XRP came under heavy selling pressure on Friday, May 23rd, as the SEC decided to maintain silence on the Ripple Vs SEC lawsuit.
After a regime change in the US, people assumed that XRP vs SEC would finally reach a resolutionary stage. However, the hopes of a swift and streamlined resolution for the lawsuit are becoming increasingly elusive. ‘
According to sources, the SEC wanted to lift the injunction against XRP, which prevented the blockchain from being sold to institutional buyers, and reduce the $125 million penalty the organization imposed.
Legal Fiasco Renewed
According to the court transcription, Judge Torres rejected the plea for an injunction because of a procedural error in the court proceedings. As a result, the plea to lift the injunction remained unheard.
This renewed legal fiasco surrounding XRP has initiated another bearish price movement. Therefore, the selling pressure on the token has managed to sink the price into newer depths, making it more uncertain and dangerous for new investors.
Given the legal risk in focus, the token’s price action might seem too sketchy. In other words, the token might experience unpredictable price action, sinking or experiencing a major upheaval.
At press time, XRP is trading for $2.2964 with a 1.53% uptick, marking a slight bullish market. However, the trend’s sustenance is uncertain at the moment.
