Legal Expert Says XRP Price Influenced By SEC, Not Ripple

Attorney Jeremy Hogan dismisses claims against Ripple, saying that the SEC’s actions are responsible for influencing the XRP price.

Famous lawyer Jeremy Hogan asserted that the SEC’s actions have been contributing to the price change of XRP. Hogan made this known yesterday while reacting to a now-deleted post from former SEC official Marc Fagel.

Morgan Slams SEC for XRP Price Decline

The conversation started yesterday after the SEC requested permission to file an interlocutory appeal in the Ripple lawsuit.

Moments after the news went viral, the price of XRP plummeted to around $0.6273. Commenting on the development, Attorney Bill Morgan described XRP price plunge as “the SEC’s handiwork.”

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He also shaded the SEC by sarcastically stating that the regulator is “always protecting investors.” Although Fagel reacted to the remarks, he deleted his comment soon after XRP enthusiasts criticized him.

Ripple’s Actions Don’t Influence XRP Price

Interestingly, Attorney Hogan joined the conversation and stated that Ripple Labs’ action does not influence the price of XRP. However, he claimed that “only the actions of the SEC change its [the coin’s] price… strange.”

Actually, nothing Ripple does has any real effect on XRP price, only the actions of the SEC change its price… strange.

— Jeremy Hogan (@attorneyjeremy1) August 10, 2023

XRP Plunge Heavily Amid SEC Actions

It bears mentioning that actions taken by the SEC have contributed negatively to the price of XRP. Recall that XRP plummeted heavily after the SEC charged Ripple and two of its execs with violating securities laws.

According to CNBC, XRP slumped 25% to around $0.35 a few hours after the SEC alleged that Ripple sold the coin as an unregistered security. The coin continued to register massive price drops days after the announcement.

Things got worse for XRP when United States-based exchanges, including Coinbase, announced a few days later that they would delist XRP due to the lawsuit.

On the day Coinbase announced plans to delist XRP, the coin slumped as much as 31% to around $0.20. However, over two years after the SEC introduced the lawsuit, XRP recorded massive gains alongside other crypto assets.

With Judge Analisa Torres declaring XRP itself as a non-security last month, the coin spiked to around $0.85.

Nonetheless, XRP is now suffering significant losses after the ruling, as the SEC signaled plans to appeal Judge Torres’ decision, especially the court’s verdict on programmatic sales of XRP.

XRP dropped to around $0.67 following speculations that the SEC will appeal the ruling. Meanwhile, the regulatory agency made its appeal intention official this week. As reported, the SEC requested permission to appeal Judge Torres’ decision on programmatic sales of XRP on digital exchanges.

This led to XRP plummeting further to $0.6271. XRP is changing hands at $0.635 at press time, down 0.1% over the past 24 hours.

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• Source: https://thecryptobasic.com/2023/08/11/legal-expert-says-xrp-price-influenced-by-sec-not-ripple/?utm_source=rss&utm_medium=rss&utm_campaign=legal-expert-says-xrp-price-influenced-by-sec-not-ripple