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- Anthony Scaramucci suggests the SEC may have quietly dropped its lawsuit against Ripple, sparking speculation in the crypto space.
- XRP saw a surge to $2.61 before dropping to $2.50 as investors reacted to uncertainty surrounding Ripple’s legal battle.
- The SEC’s recent withdrawal of lawsuits against major crypto firms raises questions about its stance on Ripple and XRP.
The cryptocurrency community closely monitors the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). A recent remark by former White House Communications Director Anthony Scaramucci has fueled speculation that the case may have already been dropped.
As Scaramucci pointed out, the recent withdrawal of lawsuits by the SEC with other cryptocurrency businesses could signal a change in direction. In a podcast interview with Scott Melker, he mentioned that Ripple may also be among those the agency is no longer investigating. While the SEC has not confirmed this, his comments have generated a lot of talk in the crypto industry about a possible solution.
XRP’s Market Reaction and Volatility
The lawsuit against Ripple, filed in December 2020, alleges that the company conducted an unregistered securities offering by selling XRP. The case remains a critical issue for the digital asset industry, as its outcome could set a precedent for cryptocurrency regulations in the United States.
Several prominent cryptocurrency companies, such as Coinbase, Gemini, and ConsenSys, were recently dismissed by the SEC — indicating a possible shift in the agency’s focus. This move has raised expectations that the agency could also change its stance on Ripple and its legal action approach. Scaramucci’s comment came in response to these legal developments, adding weight to the possibility that Ripple’s legal troubles may be nearing an unexpected conclusion.
Despite the ongoing lawsuit, market analysts have noted that Ripple has expanded its business operations significantly. The company has partnered with financial institutions worldwide, strengthening its presence in the global financial sector. Its native token, XRP, remains a key player in the crypto market and continues to generate significant investor interest.
XRP Price Trends and Investor Sentiment
Following Scaramucci’s remark, XRP experienced notable price fluctuations within a short period, reflecting the market’s reaction to the speculation. Initially, the cryptocurrency surged to a high of $2.61, demonstrating increased investor confidence and positive sentiment surrounding Ripple’s future. However, the price later saw a sharp decline at $2.50, marking a 0.53% decrease in the last 24 hours as volatility took hold.
Source: CoinMarketCap
Despite the slight price drop, XRP’s market capitalization remains at $144.96 billion, reinforcing its status as one of the leading cryptocurrencies. Meanwhile, its 24-hour trading volume has surged to $8.83 billion, representing a 57.15% increase, signaling sustained investor activity. The mixed market signals suggest that while optimism remains, price swings continue due to regulatory uncertainty surrounding Ripple’s case.
As the legal battle between Ripple and the SEC continues, the crypto community awaits further updates regarding the case’s potential resolution. While Scaramucci’s statement has sparked new speculation, the SEC has yet to officially confirm or deny any changes in its legal proceedings against Ripple.
Also Read: Riot Platforms VP Pierre Rochard Asserts That XRP Does Not Qualify as a Security
