The $XRP community witnessed
a decline in optimism with a sharp drop in $XRP amid the buzz surrounding #Ripple and the legal turmoil of the Securities and Exchange Commission.
The price of $XRP saw a notable decrease of 7.29% in just one day.
Although the drop in XRP price came after a sharp downturn in the cryptocurrency market on Tuesday, XRP led this negative trend, recording the largest price drop among the top 10 leading cryptocurrencies.
Ripple - The U.S. Securities and Exchange Commission (SEC) shocks everyone with a startling update.
This negative trend coincided with the recent legal update from Ripple and the U.S. Securities and Exchange Commission (SEC), raising concerns among investors about its impact on XRP's potential.
On June 16, Ripple and the U.S. Securities and Exchange Commission (SEC) announced a joint decision to suspend the appeal submitted to the court, according to a recent post by former U.S. Federal Prosecutor James Filan.
While XRP trading volume saw a significant increase of 33.96% to reach $4.74 billion, the notable drop in XRP's value indicates that its holders are increasingly selling their assets.
Consequently, it seems that the request to temporarily halt Ripple has sparked a state of panic in the market, with $4.74 billion worth of XRP being transferred amid increased sell-offs.
While the long-term legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple has shaped XRP price levels over the years, XRP holders are uncertain about the outcomes of the pending discussions. While this has created a state of uncertainty in the market, it seems that individual investors are reacting cautiously.
Nevertheless, market analysts have expressed enthusiasm regarding the legal halt for Ripple and the U.S. Securities and Exchange Commission (SEC), as they believe that the decision may stem from ongoing settlement discussions and negotiations on how to regulate cryptocurrency assets in the United States.
However, the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), which began in late 2020, has long affected XRP's market performance and often represents a critical case for the cryptocurrency market in general.
Therefore, XRP holders fear that the prolonged halt of the legal appeal will delay regulatory clarity for XRP, which could undermine investors' confidence in its potential.
