• Ripple’s legal battle with the SEC sparks uncertainty about XRP’s future price, which could surge if Ripple wins.
• Factors affecting XRP’s value include market sentiment, regulatory changes, and Ripple’s partnerships, creating a complex landscape.

The ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) has left the cryptocurrency market on edge. Ripple initially scored a victory when the court ruled that XRP was not a security, but the final resolution of this case could profoundly impact XRP’s price.

Aside from the SEC case, several factors influence XRP’s valuation. These include market sentiment, the regulatory landscape, and developments in Ripple’s partnerships. It’s crucial to note that the legal battle between Ripple and the SEC remains ongoing, with the trial scheduled for 2024.

Ripple’s president, Monica Long, has affirmed the company’s commitment to pursuing the case to its conclusion. Following a recent win where the presiding judge denied the regulator’s motion for an interlocutory appeal, Ripple appears determined to see the case through.

John Deaton, a prominent advocate for XRP, has cast doubt on the likelihood of a trial in the case. He points out the SEC’s complexities, suggesting that they might consider settling the case and reallocating their resources to other high-profile litigations involving crypto exchanges like Coinbase and Binance.

Current XRP Price and Analysis

As of the time of writing, XRP is trading at $0.49, reflecting a correction of nearly 7% over the past seven days. Technical analysis based on one-day data from TradingView indicates a bearish trend. The summary shows a ‘sell’ signal at 14, with moving averages suggesting a ‘strong sell’ at 13. Oscillators stand neutral at 9.

XRP’s recent performance mirrors the broader crypto market, which has experienced fluctuations in recent months. While the price of XRP surged to almost $1 after Ripple’s initial legal victory, it was subsequently affected by overall market sentiment, leading to a decline.

SEC’s Lawsuit History

The legal tussle between Ripple and the SEC traces back to 2020 when the SEC filed a $1.3 billion lawsuit against Ripple, alleging misleading investors and unregistered securities sales through XRP. A federal district judge’s partial ruling in July determined that programmatic sales of XRP to retail investors did not qualify as securities.

However, the judge’s ruling stated that $728 million worth of institutional sales contracts constituted unregistered securities sales, which Ripple Labs and investors interpreted as a positive outcome.

SEC Chair Gary Gensler expressed disappointment with the judge’s decision in July and hinted at the possibility of filing an appeal. The SEC’s stance on the case remains a significant factor in the ongoing legal battle’s outcome.

On a related note, crypto exchange Gemini recently announced its support for XRP. Customers can now deposit XRP on the platform, although custody is unavailable. Gemini plans to introduce XRP trading with dollars initially and later with several other currencies, marking another development in the evolving regulatory landscape for XRP.

XRP’s Long-Term Perspective

Despite the legal turbulence, it’s essential to consider XRP’s long-term journey. The cryptocurrency is still more than 85% down from its all-time high of $3.40 in 2018. This highlights the price volatility and regulatory challenges that have shaped XRP’s trajectory.

Recommended for you:

• Buy Ripple (XRP) Guide
• Ripple XRP Wallet Tutorial
• Check 24-hour XRP Price
• More Ripple (XRP) News
• What is Ripple (XRP)?