Ripple vs. SEC: XRP Price Crashes Despite Positive Developments

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The Ripple vs. SEC lawsuit has taken an interesting turn. A recent development suggests that this long-running legal battle might end soon. Surprisingly, the XRP price has failed to react positively to this development and has, instead, crashed significantly. 🤔

CoinMarketCap data shows that the XRP price crashed over 6% and 24% in the last 24 hours and seven days, respectively. This price crash occurred despite positive developments in the Ripple vs. SEC lawsuit, including the US SEC’s decision to reassign its Chief Litigation Council, Jorge Tenreiro, to the agency’s IT department. 🤯

This development is positive for the Ripple vs. SEC lawsuit as Tenreiro led the agency’s crypto unit and oversaw the lawsuits against Ripple and other crypto lawsuits. Following this move and the reassignment of over 50 SEC lawyers, crypto experts like Del Crypto have speculated that the Commission could soon make an announcement, which would mark the end of the lawsuit. 🤔

As Bitcoinist reported, the US SEC is also scaling back its crypto enforcement efforts by downsizing the special unit designated for this purpose. Indeed, this suggests that the Commission is ready to drop the Ripple lawsuit and other crypto-related actions that the new administration feels were wrongly pursued by Gary Gensler’s administration. 🤔

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At the time of writing, the XRP price is trading at around $2.29, down almost 7% in the last 24 hours, according to data from CoinMarketCap. 😟

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2025-02-08 02:12