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- The lack of SEC vs Ripple news within the past few days is reported to have contributed to the marginal decline of the XRP price.
- However, the pending ruling on the SEC vs. Ripple case and the SEC vs Coinbase legal battle as well as other factors could impact the price in the future.
XRP slips below $0.53, and trades at $0.52 after declining by 0.67% in the last 24 hours and 3.5% in the last 30 days.
According to analysts, the lack of movement is linked to the “zero” update of the SEC vs. Ripple case-related news within the period. However, this could change in the future as investors await the court ruling on Ripple’s Motion to Seal. After this ruling, they could decide on the penalty Ripple must pay for breaching US securities laws.
As reported by the Crypto News Flash, the Commission earlier proposed an almost $2 billion penalty and an injunction prohibiting XRP sales to institutional investors. However, Ripple strongly objected to this, claiming the figure should be around $10 million.
Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing intimidation against all of the crypto in the U.S. We remain confident that the Judge will approach this final remedies phase fairly.
Parties involved in the case expect a verdict in the summer with the SEC hoping to appeal against the Programmatic Sales of XRP ruling. It can be recalled that Judge Analisa Torres denied a SEC Motion for Interlocutory Appeal last year, forcing the Commission to drop its charges against Ripple co-founder Chris Larsen and CEO Brad Garlinghouse.
XRP Enthusiasts Awaits a Decision on the Empower Oversight’s Lawsuit Against the SEC
Another case expected by the XRP community to impact the price is the Empower Oversight and the Office of Inspector General. In February, Empower Oversight disclosed that the Office of Inspector General (IG) was in the final stage of investigating the alleged crypto conflict of interest against the SEC.
This investigation commenced in 2021 after the Empower Oversight filed a lawsuit against the SEC, claiming that its former director William Hinman received millions of dollars from former employer, Simpson Thacher. It is important to note that Simpson Thacher forms part of the groups that promote Ethereum. If the evidence of a conflict of interest is established, the SEC could end its plans to appeal the Programmatic Sales of XRP ruling.
The Pro-Crypto Stance of Trump and Decision on SEC vs Coinbase Case
Another area of attention is the US election with the former US President and Republican Party front-runner Donald Trump publicly declaring his support for crypto. A victory for the Republican Party would be a win for crypto as a new SEC Chair may likely end the plan to reverse the Programmatic Sales of XRP ruling.
On top of that, Judge Katherine Failla is expected to grant the Motion for Interlocutory Appeal filed by Coinbase in April in the case against the SEC. A positive outcome would push Coinbase to appeal against the Motion to Dismiss ruling to weaken the argument of the Commission on the securities status of cryptos. This, would in the long run set the XRP price up for a bull run. With this happening, Ripple’s president has confirmed that an XRP ETF is inevitable as a positive court outcome could set the stage for regulatory clarity.
🚀 #Ripple‘s President, @MonicaLongXRP, backs the inevitable #XRP ETF as regulatory clarity sets the stage for market evolution! She expects it to happen ‘very soon’. 📈
WAGMI! 🚀🚀🚀 pic.twitter.com/9zyroAK0If— Collin Brown (@CollinBrownXRP) June 6, 2024
Currently, XRP remains below the 50-day and 200-day EMAs. Any move above the 200-day EMA could set it up to breach the $0.5739 resistance level. However, any move below the trend lines could send the price to $0.48 as analyzed by Crypto News Flash.
