Ripple (XRP) Price Falls 5% in 24 Hours, Continuing Downward Trend

June 15, 2023 James Oliver Cryptocurrency News 1

Ripple CEO and General Counsel Slam SEC in Twitter Rant Amid Ongoing Lawsuit

The price of Ripple (XRP) has fallen by 5% in the past 24 hours, trading at $0.51 as of 23:03 UTC on June 14, 2023. The decline comes as the broader cryptocurrency market has also seen losses, with Bitcoin (BTC) and Ethereum (ETH) both down by around 3%.

There are a number of factors that could be contributing to the decline in XRP price. One possibility is that investors are selling off their XRP holdings in anticipation of the upcoming SEC lawsuit against Ripple. The SEC alleges that Ripple violated securities laws by selling XRP as an unregistered security.

Another possibility is that investors are simply taking profits after the recent rally in XRP price. XRP has gained over 18% in the past month, and it is possible that some investors are now looking to sell their holdings and take some profits off the table.

See Also:  Exploring the Benefits and Prospects of CBDCs in 2023

It is also worth noting that the overall cryptocurrency market has been on a downward trend in recent weeks. Bitcoin and Ethereum have both lost over 10% of their value in the past month, and this could also be contributing to the decline in XRP price.

Despite the recent decline, XRP is still up by over 300% in the past year. The long-term outlook for XRP is still positive, and it is possible that the price could rebound in the near future.

Here are some of the factors that could impact the price of XRP in the near future:

  • The outcome of the SEC lawsuit against Ripple.
  • The overall performance of the cryptocurrency market.
  • Any new developments or announcements from Ripple Labs.
See Also:  Crypto Market Plummets: Coinbase and Crypto.com Cut Hundreds of Jobs

Investors should carefully consider all of these factors before making any investment decisions.

Related Stories:

Ripple's XRP ServicesRipple’s XRP Price Falls 5% as Bitcoin and Ethereum Prices Also Decline XRP Price to Hit New All-Time Highs as XRPL Adoption Goes MainstreamXRP Price Set to Skyrocket to $10 if Ripple Wins Lawsuit – Lawyer Asserts Rocket Pool and Thorchain: What Caused the 6% Decline?Ripple (XRP) Price Breaks $0.55 Resistance on Optimistic Reaction to Hinman Documents XRP Price Explodes Over 70% as Judge Rules In Favor of Ripple in SEC Case XRP, the native cryptocurrency of the Ripple network, has surged by more than 70% in the past 24 hours, reaching its highest level since May. The price spike came after a U.S. judge denied the Securities and Exchange Commission's (SEC) request to access Ripple's legal communications. What is the SEC's lawsuit against Ripple? The SEC filed a lawsuit against Ripple and its executives in December 2020, alleging that they sold $1.3 billion worth of XRP as unregistered securities. Ripple has argued that XRP is not a security, but a digital asset that is used for cross-border payments and remittances. The company also claimed that the SEC did not provide fair notice to the market about its regulatory status. How did the judge rule in favor of Ripple? On June 30, U.S. Magistrate Judge Sarah Netburn denied the SEC's motion to compel Ripple to produce documents related to its legal advice on XRP. The judge ruled that Ripple's communications with its lawyers are protected by attorney-client privilege, and that the SEC failed to show a "substantial need" to access them. The judge also noted that the SEC's request was "overly broad" and "disproportionate". What does this mean for XRP and the crypto market? The judge's ruling is seen as a major victory for Ripple and a setback for the SEC, as it could weaken the agency's case against the company. The ruling also boosted the confidence of XRP investors, who have been waiting for a resolution of the legal dispute. XRP's price jumped from around $0.6 to over $1 in a matter of hours, making it one of the best-performing cryptocurrencies in the market. The rally also lifted other altcoins, such as Stellar, Cardano, and Dogecoin. What are the next steps in the lawsuit? The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31. The SEC has also filed a motion to extend the deadline for fact discovery by 60 days, citing the complexity of the case and the need for more time to review documents. Ripple has opposed this motion, arguing that it would cause further harm to its business and customers. The judge has not yet ruled on this motion. Conclusion XRP's price has exploded over 70% as a U.S. judge ruled in favor of Ripple in its lawsuit with the SEC. The ruling denied the SEC's request to access Ripple's legal communications, which are protected by attorney-client privilege. The ruling is seen as a major win for Ripple and a boost for XRP investors, who have been waiting for a positive outcome of the case. The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31.Ripple (XRP) Price Explodes Over 70% as SEC Loses Key Round in Battle Ripple Backs Kamala Harris as XRP Faces a 50% Decline Against BitcoinRipple (XRP) price poised for 20% rally as key indicators flash buy signals Ripple's XRP ServicesRipple (XRP) price poised for a massive 43% rally as W-bottom pattern emerges Ripple Chief Monica Long Makes the Case for Crypto in the New York TimesRipple’s Stellar Performance Makes it a Top Contender in the Global Fintech Landscape Ripple Chief Monica Long Makes the Case for Crypto in the New York TimesRipple CEO Brad Garlinghouse Celebrates Hinman Documents Release: ‘Well Worth the Wait’
F.R.I.E.N.D.S. star James Michael Tyler dies of prostrate cancer
About James Oliver 175 Articles
I am a lover of all arts and therefore can dream myself in all places where the World takes me. I am an avid animal lover and firmly believes that Nature is the true sorcerer.

Be the first to comment

Leave a Reply

Your email address will not be published.