The XRP cryptocurrency has been in the spotlight for its legal battle with the United States Securities and Exchange Commission (SEC) and the recent drop in its price. Despite these challenges, the XRP community remains optimistic, with social price estimates predicting a bullish trend for the cryptocurrency in the coming months. In this article, we’ll take a closer look at the current XRP price prediction and the factors influencing them. We’ll also examine an interesting update on the Ripple and SEC legal battle, which has further energized the XRP community.
Why are Cryptos Down Today?
There are concerns among analysts that the cryptocurrency market may experience another decline in prices, especially following the bankruptcy of Bittrex. This once-popular cryptocurrency exchange had to cease operations due to financial challenges, which has caused worry among investors. As a result, panic has spread throughout the crypto market, causing a drop in the prices of various cryptocurrencies, including XRP.
Ripple and the SEC Legal Battle Update
The legal battle is expected to end soon, and attorney Jeremy Hogan has shared an interesting update on a relevant issue involving the market regulator. Hogan highlighted that Judge Torres previously rendered a verdict against the SEC in a matter involving mining firm Rio Tinto, and the appellate court upheld the decision.
The update comes after rumors of a possible deal between Ripple and the SEC. The XRP community has begun asking relevant questions about the case’s implications, such as whether Ripple could move forward with its business immediately and allow Coinbase to relist XRP if the judge rules in favor of Ripple and the SEC files for appeal.
Despite the ongoing legal battle and recent drops in the price of XRP, the community’s optimism and price projections remain bullish, and the possibility of a quick resolution has further energized the XRP community.
I was just reminded of a case in which Judge Torres ruled against the SEC on a key issue, the SEC appealed, and the appellate court upheld Judge Torres.
SEC v. Rio Tinto.
Just don't ask how long the whole process took. pic.twitter.com/4EPoU4mnhx
Will XRP go up by the end of May 2023?
The XRP community continues to remain optimistic despite the recent drop in the XRP price, especially with the legal battle between the United States Securities and Exchange Commission (SEC) and Ripple. According to the latest data on CoinMarketCap, social price estimates predict that the average price of XRP will reach $0.4696 by May 31, 2023, representing a 7.59% increase from its current price.
