XRP Price Remains Flat Despite Legal Clarity, But Analysts Stay Optimistic

The legal battle between Ripple Labs and the SEC is almost over, with significant implications for the cryptocurrency market.

Sophia Cruz•Friday, June 7, 2024•1 min read

The legal battle between Ripple Labs and the SEC is almost over, with significant implications for the cryptocurrency market. The court is set to determine the final penalty for Ripple’s institutional sales of XRP, expected in the third quarter of 2024.

XRP Price Remains Flat Despite Legal Clarity, But Analysts Stay Optimistic

This follows Judge Analisa Torres’ 2023 ruling that XRP is not inherently an investment contract, marking a pivotal milestone.

The primary issue in the ongoing Ripple vs. SEC case is the determination of the fine that Ripple Labs will face for its institutional sales of XRP. Legal experts anticipate this decision, expected in the third quarter of 2024, which will conclude the remedies phase of the litigation. Additionally, Ripple and the SEC await a ruling on whether certain financial documents will be unsealed, a decision that could significantly impact XRP’s market performance.

Since the lawsuit began in December 2020, XRP’s price has been negatively impacted, struggling to surpass the $1 mark despite favorable rulings. The July 2023 decision by Judge Torres offered a temporary boost, but uncertainty still clouds investor confidence.

Ripple enthusiasts are cautiously optimistic about the coin’s future, awaiting the final court decision and a potential price surge. The recent legal settlement between Do Kwon and the SEC has bolstered the hopes of XRP community members, who believe a similar resolution could be possible for Ripple.

Once among the top three most valuable digital assets, XRP has now fallen to the seventh position, with a market cap of around $29 billion. The decline in XRP’s price and its failure to align with the broader market’s bullish trend have led analysts, including Bill Morgan, to scrutinize the coin and its prospects more closely.

Meanwhile, XRP is currently trading at $0.5267, reflecting a 0.38% increase in the last 24 hours.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.