Right now, XRP price is being tampered with a pause in two key legal developments. Firstly, a District Judge denied the request for an indicative ruling by both Ripple & U.S. Securities and Exchange Commission (SEC).
SECโs Ripple Case Hold-Up Sparks Market Jitters
Deemed “procedurally improperโ, the SEC vs. Ripple resolution would have tremendous obstacles to close if it was returned to the District Court, Judge Analisa Torres noted. Besides a statement from the Judge for the Southern District of New York, the SEC vs. Ripple case saw another pullback today.
Ripple, the issuer of XRP Ledger & the XRP coin, penned an extra letter to the SEC requesting to clarify what stands as a security and when a digital asset ceases to be qualified as such. While such assessments are usually made on the 1946 Howey Test, the outdated methodology could miss factors important for crypto, such as decentralization & dApp capability.
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Moreover, the SEC will take extra two months to make up their minds on the mixed crypto ETF submission by Bitwise. Namely, the Bitwise 10 Crypto Index Fund is composed of Ripple (XRP), Bitcoin (BTC), Solana (SOL), Ethereum (ETH) & Cardano (ADA) prices on Spot markets.
What Happens To XRP Price Amid Legal Obstacles?
The regulatory snags have the XRP coin price sleeping at a tight range, moving no further than 5 cents either way. Over the past 7 days, the $2.47 high saw an immediate drawdown to $2.29, acting as a key support floor for XRP coin price 4 times since last week.
As we can see in the chart above, XRP coin price is trading at $2.26, nearly 12 cents below the mid-tier Bollinger Band (BOLL). Aside from the mid-tier Bollinger Band, XRP price is on a 16 day hiatus from price levels above $2.56, which are crucial for any attempts at climbing back to the early 2025 heights, when XRP secured $3.35 after the favorable Ripple vs. SEC case ruling.
On The Flipside
- Aside from decentralization, Rippleโs letter to the SEC emphasizes quantifiable factors like network maturity, secondary transactions & XRP Ledger architecture as traits of a non-security digital asset.
Why This Matters
The $133 billion XRP Ledger network is a major player in cross-border transactions, showing clear signs of long-term utility & competitive advantage over similar altcoins due to high legal compliance.
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