Ripple’s XRP has been through a wild ride, with its value plummeting by 86% since reaching its peak of $3.40 in 2018. The cryptocurrency has faced significant selling pressure and recently dropped below $0.45.
The legal battle between Ripple and the SEC has reached new levels of intensity, as the SEC counters Ripple’s use of the Binance case as an argument against proposed penalties.
Out of the top 10 cryptocurrencies, XRP has experienced the most significant drop from its all-time high. It is currently down 86% from its peak in 2018. Despite this, Ripple remains one of the top 10 most valuable cryptocurrencies.
At the moment, Ripple is testing a crucial resistance level at $0.6687. If XRP manages to break through this barrier, the next target is $0.9594. This potential breakout is significant because XRP has been stuck in this pattern for five years, suggesting the possibility of a substantial rally.
However, Ripple’s XRP is currently feeling the heat of the broader market correction. As of now, the price of XRP has dropped an additional 6% to fall below $0.45. Meanwhile, the daily trading volume has surged by 64% to $1.5 billion. This drop comes after Ripple unlocked 1 billion XRP tokens from escrow.
Despite its volatility, Ripple remains a strong Layer-1 blockchain with some of the lowest transaction fees in the crypto market. Its ecosystem is expanding, supported by the recent launch of a native stablecoin. These developments are strengthening Ripple’s position and attracting more crypto investors.
The legal battle between Ripple and the SEC has taken an interesting turn. Ripple referenced a court decision involving Binance to challenge the SEC’s proposed penalties. In response, the SEC filed a counter to Ripple’s notice, sparking debates about regulatory clarity and enforcement.
The SEC criticized Ripple’s use of the Binance decision, claiming that the two cases are fundamentally different. The SEC emphasized that the Binance ruling does not justify reduced penalties for Ripple, as it only pertains to the SEC’s litigation strategy. The SEC further stated that Ripple acted with “reckless disregard for the law” and that the Binance ruling does not excuse its violations.
Crypto lawyer Bill Morgan commented on the SEC’s frustration, suggesting that the SEC is displeased with the Binance decision turning against them. He noted that the SEC tends to dismiss decisions it disagrees with as “not an authority.”
While the legal battle between Ripple and the SEC rages on, the price of XRP continues to face selling pressure and struggles to surpass $0.50.
