XRP Price Rises 2% in Volatile Crypto Market, Ripple Legal Team Shakeup

Highlights

• The XRP price has shot back up above the $0.45 level.
• Ripple Labs suffered a defection in its legal team in the SEC case.
• Coinbase continues to battle the SEC too.

The XRP price has bounced back after falling 3% in the past 24 hours to below the $0.45 threshold. The bulls just returned, buoying the XRP price by 2% and sending it back above the $0.45 level. Meanwhile, the broader cryptocurrency market has succumbed to selling pressure once again.  

The $0.50 level has eluded the XRP price since April 19. Trading volume is the highest it’s been in about five days with over $1 billion in XRP changing hands. Much of the trading is unfolding on Binance and Bithumb in the XRP/USDT and XRP/KRW pairs, respectively.

The XRP army isn’t overly concerned about any short-term movement in the price. Matthew Dixon, CEO of crypto ratings platform Evai, seems to have predicted the latest price movement. In a tweet, Dixon stated that the No. 6 cryptocurrency was “following our projected path to the letter.” 

He further explained, “On completion of the X wave up, then Y to the downside, there should be some excellent risk reward ratios on offer,” saying it’s an “exciting time to be in crypto” and urging investors not to miss the boat. 

Legal Team Defection

In a document dated May 23, Ripple Labs lawyer Kylie Chiseul Kim from the firm Kellogg Hansen has moved to withdraw herself as defense counsel in the SEC lawsuit, as brought to light by attorney James Filan.  According to updates on social media, the reason for her departure is that she’s leaving the law firm where she’s been employed. The rest of Ripple’s legal team will remain intact. 

Coinbase Update

Meanwhile, as XRP and Coinbase seemingly remain at odds with one another, they are both embroiled in legal battles with the U.S. securities regulator. Most recently, Coinbase has filed a mandamus, which the exchange’s legal officer described as “the tailor-made remedy for the extraordinary facts presented here.” 

Late last night Coinbase replied in the Third Circuit to the SEC’s arguments against our petition for a writ of mandamus. Mandamus is the tailor-made remedy for the extraordinary facts presented here. We continue to appreciate the Court's consideration. https://t.co/OD02kX3524

— paulgrewal.eth (@iampaulgrewal) May 23, 2023

Coinbase remains on offense against the regulator. Its latest move is in response to allegedly being ignored by the SEC after filing a petition for a clear regulatory framework by which the cryptocurrency industry can operate.