The recent absence of updates on the SEC vs Ripple case has reportedly led to a slight drop in the price of XRP. However, future developments such as the pending ruling on the SEC vs Ripple case, the SEC vs Coinbase legal battle, and other factors could influence the price of XRP.
XRP has dipped below $0.53, currently trading at $0.52 after a 0.67% decline in the last 24 hours and a 3.5% decrease in the last 30 days. Analysts attribute this lack of movement to the lack of significant updates in the SEC vs Ripple case. However, this could change as investors anticipate the court’s decision on Ripple’s Motion to Seal, which will determine the penalty Ripple must pay for violating US securities laws.
The SEC had initially proposed a penalty of nearly $2 billion and an injunction against XRP sales to institutional investors, which Ripple strongly opposed, arguing that the amount should be closer to $10 million. The ongoing legal battle highlights the SEC’s aggressive stance towards the crypto industry.
The final ruling in the case is expected in the summer, with the SEC potentially appealing the Programmatic Sales of XRP ruling. Additionally, the outcome of the Empower Oversight’s 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 US President Donald Trump and the upcoming decision in the SEC vs Coinbase case are other factors to watch. A victory for the Republican Party could benefit the crypto market, while a positive outcome for Coinbase in their legal battle against the SEC could lead to regulatory clarity for XRP and potentially trigger a bull run.
Currently, XRP is trading below key moving averages, but a breakout above the 200-day EMA could signal a bullish trend. On the other hand, a drop below trend lines could push the price towards $0.48. Overall, the future of XRP’s price hinges on legal developments, regulatory clarity, and market sentiment.