- XRP’s price swings amidst SEC battles.
Crypto community debates XRP’s fate.
Amidst some cryptocurrencies attempting to bounce back, Bitcoin [BTC] took a step back and dropped from $64,000 to $62,000 within just 7 hours.
In recent weeks, Ripple (XRP) has seen a succession of drops in its weekly price trend, causing unease among investors.
The major cause of this situation is primarily due to the persistent lawsuit between Ripple and the Securities and Exchange Commission (SEC).
With Ripple’s last pretrial conference just around the corner, according to Crypto Eri’s announcement, the anxiety over the upcoming event has caused increased selling of XRP.
Ripple’s CLO weighs in
In a recent post on X (previously Twitter), Stuart Alderoty, Ripple’s legal officer, made it clear by addressing the following topic:
“Seeing some confusion on next steps with the SEC vs. Ripple case. To clarify – Ripple will file its response to the SEC’s request for penalties by April 22 and the SEC has until May 6 to reply.”
He also added,
The SEC has dropped the charges against both @bgarlinghouse and @chrislarsensf, so there won’t be a final pretrial conference in this case.
Confirming Alderoty’s remarks, @CryptoLawUS emphasized,
“Eri – there will be no trial, those matters were dropped.”
A change in the legal scenario underscores the importance of precise legal advice and widespread communication about it among the cryptocurrency circle.
XRP’s price action
Since the 12th of April, XRP‘s price has consistently decreased as indicated by CoinMarketCap, leading to a negative impact on its price action.
The altcoin has experienced a significant 20% decline within a week’s time.
This downturn has led to a dip in user adoption and a corresponding decrease in demand for XRP.
Remarking on the same, WallStreetBulls highlighted,
“The SEC vs. Ripple case isn’t just about the SEC taking action against Ripple, but rather a potential collaboration between the two to control XRP and manipulate its market price. #Ripple #SEC #XRP.”
On the contrary, the XRP Captain added,
The ongoing legal battle between Ripple and the Sec may be reaching its conclusion. If this proves true, there’s a strong possibility that significant growth could occur in the XRPL projects, including CTF Token. Prices might surge from their current value of 0.85$ to potentially reach impressive heights above 100$.
Due to the SEC’s continued efforts to penalize Ripple for allegedly violating Section 5 of the Securities Act of 1933, and their proposed fines approaching $2 billion, a significant concern arises: Will XRP fail to keep pace with the broader cryptocurrency market’s recovery?
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2024-04-18 05:11