Update Latest XRP Ripple News, Post Clash with SEC

Bittime - XRP price fell below $0.55 due to ongoing regulatory concerns and the release of 1 billion XRP tokens. Will XRP recover?

XRP, one of the largest cryptocurrencies in the world, continues to be in the spotlight amidst regulatory uncertainty and market developments. On September 1, 2024, the price of XRP decreased to $0.5478, marking a decline of 3.32%. 

The drop comes amid uncertainty regarding the SEC's plans to appeal the ruling in the Ripple case, which continues to be a major hurdle for XRP. Additionally, Ripple's release of 1 billion XRP tokens from escrow added pressure on the price, creating concerns among investors.

Impact of Ripple Case on XRP Price

The uncertainty surrounding Ripple's legal case with the SEC has been a major factor influencing XRP price movements. After the final ruling on August 7, 2024, Ripple and the SEC will have 60 days to appeal. 

Uncertainty regarding the SEC's next steps has created concern among investors, leading to a drop in the price of XRP below $0.55. Fear of a possible appeal from the SEC has made the market more cautious, and this is reflected in the XRP price continuing to decline.

Release of XRP Tokens from Escrow

At the same time, Ripple conducted a routine release of 1 billion XRP tokens from escrow in early September. This practice has been running since 2017 as part of Ripple's strategy to maintain market stability by regulating the supply of XRP. 

Although the number of tokens actually in circulation is often lower than this figure, the release this time coincided with market uncertainty, putting further pressure on the XRP price. Analysts warned that a drop below the $0.55 support level could be a signal for a further decline towards $0.50, a very important psychological level for investors.

Political Influence On Crypto Regulation

In addition to the factors above, political developments in the United States may also influence future crypto regulations. On September 3, 2024, John E. Deaton, founder of CryptoLaw US, will face Senator Elizabeth Warren in the Massachusetts primary. The outcome of this election could have a significant impact on the crypto industry. 

If Deaton wins the election, it could signal the end of the anti-crypto campaign championed by Senator Warren, who is known for her efforts to impose strict regulations on the industry. A win for Deaton could change the crypto regulatory landscape in the US, which in turn would impact XRP and the crypto market as a whole.

Future XRP Price Prediction

Looking ahead, XRP price movements largely depend on the SEC's decision to appeal or not. If the SEC decides to appeal, the price of XRP could fall below $0.40. 

Conversely, if no appeal is filed, XRP has the potential to return to the $1.00 level, as it did after the Programmatic Sales of XRP ruling. Thus, investors are advised to continue monitoring developments related to this case, because they will greatly influence XRP price trends in the future.

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