The XRP price has dropped by 4% in the past 24 hours, with its fall to $2.10 coming after a US judge rejected a settlement proposal between Ripple and the SEC.
US District Judge Analisa Torres refused a proposal from both parties to reduce Ripple’s $125 million penalty and to remove an injunction that prevents the firm from selling XRP.
This has left XRP in a weakened position today, with the altcoin also down by 3% in a week and by 9% in the past month, although it holds on to a 347% increase in a year.
However, Ripple believes it’s in a strong position to move forward, regardless of yesterday’s ruling, with XRP’s long-term price prediction remaining as promising as ever.
XRP Price Prediction – Judge Rejects Ripple Deal: What Happens Next
Summarizing her decision, Judge Torres said that Ripple and the SEC “do not have the authority to agree not to be bound by a court’s final judgment that a party violated an Act of Congress.”
As such, Torres declared that, unless “exceptional circumstances” are applicable, Ripple still must pay the $125 million penalty and observe the injunction the court had imposed on it.
This injunction relates to Ripple’s sales of XRP to institutions, something which the market does appear to regard as damaging to Ripple and XRP.
However, Ripple itself is already arguing that Judge Torres’ ruling isn’t particularly negative for the firm.
In particular, legal experts are drawing attention to the fact that Alderoty used the phrase “historic institutional sales,” which is significant insofar as it implies that Ripple believes it can draw a distinction between the past, illegal institutional sales of XRP and any future sales.
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