XRP Drops 3.456% Amid Ongoing SEC Legal Battle

XRP's latest price was $2.97, down 3.456% in the last 24 hours. The ongoing legal confrontation between Ripple and the U.S. Securities and Exchange Commission (SEC), initiated in December 2020, continues without final resolution. The SEC's primary allegation centered on potential violations during XRP token sales. Key developments over the years include a pivotal 2023 ruling by Judge Analisa Torres, which determined that Ripple’s sales of XRP on secondary exchanges did not constitute securities offerings. Subsequently, a penalty initially set at $125 million was negotiated down to $50 million. An SEC appeal against the 2023 ruling remains pending. Procedurally, the SEC is mandated to provide a critical status update concerning this appeal by August 15. Speculation regarding the case’s trajectory emerged following commentary from Bill Morgan and former SEC regional director Marc Fagel. Fagel suggested internal processes were likely moving towards a vote by SEC commissioners.

Progress continues for RLUSD, Ripple's U.S. dollar-pegged stablecoin launched in December. Designed to enable instant settlement for cross-border transactions, RLUSD adoption is advancing. Significant partnerships have been formed, with BNY Mellon assuming a custodial role for the stablecoin. Additionally, AMINA Bank recently achieved the milestone of being the first banking institution to offer direct support for RLUSD. The bank’s Chief Product Officer emphasized alignment with Ripple’s focus on transparency and compliance, stating the integration offers clients access to a highly anticipated digital asset and strengthens institutional-grade services. Consequently, the stablecoin’s market capitalization has seen consistent growth.

Technical analysts observed specific patterns within the XRP structure reminiscent of early 2025 movements. These formations have led to suggestions of a potential upward trajectory. Despite fluctuations over the preceding days, analysis based on these historical structures indicates the possibility of overcoming significant resistance levels. Some market observers, referencing technical formations and sentiment shifts, expressed optimism regarding future performance. This sentiment was bolstered by expectations of an inflow of funds via ETFs, which could potentially drive valuation increases by substantial amounts. Overall, institutional interest and emerging technical signals contribute to a cautiously positive outlook among analysts.