XRP Experiences 4.1% Dip Amid SEC v Ripple Case Deadline
XRP Faces 4.10% Decline
XRP, a digital currency, saw a 4.10% decline, closing at $0.6856 on Tuesday, after hitting a low of $0.6518. This drop occurred due to a lack of progress in the SEC v Ripple case, with an approaching deadline for agreeing on a briefing schedule set for Thursday, November 9.
XRP’s Market Performance and Challenges
Selling pressure was evident at the $0.7047 resistance level, raising concerns about a potential further drop to the $0.6354 support level if no agreement is reached by the deadline. Uncertainty prevails around the Programmatic Sales ruling, with fears of an interlocutory appeal by the SEC and potential price fluctuations.
Challenges Faced by Ripple
The SEC’s proposed disgorgement of $770 million could pose significant hurdles for Ripple in reaching a favorable settlement. Attorneys Jeremy Hogan and John E. Deaton have suggested this outcome, while amicus curiae attorney Deaton has expressed doubts about ongoing settlement discussions.
Impact on XRP’s Market Performance
This development highlights the high-stakes nature of the SEC v Ripple case and its potential impact on XRP’s market performance. Investors and market watchers are closely monitoring proceedings as the November 9 deadline approaches, with the outcome likely to have significant implications for the future of XRP and other digital currencies.
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