The XRP Community Faced Disappointment Yesterday as the Coin’s Price Took a Dramatic Dive

The XRP community faced disappointment yesterday as the coin’s price took a dramatic dive. According to CoinMarketCap, the token fell below $0.60

XRP price hit a 24-hour low on Thursday morning after a closed-door meeting at the U.S. Securities and Exchange Commission (SEC) headquarters concluded without settling the regulator’s lawsuit against Ripple Labs Inc.

According to CoinMarketCap, the XRP price fell below the $0.60 mark, hitting a 24-hour low of $0.5869. Notably, the price dropped from $0.6215 to $0.5866 in just three hours, marking a 5.61% decline. However, the dip was brief, as the seventh-largest cryptocurrency by market capitalization quickly rebounded above the $0.60 level.

Common Sense Crypto, a prominent XRP community leader, highlighted the closed-door meeting at the SEC headquarters as the main factor influencing XRP’s price movements on Thursday.

Earlier this week, there were rumors circulating in the crypto community about the possibility of the SEC settling its lawsuit with Ripple, which led to a spike in the XRP token price to around $0.64 on Wednesday. The meeting’s agenda also included the settlement of administrative proceedings and injunctive actions, further fueling speculation among XRP holders.

As a result, many XRP investors were hoping for a favorable outcome from the meeting. However, when it concluded without the highly anticipated settlement, a sell-off occurred, leading to the rapid drop in XRP's price.

Common Sense Crypto further noted that such sell-offs are also common on days when there are SEC meetings that fail to deliver any positive news for XRP. This pattern shows how investors often lose confidence and sell their XRP holdings if their expected outcomes do not materialize.

XRP Investors Await Resolution of SEC Lawsuit

Investors are keeping a close eye on the resolution of the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs Inc., which has been a cloud over XRP since December 2020.

The lawsuit, which alleges that Ripple executives sold XRP tokens in an unregistered securities offering, has impacted the token’s performance, preventing it from hitting new all-time highs during the 2020/2021 market cycle, unlike many other cryptocurrencies. As a result, XRP's previous all-time high of $3.84, set on Jan. 4, 2018, still stands.

The market has been reacting strongly to any rumors or news about the lawsuit's resolution. For instance, when there are whispers in the market about a potential settlement, XRP’s price tends to rise. Conversely, the price falls when such rumors do not come to fruition.

At the time of writing, XRP is trading at $0.6067, down by 1.02% over the past 24 hours, and is also down by about 13.8% from its price 30 days ago. The token’s price has ranged between $0.5867 and $0.6227 over the past 24 hours.

The XRP community is continuing to watch the SEC v. Ripple lawsuit closely, as it is having a significant impact on XRP's market performance. While the recent drop in XRP price is a setback, the cryptocurrency's quick rebound above the $0.60 level is offering a glimmer of hope to investors.

As both parties in the lawsuit await the verdict from U.S. District Judge Analisa Torres, who is presiding over the case in the Southern District of New York, investors are also awaiting the upcoming oral arguments in the Hinman speech documents case, which is scheduled for the first week of March.

Both the SEC and Ripple filed motions for summary judgment in September 2022, and Judge Torres heard the arguments on Dec. 22, 2022. Now, both parties are awaiting her decision on whether XRP is a security, which will determine if the lawsuit proceeds or is dismissed.

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