- The SEC’s actions significantly impact XRP’s price, attorney Jeremy Hogan emphasizes.
- Recent SEC developments have contributed to the latest dip in XRP’s market value.
SEC’s Moves Dictate XRP’s Market Fluctuations
In a recent turn of events, celebrated attorney Jeremy Hogan has spotlighted the SEC’s role in influencing XRP’s market price. His comments came in response to a post (now removed) by former SEC representative, Marc Fagel. The whirlwind began as the SEC made public its wish to launch an interlocutory appeal concerning the Ripple lawsuit.
Shortly after this disclosure, XRP’s price experienced a dive, landing at approximately $0.6273. Attorney Bill Morgan didn’t hesitate to label this sudden drop as the direct result of “the SEC’s handiwork,” further quipping about the regulatory body’s proclaimed mission to “always protect investors.” This prompted a brief response from Fagel, which was quickly withdrawn after facing criticism from XRP supporters.
Ripple’s Role in XRP Pricing: A Non-Factor?
Hogan chimed into the dialogue with a perspective that could reshape common perceptions about XRP’s price drivers. Contrary to a widely held belief that Ripple Labs has a say in the price determination of XRP, Hogan was unequivocal: Ripple’s actions, or lack thereof, have little to do with XRP’s valuation. Instead, it is the regulatory posture of the SEC that sways the coin’s price, observed Hogan.
The historical data offers credence to Hogan’s assertion. XRP experienced a dramatic drop when the SEC accused Ripple, alongside its two leading figures, of transgressing securities regulations. In the aftermath of the SEC’s declaration of Ripple selling XRP as an unregistered security, the cryptocurrency took a 25% hit, diving to $0.35. This downturn was exacerbated as major U.S. exchanges, including the behemoth Coinbase, opted to remove XRP from their platforms, attributing the move to the ongoing litigation.
Following the announcement from Coinbase regarding the delisting of XRP, its value decreased by a staggering 31%, reaching roughly $0.20. Nevertheless, the tides seemed to turn in favor of XRP, recording impressive gains in the subsequent years. This momentum was further propelled by Judge Analisa Torres’ pronouncement last month, where she designated XRP as a non-security, causing the currency to surge to approximately $0.85.
Yet, the respite was temporary. With the SEC hinting at challenging Judge Torres’ ruling, specifically focusing on XRP’s programmatic sales, the coin found itself on shaky grounds again. As speculations brewed over the SEC’s appeal, XRP’s price dwindled to around $0.67, a figure that would further slump to $0.6271 as the SEC’s appeal intentions became official. Presently, XRP stands at $0.635, marking a minor 0.1% decline over the previous day.