The SEC’s recent decision to drop all charges against Ethereum has shifted the spotlight to the ongoing Ripple vs. SEC lawsuit. Industry experts have criticized the SEC for its perceived partiality in handling similar cases. Despite the controversy, XRP saw a modest increase of nearly 1% today, trading at $0.498. The price has fluctuated between a low of $0.4906 and a high of $0.5002 over the last 24 hours.
However, the trading volume has decreased by 25%, indicating a possible decline in trader interest. Key support and resistance levels to watch include $0.4623 and $0.50, respectively.
SEC’s Decision Under Scrutiny
Recent developments in the Ripple case suggest that the U.S. SEC may not appeal Judge Torres’ ruling that XRP is not a security. Kristina Littman, former SEC Crypto Enforcement Chief, highlighted the risks of an appeal, which could undermine the SEC’s stance in higher courts. James Murphy, known as MetaLawMan, also criticized the SEC’s inconsistent approach to digital assets.
Ripple’s Chief Legal Officer Speaks Out
Stuart Alderoty, Ripple’s Chief Legal Officer, has lambasted the SEC for its lack of regulatory clarity, especially following the decision to end the Ethereum investigation. This inconsistency raises questions about the SEC’s classification of digital assets, leaving crypto enthusiasts to wonder if Solana, Cardano, and Polygon will also face unpredictable classifications.
Analyst Predictions
Despite the recent price increase, market sentiment around XRP remains cautious. Analyst Dark Defender has suggested that Bitcoin may lose dominance to XRP, predicting short-term targets of $0.5286 to $0.6649. The XRP/BTC pair has shown a reversal on the weekly chart, and a Golden Cross for the Relative Strength Index (RSI) indicates potential bullish momentum.
Impact on XRP Price Action
The SEC vs. Ripple case has helped establish a robust support level for XRP around 50 cents. The large-cap altcoin, with a fully diluted valuation of approximately $49 billion, is strengthened by significant Ripple-backed developments and acquisitions. In the past week, Ripple announced the acquisition of Standard Custody to enhance its Metaco services.
Ripple has also launched a web3 fund for South Korean and Japanese developers. Additionally, Ripple has unveiled an EVM-compatible sidechain on the XRPL, anticipating the launch of its fiat-backed stablecoins.
As the SEC vs. Ripple case nears its conclusion, the outcome could set important precedents for future regulatory actions in the industry. The resolution of this landmark case is eagerly awaited by the entire crypto community.
Also Read: XRP Price to Explode 1700% in 10 Day If THIS Happens, Predicts Expert
