XRP has shown positive performance on higher timeframes despite the overall setback in the crypto market. Currently, the token is caught up in a legal dispute involving Ripple, a payment company, and the U.S. Securities And Exchange Commission (SEC).
Although this legal battle has been ongoing for two years, it has gained significant importance recently due to increased regulatory scrutiny in the emerging crypto sector. This situation has attracted speculators and traders who are eager to seize opportunities based on the potential outcomes.
The SEC has recently filed lawsuits against two prominent crypto exchanges, Binance and Coinbase. If XRP achieves a favorable ruling in court, it could have a positive impact on its value and potentially influence other tokens to follow a similar path.
The SEC’s legal actions have also cast a spotlight on other cryptocurrencies, including Binance Coin (BNB) and Cardano (ADA). There is a possibility that these digital assets may be classified as securities in the United States, resulting in their temporary unavailability on most crypto exchanges.
Taking preemptive measures, Binance.US has already halted trading of these “crypto asset securities,” as designated by the regulatory body. Consequently, the prices of these tokens have experienced downward pressure, and this downward trend may persist in the short term.
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