The US Securities and Exchange Commission has caused a bloodbath in the crypto market in recent days by filing lawsuits against Binance . The prices of numerous altcoins imploded. But the XRP price in particular saw a big dump. However, the XRP community is optimistic that Ripple will be acquitted in the lawsuit against the SEC over illegal securities trading. But is the SEC’s aggressive approach a sign that the agency knows it has won against Ripple?
How did Ripple (XRP) price move during the Crypto Crash?
When the investor interest in the Hinman documents surged, XRP values rose remarkably by 12%, peaking at $0.56. But, the enthusiasm was short-lived. As the mood among investors began to decline, the prices fell correspondingly with Bitcoin, which dropped beneath the crucial $26,000 benchmark. Consequently, XRP crossed its lower price threshold of $0.50, settling at the present trading price of $0.47.
Why are XRP supporters so optimistic?
Ripple (XRP) supporters are optimistic at the moment that Ripple will win the case against the US Securities and Exchange Commission. The verdict is expected in the coming weeks. Ripple CEO Brad Garlinghouse recently spoke very positively about the upcoming verdict and expects an acquittal.
Furthermore, Ripple (XRP) was one of the best performers on the market in the second quarter of 2023. The XRP price was able to make gains at the beginning of the year, but rose much less than other Altcoins. Therefore, the optimism of the XRP community is great in these times.
Does the SEC Know They Won the Ripple (XRP) Trial?
Ripple (XRP) supporters are optimistic at the moment that the verdict will be positive. The narrative is always being spread that the SEC is currently acting so aggressively against altcoins because it is afraid of the verdict. But that’s just speculation at the moment.
It could also be that the SEC has secured itself in the last few months that action can now be taken against the Altcoins and is now doing so. It could even be that the SEC already knows the verdict and therefore now sees the green light to take action against the crypto market and altcoins.
For Ripple (XRP), the situation remains uncertain until the verdict is announced. That is why we would also like to point out that an investment in the XRP coin is very speculative at the moment. It’s extremely difficult for us to predict the future right now.