Jeremy Hogan, a prominent attorney, has refuted claims that Ripple’s actions impact the price of XRP. Instead, Hogan argues that the actions taken by the US Securities and Exchange Commission (SEC) are responsible for most volatilities experienced by XRP in recent years.
Hogan’s comments came in response to a now-deleted post by former SEC official Marc Fagel, which sparked a discussion on the impact of the SEC on XRP’s price. The conversation unfolded shortly after the SEC requested permission to file an interlocutory appeal in the ongoing Ripple lawsuit.
Read Also: XRP Lawsuit: Top Lawyer Says Judge Torres’s Decision Has Never Been Reversed On Appeal
Criticism Towards the SEC
Following the viral news of the SEC’s appeal request, the price of XRP experienced a significant decline, plunging to around $0.6273. Attorney Bill Morgan expressed his disapproval of the situation, attributing the price drop to the SEC’s actions.
In a sarcastic tone, he questioned the SEC’s commitment to investor protection. Fagel responded to Morgan’s remarks but later deleted his comment due to criticism from XRP enthusiasts.
Ripple’s Limited Influence on XRP Price
Attorney Hogan intervened in the conversation, asserting that Ripple Labs does not exert direct influence over the price of XRP. Instead, he pointed out that it is the actions of the SEC that contribute to price changes. Hogan added a tinge of irony, describing the situation as “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
SEC’s Negative Impact on XRP Price
It is noteworthy that the SEC’s actions have had a significant negative impact on the price of XRP. When the SEC charged Ripple and two executives with violating securities laws, XRP experienced a steep decline of 25% to relatively $0.35. The coin continued to face substantial price drops in the days following the announcement.
Further complications arose when prominent US-based exchanges, including Coinbase, announced their decision to delist XRP due to the lawsuit. This led to another sharp drop in value, as XRP tumbled by as much as 31% to around $0.20.
Read Also: Ripple CTO Schwartz Points Up Why SEC Cannot File Immediate Appeal Against XRP Victory
However, over the course of two years, XRP, along with other cryptocurrencies, witnessed substantial gains even amid the SEC’s lawsuit. Judge Analisa Torres’s recent ruling declaring XRP as a non-security contributed to a spike in the coin’s value to about $0.85.
Nevertheless, XRP has since suffered significant losses following the SEC’s indication to appeal Judge Torres’s decision, specifically contesting the verdict on programmatic sales of XRP.
As speculations about the SEC’s appeal surfaced, XRP dropped to approximately $0.67. The regulatory agency officially confirmed its intention to appeal this week, resulting in a further decline to $0.6271. At the time of press, XRP is trading at $0.6301, with little or no change in price in the last 24 hours.
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