SEC: Greater Influence on XRP Price Than Ripple, Legal Expert Proclaims

• The SEC has had a significant impact on the price of XRP, according to prominent lawyer Jeremy Hogan.
• Ripple’s actions have not had any effect on the XRP price, only the SEC’s decisions.
• After filing for an Interlocutory Appeal, the XRP token lost 2.44% of its value within one hour.

SEC Has Greater Influence On XRP Price Than Ripple

A legal expert is claiming that Ripple has little to no impact on the price of its native token, XRP, and that it’s actually the U.S. Securities and Exchange Commission (SEC) who has most of the influence over it. This comes after the SEC made a request to file for an Interlocutory Appeal which had a significant impact on the market’s perception of Ripple blockchain as well as its position in the global industry.

Legal Expert Proclaims

Prominent lawyer Jeremy Hogan shared his thoughts on Twitter, saying “Actually, nothing Ripple does has any real effect on XRP price, only the actions of the SEC change its price… strange.“ He made these comments in response to another tweet from other market participants who highlighted a recent drop in XRP prices and its potential connection to SEC proceedings.

Price Drop

After filing for an Interlocutory Appeal by SEC, it resulted into a significant upsurge in selling pressure within 1-hour time frame and led to a decline of 2.44% in XPR token value from $0.66 to $0.62 per coin .Hogan sarcastically commented that althought he SEC continuously claims that its goal is to protect investors but it seems like they are doing otherwise here which also proves their power over markets decisions making capabilities .

Market Perception

The ongoing case between U.S Securities and Exchange Commission (SEC) vs Ripple have had affected market’s perception towards ripple blockchain significantly .Not just this ,it has also impacted network’s position in global blockchain industry and kept it at high stakes all along .

Conclusion

Jeremy Hogan’s claim suggests that while ripple may be running with SEC but it doesn’t affect much with decision making abilities involved with pricing of xrp tokens rather all this power resides into hands of US securities exchange commission (SEC).