The community associated with Ripple and XRP has strongly criticized the US SEC for its stringent enforcement policies, especially when applied beyond its jurisdiction. The approaching US general elections are anticipated to mark a significant milestone for the widespread adoption of cryptocurrencies in the United States, offering a positive outlook for XRP holders.

The price of XRP, backed by Ripple Labs, experienced a notable rebound on Thursday and Friday after a prolonged bearish phase lasting nine days. With a market capitalization of approximately $47.7 billion and an average daily trading volume of around $732 million, this large-cap altcoin is edging closer to a pivotal point within its multi-year triangular consolidation phase.

Given the optimistic macro outlook for cryptocurrencies, there is a belief that the price of XRP is poised for a substantial bullish surge, primarily driven by the anticipated resolution of the legal dispute between Ripple and the US SEC. Recent reports have highlighted the increasing momentum surrounding the settlement discussions between Ripple and the US SEC, coinciding with the conclusion of the current administration.

In a recent legal development, the US SEC filed a motion with the presiding Judge, proposing a fine of approximately $102 million against Ripple for alleged violations of securities laws. Despite a previous ruling in favor of Ripple on similar matters, the US SEC continues to argue that XRP sales on cryptocurrency exchanges breach securities regulations.

Ripple’s Stance Against SEC’s Enforcement

The US SEC, under the leadership of Chair Gary Gensler, has faced criticism for its aggressive regulatory approach towards the crypto industry through enforcement actions. Ripple’s Chief Legal Officer, Stuart Alderoty, has accused Gensler of neglecting to provide clear regulatory guidelines for the American public.

Furthermore, the US SEC has been found to exceed its regulatory authority when attempting to oversee the crypto sector, among other industries. Notably, in a lawsuit involving the SEC and the National Association of Manufacturers, the court ruled against the SEC's unilateral rescinding of a rule without following proper procedures.

Earlier this month, a judge in California dismissed allegations of federal securities law violations by Ripple. Despite a ruling in New York affirming that XRP is not a security, the key area of contention remains the institutional sales and substantial escrow holdings.

The recent decision by the US SEC to end investigations into Ethereum raises the possibility of a similar resolution for XRP. However, the considerable escrow holdings controlled by Ripple could influence the final outcome.

Development Initiatives

The global XRP community is eagerly awaiting the submission of a spot ETF proposal, following the approval of spot Ether ETFs and the recent application for a Solana ETF. The core development team at Ripple has been actively working on building essential infrastructure to facilitate the widespread use of XRP and its cross-border payment solutions.

Ripple recently introduced the XRPL EVM Sidechain to support seamless development within the Ethereum ecosystem. Additionally, the launch of Ripple's US dollar-backed stablecoin is expected later this year.

Future Prospects for XRP

During the current correction phase in the cryptocurrency market, the XRP price on the weekly chart is striving to establish a support level around $0.47. Over the past two days, the altcoin has experienced a 3% increase, trading at approximately $0.476 during the New York session on Friday.

From a technical analysis perspective, it is crucial for the XRP price to consistently maintain levels above $0.50 in the coming weeks to avoid a significant drop below $0.40.