Hey folks.
Investor worries regarding Ripple's ongoing legal dispute with the SEC persisted in influencing buyer demand for XRP. The SEC vs. cryptocurrency court decisions and appeals news determine the direction of XRP prices.
June 24, on Monday the price of XRP decreased by 1.19%. Following a 1.42% slide on Sunday, June 23 ending the day at $0.4740. XRP's losing streak was extended to three sessions.
The buyer demand for XRP was impacted by the bearish sentiment across the wider crypto industry with the leading crypto Bitcoin dropping below $60k on Monday.
At the start of the week, there was no Securities and Exchange Commission v Ripple case-related news to observe. The community of crypto waited for the updates on Ripple's penalty, it must pay for violating the United States securities laws.
It is also up to the United States courts to determine whether to issue an injunction banning the sale of XRP to institutional investors. The worst-case situation for XRP and Ripple would be an injunction and a $2 billion fine. Plans to expand in the United States could be negatively impacted by an injunction.
Nevertheless, the Securities and Exchange Commission's plan to appeal against the programmatic sales of XRP decision still remains the focal point.
Kristina Littman, former SEC Division Chief dashed hopes recently for an SEC appeal. Littman thought the SEC would aim to minimize the possibility of creating unfavorable laws.
A motion for interlocutory appeal against the programmatic sales of XRP decision was filed by the SEC in August 2023. The filing called attention to the intention of the SEC and suggested the SEC would try to overturn the ruling of the court.
However, the SEC's plans to appeal against the programmatic sales of the XRP ruling may also be influenced by external forces.
Whether the SEC could think about pursuing an appeal could depend on the outcome of the SEC v. Coinbase (COIN) case.
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