While other cryptocurrencies are making a shaky comeback, Bitcoin [BTC] has taken a beating, falling from $64,000 to $62,000 in just seven hours.
Investors were uneasy as Ripple [XRP] displayed a sequence of drops on its weekly chart, continuing a similar trend of activity.
The current legal dispute between Ripple and the Securities and Exchange Commission (SEC) is mostly to blame for this.
As Ripple's last pretrial conference draws near, selling pressure on XRP has increased because to the impending uncertainty, as noted by Crypto Eri.
The CLO of Ripple weighs
In a recent X (formerly Twitter) post, Stuart Alderoty, the chief legal officer at Ripple, clarified the same.
"I'm seeing some misunderstanding about what comes next in the SEC v. Ripple case. To be clear, the SEC has until May 6 to respond to Ripple's answer to its request for sanctions, which will be filed by April 22."
He continued, "The SEC has dismissed the charges against @bgarlinghouse and @chrislarsensf, thus there will be no final pretrial conference."
This suggests a change in the law and emphasizes how important it is for members of the cryptocurrency ecosystem to have accurate legal advice and information.
The price movement of XRP
The price movement of XRP has been negatively impacted by all of these exchanges. As per CoinMarketCap, XRP has been completely red since April 12th.
In just one week, the altcoin has seen a sharp 20% decrease in value.
As a result of this decline, user adoption has declined and XRP demand has decreased as well.
In reference to the same, WallStreetBulls noted,
"This isn't simply the SEC v. Ripple case; the SEC and Ripple are working together to stifle XRP and control its market. #XRP #SEC #Ripple."
Conversely, the XRP Captain continued,
"The #Ripple Vs. #Sec Lawsuit Is About to End." This Could Result In A Massive Pump From 0.85$ To 100$+ For The #XRPL Projects CTF Token, Meaning Huge Gains."
Therefore, while the SEC continues to pursue Ripple for violating Section 5 of the Securities Act of 1933 and is requesting large fines approaching $2 billion, it begs the question, will XRP fall behind during the wider market recovery?
April 2024, Cryptoniteuae