The Ripple vs. SEC lawsuit is nearing its end, but XRP’s price isn’t celebrating. Instead, it’s taken a significant dive. Let’s break down what’s happening.
XRP Price Plummets
XRP’s price has dropped considerably – over 6% in the last 24 hours and a whopping 24% over the past week. This is surprising, given some positive developments in the Ripple case.
Positive Developments in the Ripple-SEC Lawsuit
Several factors suggest the lawsuit might be wrapping up soon:
- SEC Shake-up: The SEC reassigned Jorge Tenreiro, head of their crypto unit and the lead on the Ripple case, to the IT department. Over 50 other SEC lawyers involved in crypto cases were also reassigned. Experts believe this signals a potential end to the lawsuit.
- Reduced Enforcement: The SEC is scaling back its crypto enforcement efforts, suggesting a shift in approach under the new administration.
These developments are generally considered bullish for XRP, as the lawsuit has heavily impacted its price. So why the crash?
Why the Price Drop?
The broader crypto market downturn is a likely culprit. Bitcoin’s struggles are pulling down other cryptocurrencies, including XRP. It’s also possible that the market already anticipated a positive resolution to the Ripple-SEC case, particularly after Donald Trump’s election victory and his pro-crypto stance.
Future Predictions for XRP
Despite the recent drop, some analysts remain optimistic about XRP’s potential.
- Dark Defender predicts a surge to $8.
- Egrag Crypto sees parallels to the 2017 market, suggesting a potential 1500% increase to $27.
Currently, XRP is trading around $2.29. Whether these bullish predictions pan out remains to be seen.
