- The lawyer insists that Ripple has little to no impact on the price of XRP, and SEC has most of the impact.
- His comments came not long after the SEC made a request to file for an Interlocutory Appeal.
While the SEC’s shenanigans might have had a lot of impact on the Ripple network, a prominent figure maintains that the XRP token has in no way been affected by the Ripple network.
The U.S. Securities and Exchange Commission has been involved with the cryptocurrency market for the longest time. Notably, it’s running with Ripple and XRP has been a continuous topic of conversation.
Not only has the SEC vs Ripple lawsuit influenced the market’s perception of the Ripple blockchain, it has also had a lingering impact on the network’s position in the global blockchain industry.
However, a legal expert is asserting that Ripple’s native token, XRP, is not being impacted by any of Ripple’s actions, despite its running with the SEC.
The popular attorney, Jeremy Hogan, shared his thoughts on X, formerly twitter, saying “Actually, nothing Ripple does has any real effect on XRP price, only the actions of the SEC change its price… strange.”
Actually, nothing Ripple does has any real effect on XRP price, only the actions of the SEC change its price… strange.
— Jeremy Hogan (@attorneyjeremy1) August 10, 2023
Hogan made his comment in response to a tweet from other market participants, who highlighted the recent price decline in XRP and its potential connection to the SEC. According to a post shared by a popular lawyer, Bill Morgan, the price of XRP plunged after the SEC made a request to file for an Interlocutory Appeal.
Hogan went on to share a screenshot of a candlestick chart, depicting a significant upsurge in selling pressure within a 1-hour time frame; not long after the SEC’s filing went viral. XRP lost 2.44% of its price value and began trading at $0.62, after previously hitting a daily high of $0.66.
“The SEC’s handiwork. Always protecting investors” Jeremy Hogan wrote sarcastically, as he implied that although the SEC continuously claims that its goal is to protect investors, it seems to be doing the opposite.
Does the SEC have the power to sway the price of Ripple (XRP)?
Hogan’s assertion was accepted by many crypto players, as market metrics seem to suggest that the price of XRP might have been swayed by the SEC on previous occasions.
While the price of a cryptocurrency is not connected to the networks and Blockchains behind them, any unfavorable event associated with the Blockchain might influence investors’ decisions to enter the market.
Even day traders become cautious when these events arise. On multiple occasions, XRP’s price has declined significantly, following the news of an SEC vs Ripple-related development.
Back in 2020, when the SEC branded XRP as a security, sentiments were mixed. Not long after, the market saw XRP’s price value plummet by 25% to a low of $0.35.
In the following days and weeks, traders and investors seemed to have pulled out of the market, and the piece of XRP continued to plummet.
