- The broader cryptocurrency market saw a 0.79% reduction, bringing the total market capitalization down to $2,526 billion.
- A recent court decision against the SEC may shift the legal landscape favorably for Ripple in its ongoing case.
On Thursday, XRP’s price fell by 1.52%, closing at $0.6087. This occurred during a broader downturn in the cryptocurrency market, which saw a decrease of 0.79%, resulting in a total market capitalization of $2,526 billion.
The period was characterized by heightened scrutiny on actions taken by the U.S. Securities and Exchange Commission (SEC) against the cryptocurrency sector and discussions related to the introduction of crypto-spot Exchange-Traded Funds (ETFs).
A recent court ruling against the SEC has potentially shifted the legal sector in the ongoing case between the SEC and Ripple. This judicial setback for the SEC could be advantageous for Ripple as it defends itself against allegations of breaking U.S. securities laws.
Related: Ripple’s XRP Beats USDC in Market Cap Race, Holds Strong at $0.60
The reaction within the cryptocurrency sector to the SEC’s regulatory stance has been one of close observation, especially following Uniswap founder Hayden Adams’ announcement of receiving a Wells notice from the SEC.
Another lawsuit initiated by the SEC against a cryptocurrency firm underscored the SEC’s preference for regulatory enforcement in the absence of a definitive regulatory framework in the U.S.
Sometimes you have to laugh or else you'll cry. Question: how can you square the @SECGov's claim that @Uniswap acts as a broker with the Court's ruling against the @SECGov just a handful of days ago? Answer: you can't. https://t.co/K42aKw5YZc pic.twitter.com/OcegMnDWVu
— paulgrewal.eth (@iampaulgrewal) April 10, 2024
Legal experts from Coinbase and Uniswap have openly criticized the SEC’s strategy, highlighting discrepancies with recent court decisions that have offered a more nuanced interpretation of cryptocurrencies and their regulatory treatment.
Read more: Ripple CEO Foresees XRP ETF, But Timeline Remains Uncertain
A court decision in March, for example, rejected charges against Coinbase Wallet, undermining the SEC’s position that crypto wallets act as brokers.
The Ripple case gains additional importance following a court ruling that states the SEC cannot seek disgorgement without showing that investors incurred financial losses. This development could influence the SEC’s attempt to obtain a $2 billion disgorgement in its lawsuit against Ripple.
Ripple’s legal strategy is expected to incorporate this and other judicial opinions to contest severe financial penalties.
Additionally, the Ripple lawsuit explores the SEC’s jurisdiction, particularly in relation to transactions involving U.S. versus non-U.S. investors. This distinction is critical, given the SEC’s pursuit of penalties based on Ripple’s supposed continuous violations of U.S. securities laws following its 2020 complaint.
The current price of XRP (XRP-USD) stands at approximately $0.594677, indicating a decrease of about 2.03% as of the latest update.
- Over the last day, XRP has seen a decrease of approximately 2.15%.
- In the past week, there has been a slight increase of about 0.47%.
- The last month has shown a more significant decrease of around 13.43%.
