- According to reports, the marginal drop in the XRP rate is due to a lack of news regarding SEC vs Ripple.
- The SEC-Ripple legal case is still awaiting a ruling. Also, other factors such as SEC-Coinbase’s ongoing battle and the SEC against Ripple could affect the price.
The XRP price has dropped below $0.52, trading at $0.52. 0.67% Last 24 Hours 3.5% Last 30 Days
According to analystsThe lack of mobility is related to “zero” Update of the SEC Vs. Ripple News about cases within the period. This could however change as the investors wait for the ruling of the court on Ripple’s Motion to Seal. They could then decide the fine that Ripple will have to pay in order to comply with US securities law.
You can also read about the advantages of using reported by the Crypto News FlashThe Commission had proposed a penalty of almost $2 billion and an order prohibiting XRP’s sale to institutional investors. Ripple, however, strongly disagreed with this figure, saying it should be closer to $10 million.
We have made our opposition public to the SEC request for $2B of penalties in relation to legacy institutional sales. The SEC has asked for $2B in penalties in a case where there were no accusations (or findings of fraud) and Ripple had won in significant areas. This is further evidence that it continues to intimidate all cryptos in the U.S.
The parties involved expect a decision in the summer, with the SEC hoping for an appeal of the Programmatic Sales of XRP verdict. Last year, Judge Analisa Torres rejected a SEC motion for interlocutory appeal. This forced the Commission to drop charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
XRP Enthusiasts Await a decision on Empower Oversight’s lawsuit against the SEC
Empower Oversight, and Office of Inspector General are two other cases that the XRP Community expects to have an impact on the XRP price. Empower Oversight revealed in February that the Office of Inspector General was at the end of its investigation into the alleged conflict of interest involving crypto against the SEC.
In 2021 this investigation was launched after Empower Oversight sued the SEC on the grounds that William Hinman, the former director of the SEC’s, received millions in payments from Simpson Thacher, his former employer. Simpson Thacher, a group that supports Ethereum, is an important point to be aware of. SEC’s plans to appeal against the Programmatic Sales of XRP verdict could be halted if evidence of a potential conflict of interest can be established.
Trump’s pro-crypto stance and the SEC decision on Coinbase Case
Donald Trump has also publicly stated his support of crypto in the US elections. He is the Republican Party candidate and the former US President. The Republican Party’s victory would also be a positive for crypto, as a newly appointed SEC Chairman may stop the plans to reverse Programmatic Sales of XRP.
In addition, it is likely that Judge Katherine Failla will grant Coinbase’s Motion for Interlocutory Appeal in its case against SEC. If Coinbase wins, it will appeal the ruling on the Motion to Dismiss to undermine the Commission’s argument that cryptos are securities. The XRP would then be set for a long-term bull run. Ripple’s President has now confirmed the inevitable XRP ETF, since a positive outcome in court could pave the way for regulatory clarity.
🚀 #Ripple‘s President, @MonicaLongXRPBacks the inevitability #XRP ETF is a regulatory certainty that sets the market in motion! She expects it to happen ‘very soon’. 📈
WAGMI! 🚀🚀🚀 pic.twitter.com/9zyroAK0If— Collin Brown (@CollinBrownXRP) June 6, 2024
Currently, XRP stays below the 50 and 200 day EMAs. Any movement above the 200-day EMA will allow it to break the resistance level of $0.5739. Any move below trend lines can send it to as low as $0.48. analyzed by Crypto News Flash.
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Source: www.crypto-news-flash.com