Ripple’s XRP price is up 1.9% in the last 24 hours following favorable Fed rate cuts. Despite the gain, XRP underperformed the broader crypto market. The broader crypto market responded positively to the Fed cutting interest rates by 50 basis points while signaling a soft US economic landing. However, XRP remains stuck on reports that the United States SEC could pursue further legal action.
When will the war with the SEC and Ripple end?
The war between Ripple and the SEC is a never-ending toxic battle in court. In an interview with CNBC on Wednesday, September 18, SEC Chair Gary Gensler reaffirmed his views on crypto regulation. Chair Gensler stressed the need to protect retail investors, saying,
This is a field that’s rife with fraudsters and scammers and grifters, and it just has been. There’s nothing incompatible about the field with the basic protections that are in the securities laws. So I would say that there’s a lot of clarity that’s called the US securities laws that have worked for 90 years.
Gary Gensler
Notably, Gensler’s statements indicated that the government is dedicated to regulating the digital asset area through enforcement. The SEC’s decision to appeal the rulings of the Ripple case continues to influence price trends. XRP is currently trading at a rate of %0.58.
XRP may decline below $0.40 if the SEC files an appeal. Alternatively, XRP could reach $1.00 if the SEC fails to submit an appeal notice, which would be consistent with the market’s reaction to the Programmatic Sales of XRP ruling.
Source: https://www.cryptonewsz.com/ripples-xrp-in-trouble-amid-sec-crypto-action/