XRP Price Declines Back To $2 As Legal Dispute With SEC Continues

The XRP price declined on Thursday due to a recent development in the Ripple Labs and US Securities and Exchange Commission (SEC) legal dispute. Judge Analisa Torres denied a joint motion from Ripple and the SEC for an indicative ruling, halting the XRP price recovery. Despite the SEC dropping its appeal, several procedural matters still require resolution, including necessary court approvals. Judge Torres emphasized that private agreements cannot supersede public court decisions. Ripple's Chief Legal Officer, Stuart Alderoty, stated that the situation is now back in Ripple's hands, with two options: to dismiss their appeal or to continue with the appeal. Alderoty reassured stakeholders that XRP's legal status as a non-security remains intact. Legal expert Fred Rispoli noted that the injunction would not impact XRP in secondary markets or affect potential exchange-traded fund (ETF) filings. Rispoli questioned whether the SEC has the authority to grant Ripple necessary exemptions to alleviate any restrictions imposed by the injunction. Market analysts remain optimistic about XRP's future, with one expert predicting a final surge in the XRP price, forecasting new all-time high targets between $4.50 and $5.40. As of press time, the XRP price has retreated to the $2.08 mark, a key support level for bulls anticipating further recovery.