The recent lack of updates on the SEC vs Ripple case has been cited as a factor in the slight decrease in XRP price. However, the outcome of this case, along with the ongoing legal battles between the SEC and Coinbase, could have a significant impact on XRP’s price in the future.
XRP has dipped below $0.53, currently trading at $0.52, with 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 news regarding 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 initially proposed a hefty $2 billion penalty and an injunction against XRP sales to institutional investors, but Ripple strongly objected, arguing for a much lower figure of around $10 million. Ripple’s opposition to the SEC’s demands has been made public, with the company asserting that the SEC’s actions are part of a broader intimidation tactic against the entire crypto industry in the US.
A verdict in the SEC vs Ripple case is expected in the summer, with the SEC likely to appeal the ruling on Programmatic Sales of XRP. Additionally, the XRP community is closely watching the Empower Oversight lawsuit against the SEC, as evidence of a conflict of interest involving former SEC director William Hinman could impact the SEC’s stance on XRP sales.
The pro-crypto stance of former President Trump and the upcoming decision on the SEC vs Coinbase case are also key factors to consider. A victory for the Republican Party could potentially benefit the crypto industry, while a positive outcome for Coinbase in their legal battle against the SEC may lead to regulatory clarity for XRP and other cryptocurrencies.
Currently, XRP is trading below key moving averages, but a move above the 200-day EMA could signal a potential price breakout. On the other hand, a drop below trend lines could see XRP’s price fall to $0.48. Overall, the outcome of these legal battles and regulatory decisions will play a crucial role in determining the future of XRP’s price and market evolution.