Analysis of the SEC vs Ripple Case and its Potential Impact on XRP Price

The outcome of the SEC versus Ripple case is anticipated to be announced on either July 31 or July 13. A favorable decision in this case is projected to trigger a bullish turnaround for the XRP price.

Recent Price Movements

XRP experienced a significant downturn, plummeting by 12% over the last 24 hours and currently trading at $0.400.

The downward spiral of XRP to $0.400 was a consequence of its 12% decline in the past day. Interestingly, this bearish trend was not limited to XRP alone. Bitcoin (BTC) also saw a 7% decrease, trading at $54k, while Ethereum (ETH) experienced a 10% downturn, trading at $2.859 at the time of reporting.

Price Decline Analysis

Data indicates that the substantial drop in XRP's price initiated on July 3 when the asset slumped by 3.7%, concluding the trading session at $0.4329. Notably, this marked the first instance where XRP closed below the $0.45 support level since May.

The overall cryptocurrency market cap also experienced a decline of 5.84% during this period, reaching $2,043 trillion. This was the most significant single-day loss since April 13. Subsequent to this, XRP continued its descent on Thursday, dropping by 7.32%, and further declining on Friday, leading to a massive 24% decrease in the total crypto market cap to $1.98 trillion.

Ripple vs. SEC Case and Market Sentiment

Given the ongoing market downturn, investors in XRP are pinning their hopes on a positive ruling in the Ripple vs. SEC case as a potential catalyst to revive the price to a bullish trajectory.

Update on the Legal Proceedings

Attorney James Filan recently disclosed that Ripple has submitted a Notice of Supplemental Authority related to the recent verdict in the Binance case.

In the filing, it is stated:

Intangible digital assets do not easily conform to the structure outlined in the concise Howey opinion. The SEC's approach of regulating this billion-dollar industry through case-by-case litigation might not be the most efficient method, leading to ambiguous outcomes and lack of clarity for relevant parties.

The court's decision on the Binance token case, based on Judge Amy Berman Jackman's rejection of the SEC's allegations, could impact the SEC's stance on the Programmatic sales of XRP, as ruled by Judge Analisa Torres.

Ripple's Notice of Supplemental Authority emphasizes the lack of clarity pre-ruling and disputes the SEC's allegations, suggesting that the Court's finding does not warrant severe penalties.

Current Dispute and Verdict Expectation

The SEC is pursuing a $2 billion disgorgement, contrasted with Ripple's proposal of $10 million. Potential verdict dates are slated for either July 31 or July 13, aligning with Judge Analisa Torres's historical ruling date. Analysts speculate that a favorable resolution could propel the XRP price to reach as high as $1.