Ripple’s XRP is down by 2.56% in the last 24 hours, trading at $0.5183. While it may not necessarily be due to the ongoing legal battle with the SEC, it is only right to state that at least some portion of the downfall is because of the dispute. Relief could be on the way as the SEC and Ripple have entered the final week of Remedies-related discovery.
Both will later be tasked with submitting remedy-related briefs pertaining to breaching Section 5 of the Securities Act. That entails the aspect of selling XRP to institutional investors. The SEC has yet to speak concluding words about its plans to appeal the Programmatic Sales ruling. This may extend to the next year or 2026.
Gary Gensler continues to be under the radar. Many have questioned his controversial leadership when it comes to regulating cryptos appropriately. Stuart Alderoty, the Chief Legal Officer of Ripple, has asked if lawyers would be brave enough to blow the whistle on his leadership.
The SEC is also in a legal fistfight with Debt Box. Gary Gensler wrote a letter last week, citing concerns about the case. However, he has been met with criticism. In December, the Court issued a statement requesting the Commission to provide justification for not being sanctioned, as it had made false and misleading representations to the court, and the SEC subsequently filed a Motion to Dismiss the charges lodged against the company.
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Gary remains undeterred, saying that it doesn’t matter if the Commission staff deliberately misrepresented evidence or unknowingly presented false information. What matters is that other enforcement cases brought by them deserve scrutiny.
That said, the impact on XRP’s price is obvious, as it trades at $0.5173, a fall of 3.10% in the last 24 hours. The 24-hour volume has surged by 5.40% as the 50- and 200-day EMAs keep the prices below their level. Hence, bearish signals are showcased to the community. Selling pressure is expected to intensify only if the token touches $0.5470.
A fall to $0.5042 is also a possibility if the break is found at $0.52.
Ripple and the US Securities & Exchange Commission have stalled the anticipation for XRP ETF applications. Other ETF applications are still in sight, with early approval expected to come by the end of this year. Alternatively, or rather more positively, the approval could come as early as the middle of this year.
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Spot Bitcoin ETF applications have brought the crypto market back under the limelight. Many institutional options are being explored to allow a broader number of users to get on board. The ETF is expected to go smoothly. Assuming Ripple and the Commission reach an understanding, it would support the launch of yet another crypto ETF application. Ultimately, the benefit will be passed on to the community.
