The crypto world is holding its breath as the long-running legal battle between Ripple and the U.S Securities and Exchange Commission (SEC) approaches its final stages. With XRP currently trading at $0.4534 down 6.20% in the last 24 hours investors are closely watching for any developments that could impact its future. The current market cap stands at $25.2 billion while its volume is currently at 1.5 billion and has gained by 63% in the last 24 hours.
Legal experts predict that July could be a crucial month for Ripple and XRP holders. Pro-XRP lawyer Fred Rispoli suggests that Judge Torres might announce the decision on remedies by mid-July potentially as early as July 13th or by the end of the month.
This date holds particular significance as it marks the anniversary of Judge Torres' landmark ruling that XRP is not a security – a decision that caused the cryptocurrency's price to double within hours last year.
The SEC is pushing for a substantial penalty of $2 billion while Ripple argues that a fine of no more than $10 million is appropriate. Recently the SEC lowered its demand to $102 million but Ripple has rejected this proposal. The ongoing dispute over damages represents a critical phase in the lawsuit with both sides maintaining their legal positions.
As the case nears its conclusion the whole crypto market remains sensitive to any news or developments as XRP currently ranks 7th in market cap.
Technically on the daily chart XRP recently broke below an ascending trendline on June 7th creating a low of $0.45 at the support level before recovering for a retest. The price has since dropped again and is currently testing the support level around $0.45.
The Relative Strength Index (RSI) stands at 33 indicating bearish momentum and approaching oversold reading. A bearish crossover appears likely with the MACD line below the signal line. We watch closely to see whether a bearish breakdown or a recovery phase will unfold.
Several factors could influence XRP price movement in the coming weeks. The outcome of the Ripple vs. SEC lawsuit remains a primary driver with any positive developments potentially triggering a bullish response similar to that seen in July 2023. Additionally the broader market trends and advancements in the XRP Ledger ecosystem could contribute to price fluctuations.