XRP Faces $40 Billion Sell-Off: Will Profit-Taking Extend the Downtrend?
XRP is under significant selling pressure as investors rush to secure profits, potentially derailing its recent recovery. Over 17 billion XRP, worth $40.2 billion, flooded Binance last week, mirroring a February 2024 sell-off that preceded a price slump. Market sentiment remains cautious, with holders unwilling to gamble on further gains. Currently, XRP is trading at 2.36870000 USDT.
$40 Billion in XRP Hits Exchanges—Will Profit-Taking Extend the Four-Month Downtrend?
XRP faces mounting selling pressure as investors rush to secure profits, potentially derailing its recent recovery. Exchange reserves surged last week, with over 17 billion XRP—worth $40.2 billion—flooding Binance. This mirrors a February 2024 sell-off that preceded a price slump.
Market sentiment appears cautious, with holders unwilling to gamble on further gains. The altcoin’s supply-demand equilibrium now tilts toward oversupply, increasing odds of a near-term correction. Such large-scale profit-taking reflects broader uncertainty among XRP investors.
Ripple’s Legal Setback Halts Settlement Progress in SEC Case
Ripple Labs faced a procedural setback in its protracted legal battle with the U.S. Securities and Exchange Commission when Judge Analisa Torres rejected a proposed settlement on May 15. The New York federal court ruled the motion "procedurally improper" after both parties filed under an incorrect legal standard.
The denied motion sought to modify a $125 million penalty and dissolve an injunction, but failed to meet Rule 60’s requirement for demonstrating "exceptional circumstances" when revisiting final orders. This technical rejection leaves intact Ripple’s previous victories, including the landmark determination that XRP does not constitute a security.
Analyst Projects $10,000 XRP Price Target Amid Adoption Speculation
XRP’s recent trading range near $2.50 hasn’t deterred bullish sentiment, with one analyst outlining a scenario where the cryptocurrency could reach $10,000 between 2027 and 2030. Remi Relief, a crypto market observer, posits that widespread financial adoption could drive this unprecedented valuation—a figure that dwarfs most technical analysis projections.
The theory hinges on fundamental utility rather than short-term price action. While current market conditions show modest activity, the long-term vision suggests institutional adoption could rewrite XRP’s valuation framework entirely.
Judge Torres Rejects SEC-Ripple Settlement Motion, Prolonging Legal Battle
Judge Analisa Torres dismissed a proposed settlement between the SEC and Ripple Labs, declaring the filing "procedurally improper." The May 15 ruling in the U.S. District Court for the Southern District of New York extends the high-stakes legal clash over whether XRP constitutes an unregistered security.
The decision comes just over a week after both parties submitted what appeared to be a preliminary agreement to resolve the SEC’s civil enforcement action. Market observers had anticipated the case might set precedent for how regulators approach cryptocurrency oversight.
"If jurisdiction were restored to this Court, the Court WOULD deny the parties’ motion as procedurally improper," stated Judge Torres in the filing. The ruling injects fresh uncertainty into regulatory expectations for digital assets, particularly those with pre-existing distributions like XRP.
XRP Price Poised for Breakout Amid Consolidation Phase
XRP’s current price consolidation is setting the stage for a potential surge to $5.90, according to technical analyst Master Ananda. The cryptocurrency’s 2024 rally—particularly during November and December—demonstrates latent bullish momentum despite recent sideways trading.
TradingView analysis suggests this pause represents strategic accumulation rather than weakness. Market participants are watching for a decisive breakout, which could propel XRP toward levels not seen since its 2018 all-time high.
Ripple v. SEC: Legal Expert Outlines Path to Amended XRP Judgment
Pro-crypto attorney John Deaton has outlined the necessary steps for Judge Torres to reconsider her ruling in the SEC’s case against Ripple. The SEC must first acknowledge its legal missteps and collaborate with Ripple, referencing current digital asset legislation in Congress.
This development follows Judge Torres’ denial of the SEC’s motion for an indicative ruling. Market observers note the case’s outcome could set crucial precedents for how regulators treat crypto assets resembling commodities rather than securities.
