The recent lack of updates on the SEC vs Ripple case has been cited as a reason for the slight drop in XRP’s price. However, the outcome of the pending ruling on this case, along with the SEC vs Coinbase legal battle and other factors, could have a significant impact on the price in the near future.
XRP has fallen below $0.53, currently trading at $0.52 after a 0.67% decrease in the last 24 hours and a 3.5% decline over the past 30 days. Analysts attribute this stagnation to the absence of new developments in the SEC vs Ripple case. But as investors eagerly await the court’s decision on Ripple’s Motion to Seal, which will determine the penalty for violating US securities laws, the situation could change.
The SEC had initially proposed a hefty fine of nearly $2 billion and an injunction against XRP sales to institutional investors. Ripple strongly contested this, arguing that the penalty should be closer to $10 million. The ongoing legal battle has raised concerns about the SEC’s intimidation tactics within the crypto industry.
A verdict in the case is expected this summer, with the SEC potentially appealing against the ruling on XRP sales. Additionally, the XRP community is closely watching the Empower Oversight lawsuit against the SEC, which could impact the price if evidence of a conflict of interest is found.
The pro-crypto stance of former President Donald Trump and the outcome of the SEC vs Coinbase case are also crucial factors to consider. A victory for the Republican Party could lead to a more favorable regulatory environment for crypto, potentially boosting XRP’s price. Furthermore, a positive ruling in the Coinbase case could strengthen the argument for the securities status of cryptocurrencies, setting the stage for a bull run in XRP’s price.
Currently, XRP is trading below key moving averages, with potential resistance at $0.5739. Any movement above this level could signal a bullish trend, while a drop below could push the price down to $0.48. Investors are advised to stay updated on the latest developments in the SEC vs Ripple case and other regulatory matters that could impact XRP’s price.
