XRP Price Drops to $2 Amid Ongoing Legal Battle with SEC

The XRP price declined on Thursday due to developments in the legal case between Ripple Labs and the US SEC. A ruling by Judge Analisa Torres denied a joint motion from Ripple and the SEC, impacting XRP's attempt to breach resistance at $2.23.

Key Issues Unresolved For Ripple

Judge Torres noted unresolved procedural matters despite the SEC dropping its appeal.
She emphasized that private agreements cannot override court decisions.
Ripple’s Chief Legal Officer stated the situation is now in Ripple's hands with two options: dismiss or continue the appeal.
Alderoty reassured stakeholders that XRP's status as a non-security remains unchanged.

Expert Reactions To Torres’ Decision

Legal expert Fred Rispoli indicated the injunction won't affect XRP in secondary markets or ETF filings.
He suggested low likelihood of further court actions unless Ripple violates the injunction terms.
Rispoli raised questions about the SEC's authority to grant exemptions for Ripple.
Ripple claims it has adjusted operations in line with court findings on past institutional sales.

Alderoty's mention of "historic institutional sales" hints at future transactions potentially being more acceptable to the SEC.

Market analysts remain optimistic, with predictions of XRP reaching between $4.50 and $5.40, drawing parallels to 2017 accumulation patterns.

As of now, XRP trades at $2.08, having dropped 4.4% in the last 24 hours and 10% over the past month. It is currently 38% below its all-time high of $3.40.