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XRP Price Falls Hard
Despite recent positive news in the Ripple vs. SEC lawsuit, XRP has taken a big hit:
- Down 6% in the last 24 hours and 24% in the past week (CoinMarketCap data).
- The price decline comes even as the SEC reassigned its Chief Litigation Counsel, Jorge Tenreiro, to the IT department.
- Over 50 SEC lawyers have also been reassigned, sparking speculation that the Ripple lawsuit could soon end.
SEC Pulling Back on Crypto Enforcement
The SEC appears to be scaling back its crackdown on crypto:
- Reports suggest the Commission is downsizing its crypto enforcement unit.
- Some believe the new administration is moving away from Gary Gensler’s aggressive approach.
- If true, this could be a bullish sign for XRP, given its long struggle with the lawsuit.
Market Sentiment Weighs on XRP
Even with these legal shifts, XRP hasn’t rallied. Why?
- The broader crypto market is bearish, dragging XRP down with it.
- Bitcoin is struggling to hold key support levels, impacting altcoins.
- Some believe XRP’s price already factored in a favorable lawsuit outcome after Donald Trump’s election victory.
Analysts Predict a Massive XRP Surge
Some crypto analysts still see huge potential for XRP in this bull run:
- Dark Defender predicts XRP could hit $8 soon.
- Egrag Crypto notes similarities to 2017 price action, suggesting a potential 1,500% surge to $27.
- At the time of writing, XRP is trading at $2.29, down nearly 7% in 24 hours.
