lawsuit against the SEC. The investigation into alleged conflicts of interest within the SEC could impact the decision to appeal the Programmatic Sales of XRP ruling.
The pro-crypto stance of former US President Donald Trump and the upcoming decision in the SEC vs Coinbase case are also key factors to watch. A victory for the Republican Party could lead to favorable outcomes for the crypto industry, while a positive ruling in the Coinbase case may pave the way for regulatory clarity and a potential bull run for XRP.
Currently, XRP is trading below the 50-day and 200-day EMAs, with the possibility of breaching the $0.5739 resistance level if it moves above the 200-day EMA. However, a drop below the trend lines could push the price down to $0.48, as analyzed by Crypto News Flash. Investors are advised to stay informed and monitor the latest developments in the Ripple ecosystem.