XRP Price Dips Below $2 Amidst Ongoing SEC Legal Battle

XRP Price Retreats After Legal Setback

The price of XRP experienced a significant drop on Thursday, falling below the $2 mark following the latest developments in the Ripple-SEC lawsuit. Judge Analisa Torres’ rejection of a joint motion for an indicative ruling dashed hopes of a swift price recovery towards the $2.23 resistance level. While the SEC dropped its appeal, signaling a potential end to the primary legal conflict, Judge Torres’ decision highlighted unresolved procedural issues requiring further court action. The judge emphasized that private agreements cannot override final court judgments.

Ripple’s Response and Legal Implications

Ripple’s Chief Legal Officer, Stuart Alderoty, stated on X (formerly Twitter) that the matter is now back in Ripple’s court. The company must either dismiss its appeal concerning past institutional sales or proceed. Regardless, Alderoty affirmed XRP’s status as a non-security remains unchanged.

Legal expert Fred Rispoli commented that the injunction won’t affect XRP in secondary markets or ETF filings. He believes Judge Torres is unlikely to recall Ripple and the SEC unless the SEC suspects injunction violations. Rispoli also questioned the SEC’s authority to grant Ripple exemptions.

Market Analysis and Price Predictions

Alderoty’s reference to “historic institutional sales” suggests a potential shift in future transaction approaches and hints at a possible settlement. Despite the recent price dip, some analysts remain bullish. Crypto analyst CryptoBullet drew parallels between XRP’s current two-week chart and patterns from 2017, predicting a price surge to between $4.50 and $5.40.

Current Market Situation

At press time, XRP trades around $2.08, a key support level. The token experienced a 4.4% drop in the last 24 hours and a 10% decrease over the past month. According to CoinGecko, XRP remains 38% below its all-time high of $3.40.

Featured image from DALL-E, chart from TradingView.com