XRP Price Decline After SEC Brief Publication

In the past 24 hours, the cryptocurrency landscape has experienced a significant downturn, contracting by over 1.5%, reaching a market value of $2.3 trillion. This decline particularly impacted Ripple's XRP token, which is hovering precariously close to the $0.52 mark. Currently, XRP is trading at $0.5223, representing a decrease of 2.46% compared to the previous day's valuation.

XRP's market capitalization decreased by 2.56% during the day, reaching a value of $28,866,077,273. Furthermore, trading volume in the past 24 hours sharply declined by 36.70%, reaching only $1,165,822,641. These data suggest investor withdrawal, with many likely securing profits in the face of market downturns.

SEC Brief Publication Triggers XRP Price Decline

The Securities and Exchange Commission's (SEC) briefing appears to be the main cause of Ripple's XRP troubles. According to reports, the SEC rejected Ripple's claims of responsible conduct, stating that there should be "no uncertainty" regarding the legal classification of XRP.

Despite claims of cooperation with the SEC since its ICO in 2013, Ripple now faces potential future allegations of violations. The SEC clarified that the defendant's intentions or cessation of unlawful activities do not affect the availability of remedies. It also criticized Ripple's adjustments aimed at preventing future violations as inadequate, noting that their assurances attempt to reopen past arguments rather than ensure compliance.

Following the protective measures briefing, Ripple's chief legal officer, Stuart Alderoty, criticized the SEC, stating that it consistently fails to apply the law as intended. He added that Ripple is getting closer to resolving the lawsuit, while analysts predict that a final judgment may not occur before September.

Alderoty also suggests that international financial regulators with comprehensive licensing frameworks for cryptocurrencies should pay attention to the perceived disregard by the SEC for their efforts. He likened the agency's views to treating these frameworks as "mere fishing licenses."