Market Turbulence:
XRP has dropped 12% in the last 24 hours, now trading at $0.400. This decline mirrors the broader market crash, with Bitcoin down 7% to $54k and Ethereum falling 10% to $2.859. The crypto market cap saw its largest single-day loss since April, falling by 5.84% to $2.043 trillion.
SEC vs. Ripple Case Update:
The verdict for the SEC vs. Ripple case is anticipated on either July 31 or July 13. A favorable decision could lead to a bullish reversal for XRP. Recently, Ripple filed a Notice of Supplemental Authority, referencing the Binance case ruling, which could impact the SEC’s stance on XRP.
Legal Implications:
Judge Amy Berman Jackman's recent ruling against the SEC’s allegations on Binance’s BNB token, based on the July 2023 ruling by Judge Analisa Torres on XRP’s Programmatic sales, supports Ripple’s defense. Legal experts suggest this could deter the SEC from appealing the XRP ruling.
Potential Impact:
If the court rules in Ripple’s favor, XRP could see a significant price increase, potentially reaching $1. Ripple’s defense highlights the lack of clarity in the SEC’s allegations and proposes a $10 million settlement, contrasting the SEC’s $2 billion disgorgement demand.
Investor Sentiment:
XRP investors remain hopeful that a favorable ruling will reverse the current bearish trend and restore bullish momentum. The upcoming verdict dates are critical for XRP’s future trajectory.
