Recent events have led to significant challenges for XRP, impacting its value and leaving investors anxious about the future.
Market Reaction
XRP's price dropped 2.67%, falling from $2.57 to a low of $1.99 and closing at around $2.06 on June 21. This decline follows a broader market downturn, with the overall crypto market cap shrinking by 1.68%. Investor sentiment has soured due to legal uncertainties.
Speculation of Seizure
Market analysts have speculated about the potential seizure of Ripple's escrowed XRP by the U.S. government for national reserves. This theory has been suggested by some experts, including crypto analyst John Squire, but pro-crypto lawyer Bill Morgan firmly refuted it, saying, "No, it won't."
Deepening Legal Uncertainty
The ongoing legal battle between Ripple and the SEC continues to significantly impact XRP. Investors are awaiting a critical ruling from Judge Analisa Torres on a joint motion filed by Ripple and the SEC on June 12 regarding the lifting of existing injunctions.
The current situation underscores the uncertainty surrounding XRP, with legal outcomes and speculative fears playing a pivotal role in determining its future.
