Is the SEC ‘suppressing XRP’? 20% drop in 7 days raises questions
Is the SEC lawsuit against Ripple a suppression tactic or post-trial gains?
- XRP’s price swings amidst SEC battles.
- Crypto community debates XRP’s fate.
In the midst of a tentative recovery for some cryptocurrencies, Bitcoin [BTC] has experienced a setback, plunging from $64,000 to $62,000 in a mere seven-hour span.
Following a similar line of action, Ripple [XRP] was marked by a series of declines in its weekly chart, leaving investors on edge.
This is largely attributed to the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC).
Now, as Ripple’s final pretrial conference approaches (as highlighted by Crypto Eri), the looming uncertainty has intensified selling pressure on XRP.
Ripple’s CLO weighs in
Clearing the air around the same, Stuart Alderoty, Ripple’s chief legal officer in his recent X (formerly Twitter) post noted,
“Seeing some confusion on next steps with the SEC vs. Ripple case. To clarify – Ripple will file its response to the SEC’s request for penalties by April 22 and the SEC has until May 6 to reply.”
He also added,
“There is no final pretrial conference because the SEC dismissed the charges against @bgarlinghouse and @chrislarsensf.”
Confirming Alderoty’s remarks, @CryptoLawUS emphasized,
“Eri – there will be no trial, those matters were dropped.”
This implies a shift in the legal situation and highlights the significance of accurate legal counsel and information circulation within the cryptocurrency community.
XRP’s price action
All these exchanges have led to a negative impact on XRP’s price action. According to CoinMarketCap, since the 12th of April, XRP has been all red.
The altcoin has experienced a significant 20% decline within a week’s time.
This downturn has led to a dip in user adoption and a corresponding decrease in demand for XRP.
Remarking on the same, WallStreetBulls highlighted,
“This isn’t just the SEC vs. Ripple case; it’s a collaboration between the SEC and Ripple to suppress XRP and manipulate its market. #Ripple #SEC #XRP.”
On the contrary, the XRP Captain added,
“#Ripple Vs #Sec Lawsuit Coming To An End. This Means Massive Gains On The #XRPL Projects CTF Token, Could Experience A Huge Pump From 0.85$ To 100$+.”
Hence, with the SEC persisting in its pursuit of Ripple for breaching Section 5 of the Securities Act of 1933 and seeking substantial fines nearing $2 billion, a pressing question emerges — amidst the broader market recovery, will XRP be left behind?
