The outcome of the SEC vs Ripple case is anticipated to be announced either on July 31 or July 13, and a positive decision is expected to trigger a bullish turnaround for the price of XRP.
At present, XRP is trading at $0.400, experiencing a 12% decrease within the last 24 hours.
The price of XRP plummeted to $0.400 as it continued its downward trend, resulting in a 12% decline in the past day. Interestingly, this bearish movement was not limited to XRP alone, as Bitcoin (BTC) also experienced a 7% decrease, trading at $54k, while Ethereum (ETH) saw a 10% drop, with a current trading price of $2.859.
Our data reveals that the significant decline in the price of XRP began on Wednesday (July 3), when the asset fell by 3.7% and closed the trading session at $0.4329. Remarkably, this marked the first time XRP ended the day below the $0.45 support level since May.
During this time, the entire cryptocurrency market cap experienced a 5.84% decrease, reaching $2.043 trillion, which was the largest single-day loss since April 13. On Thursday (June 4), XRP further declined by 7.32%, and the total crypto market cap recorded a 24% drop to $1.98 trillion.
In light of the ongoing market downturn, XRP investors believe that a favorable ruling in the Ripple vs. SEC case could be the only lifeline to restore the price to a bullish state.
Update on the SEC vs Ripple Case and its Impact on the XRP Price
Defense Attorney James Filan recently revealed that Ripple has submitted a Notice of Supplemental Authority in relation to the recent ruling on the Binance case.
An excerpt from the filing states:
“The rubric outlined in the mere seven pages that comprise the Howey opinion does not neatly fit intangible digital assets. Additionally, the SEC’s decision to regulate this billion-dollar industry through litigation, on a case-by-case basis and across multiple courts, is likely an inefficient approach that risks inconsistent outcomes and leaves relevant parties and potential customers without clear guidance.”
To provide context, Judge Amy Berman Jackman recently dismissed the SEC’s claims that the secondary market transactions of Binance’s BNB token meet securities requirements under the Howey Test. The court’s decision was based on Judge Analisa Torres’s ruling on the Programmatic sales of XRP in July 2023.
The court is inclined to agree with the approach taken in the Ripple Labs case, as the SEC’s “it-is-what-it-is” stance appears inconsistent with clear directives from the Supreme Court.
Legal experts suggest that the court’s ruling in this case could discourage the SEC from appealing the ruling on the Programmatic Sales of XRP. Seizing this opportunity, Ripple stated in its Notice of Supplemental Authority that the lack of clarity prior to that ruling supports its argument that the “Court’s finding of a strict liability violation on some of Ripple’s sales – but far fewer than the SEC alleged were violations – does not reflect reckless disregard for the law or warrant harsh remedies.”
Currently, the SEC is seeking $2 billion in disgorgement, while Ripple is proposing $10 million. The potential verdict dates for the case are July 31 or July 13, coinciding with Judge Analisa Torres’s historic ruling date. Analysts believe that a favorable settlement could propel the price of XRP to as high as $1.