Ripple’s XRP Experiences Dips Despite Legal Developments: An Analysis

Last Updated:
XRP Dips 2%+ As SEC Lawsuit Nears Final Judgment
  • A prominent XRP whale transferred 30 million tokens to an exchange.
  • The digital asset lost crucial support at the $0.5 price level.
  • The RSI indicator shows that the selling pressure is quite high in the market.

The protracted legal tussle between the Securities and Exchange Commission (SEC) and Ripple is nearing its final judgment as the two parties have submitted their briefs. Though the community anticipates a significant uptick in XRP’s price following the case settlement, the token is currently moving in a downward trend.

The legal issues surrounding Ripple and XRP can be traced back to the lawsuit filed by the SEC alleging the sale of unregistered securities. Following a series of developments, Judge Analisa Torres ruled XRP a non-security, securing a landmark victory for the crypto platform.

Nearing the lawsuit’s conclusion, Ripple and XRP filed their respective briefs in court. In the SEC’s response to the remedies brief, the regulators argued against Ripple’s statement regarding the certainty of XRP as a non-security. While the SEC demanded $2 billion in a settlement, Ripple claimed that the platform would not pay more than $10 million.

At present, XRP’s price is set at $0.4949, marking a marginal dip of 2.27% in one day. Over the last 7 days, XRP has seen a more significant decline of 7% while exhibiting a notable 9% downturn in one month.

Analysts anticipate a significant upturn in XRP’s price, poised to reach a new all-time high this year. For instance, JackTheRippler, a prominent figure, predicted a ground-breaking rise in XRP’s value in 2024 following the upcoming developments in the ecosystem. The major events include the final judgment in the lawsuit, XRP’s bank integration, Ripple IPO, and the potential XRP ETF launch.Another prominent analyst, KingXRP, hinted at the significant appreciation in XRP’s price following these events. According to KingXRP’s predictions, XRP is poised to reach $18.57 with the final judgment in the lawsuit.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.