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XRP price had a few positive moves following Ripple’s optimistic statement of the legal status with the SEC

XRP has sought to recoup some of its massive losses, spiking more than 10% after Ripple released its legal predicament to the US Securities and Exchange Commission (SEC ). It appears Ripple is poised to join the agency’s new leadership while doubling down on its commitment to defending itself in court. At press time, the XRP price is trading around $ 0.21, recording a drop of more than 52% over the past seven days.

xrp-price-had-a-few-positive-moves-following-ripples-optimistic-statement-of-the-legal-status-with-the-sec

XRP/USD 4-hour chart | Source: TradingView

XRP price has seen a 15% increase following Ripple’s optimistic statement of the legal status with the SEC

Elad Roisman, the crypto-backed Republican, was appointed as the acting chairman of the SEC last week. This comes just days after the regulatory watchdog attacked Ripple with a landmark lawsuit alleging the blockchain made an unregistered XRP sale worth more than $ 1.3 billion.

In addition to Coinbase, Bitstamp and OKCoin are also expected to suspend XRP trading next month. In the aforementioned statement, Ripple claims that this response is no surprise, but the company also describes it as conservative.

As reported by Ripple Insight’s “Our Statement On Recent Market Participant Activity”, the SEC’s decision to submit this action is not just about Ripple, but an attack on the entire crypto industry in the USA.

Following Coinbase’s announcement of the upcoming suspension of XRP trading, Ripple notes that the SEC’s decision has clouded many exchanges:

“We’ve always said that there is a dangerous lack of regulatory clarity for crypto in the U.S. — their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple. It has also needlessly muddied the waters for exchanges, market makers, and traders. The SEC has introduced more uncertainty into the market, actively harming the community they’re supposed to protect.”

In the meantime, Ripple will continue to operate and support all products and customers in the US and globally. The majority of Ripple’s clients are not in the US, and XRP volumes, in general, are mainly traded outside of the US. Ripple has not missed the opportunity to once again point out that there are clear regulations in the UK, Japan, and other countries like Switzerland and Singapore.

Besides, Ripple has also expressed its desire to work with all of the new SEC Trustees and leadership.

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