$XRP , a cryptocurrency embroiled in a high-stakes legal battle with the U.S. Securities and Exchange Commission, fell below $0.42 for the first time since March 2023 amid a broader market downturn that sent shockwaves through the crypto world .

After a brief rally on Saturday, July 6, #Xrp🔥🔥 fell significantly on Sunday, falling 6.65% to close at $0.4197. This marked the first time since March 2023 that XRP ended a trading session below $0.42. Volatility contributed to the cryptocurrency's overall weekly loss of 11.72%.

Ongoing legal battles #SECCrypto with major crypto players such as #RippleTrends and #Coinbase continue to attract investor attention. The decision could, in any case, have a ripple effect throughout the market, potentially causing a spike in the price of XRP if the results favor the crypto industry.

Investors also reacted to the news that Mt. Gox paid its creditors about $9 billion in $BTC . Mt. Gox, which collapsed in February 2014, left BTC holders waiting more than a decade for repayment. By selling these long-term positions, lenders hope to lock in a fixed amount of profit. This contributed to a decline in the market capitalization of crypto assets by 11.28% to $2 trillion, with #Bitcoin down 10.89% at the end of the week.

The fate of XRP also depends on the outcome of the SEC's lawsuit against the Coinbase exchange. Coinbase requested an interlocutory appeal after a judge rejected its attempt to dismiss an SEC complaint alleging the exchange operated as an unregistered securities intermediary. The outcome of this appeal could set a precedent for how cryptocurrency exchanges are regulated in the US, with potential implications for XRP and the broader market.

The various court opinions in these cases highlight the complex legal landscape for regulating cryptocurrencies in the United States. While the dismissal of charges against Binance brings some optimism to the industry, Terraform Labs' decision serves as a stark reminder of the ongoing regulatory uncertainty.

The outcome of the SEC's case against Ripple could be a landmark decision that could significantly impact the future of XRP and the cryptocurrency market as a whole.