The recent quiet on the SEC vs Ripple front has been cited as a reason for the slight drop in XRP price. However, the outcome of the pending SEC vs Ripple case, the legal battle between the SEC and Coinbase, and other factors could have an impact on the price in the future.
XRP has slipped below $0.53, trading at $0.52 after a 0.67% decrease in the last 24 hours and a 3.5% decrease in the last 30 days. Analysts attribute this lack of movement to the absence of updates on the SEC vs Ripple case. However, this could change as investors eagerly await the court ruling on Ripple’s Motion to Seal, which will determine the penalty for violating US securities laws.
The SEC had initially proposed a nearly $2 billion penalty and an injunction against XRP sales to institutional investors. Ripple strongly objected to this, arguing that the penalty should be closer to $10 million. The ongoing legal battle has been seen as an attempt by the SEC to intimidate the crypto 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 XRP sales. Additionally, the Empower Oversight lawsuit against the SEC, which alleges a conflict of interest involving former SEC director William Hinman, could also impact XRP’s price.
The pro-crypto stance of former President Trump and the upcoming decision in the SEC vs Coinbase case are also significant factors to watch. A positive outcome in these cases could lead to a bull run for XRP, with the possibility of an XRP ETF on the horizon. Currently, XRP is below key moving averages, but a break above could signal a potential rally towards the $0.5739 resistance level.