XRP Takes Major Hit After SEC Decision
The Ripple coin XRP declined today after the SEC cancelled a scheduled hearing having to do with the ongoing lawsuit.
Ripple crypto coin XRP is down by 8% following a decision by the SEC to cancel its scheduled hearing for Thursday, July 18th.
XRP’s trade volume is almost flat for now compared to the previous day, with about $3.4 billion in XRP coins changing hands every 24 hours.
The hearing was part of an ongoing court battle between Ripple and the SEC- a battle that has at times swing in both directions as it drags on. The cancellation of the hearing has spurred speculation, with many investors wondering if its timing has anything to do with the impending release of crypto ETFs to the marketplace. Those are set to begin trades on July 23rd.
Further speculation says that the SEC has discovered new evidence or is contemplating a change in their stance on the crypto company. Another theory suggests that the SEC has decided it needs more time to negotiate with Ripple before coming to a decision in the lawsuit.
Many hopes within the crypto community had hinged on the hearing, expecting that it might bring some sense of closure to the lawsuit and help Ripple and the larger crypto community move forward. With the eyes of the government on Ripple, that also means that those same eyes are on the crypto community.
XRP Could Drop Lower
The worry for XRP investors right now is that even with the major decline in the coin’s value, a larger bear trend could develop and push the price down further. XRP is still up for the month, having climbed about 39% in 10 days. What we are seeing with the coin’s price drop could be a simple price correction tied to the hearing cancellation.
Of course, with XRP having gained so much since early July, there is room for the coin to lose much or all of its gains with a setback like this. Investors should be prepared for a bumpy ride unless something changes with the lawsuit.
Many industry analysts think that XRP will hit $1 in the near future, but even if that does happen, we may see further decline in the short term before the coin picks up momentum and climbs higher. The good news is that no one expects a sharper decline than has already occurred.
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