The recent absence of updates on the SEC vs Ripple case is believed to have contributed to a slight drop in the price of XRP. However, the outcome of the pending ruling on the SEC vs. Ripple case, along with the ongoing legal battle between the SEC and Coinbase, among other factors, could potentially impact the price in the future.
XRP has slipped 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 absence of new information on the SEC vs. Ripple case. However, this could change as investors await the court ruling on Ripple’s Motion to Seal, which will determine the penalty that Ripple must pay for violating US securities laws.
According to reports by Crypto News Flash, the SEC had initially proposed a penalty of nearly $2 billion and an injunction preventing XRP sales to institutional investors. Ripple strongly opposed this, arguing that the figure should be closer to $10 million.
The XRP community eagerly anticipates the outcome of the Empower Oversight lawsuit against the SEC, which could impact the price of XRP. This lawsuit revolves around allegations of a conflict of interest involving former SEC director William Hinman and his ties to groups promoting Ethereum. If evidence of a conflict of interest is found, the SEC may reconsider its decision to appeal the Programmatic Sales of XRP ruling.
In addition, the pro-crypto stance of former US President Donald Trump and the potential outcome of the SEC vs. Coinbase case are also closely monitored. A victory for the Republican Party in the US election could lead to a favorable environment for cryptocurrencies. Furthermore, a positive ruling in the SEC vs. Coinbase case could pave the way for regulatory clarity and potentially boost the price of XRP.
Currently, XRP remains below the 50-day and 200-day EMAs. Breaking above the 200-day EMA could push the price towards the $0.5739 resistance level, while a drop below the trend lines could see XRP falling to $0.48, as analyzed by Crypto News Flash. Investors are advised to stay updated on the latest news and developments in the XRP market.