XRP Halts Recovery Ahead of Ripple June 7 Hearing

  • XRP remains in a consolidation range from $0.39 to $0.42.
  • SEC vs Ripple lawsuit will have an online conference on June 7.
  • SEC also filed its memorandum in opposition to LBRY’s motion for summary judgment.

The price of XRP has once again halted despite its slow climb to recovery despite Bitcoin rising up to the challenge of breaking the $32,000 resistance. Amid a back-and-forth movement from $0.39 to $0.42, XRP price is now trading at sub-$0.4 again. At the time of writing, XRP price is at $0.3973, according to CoinGecko.

The current consolidation period is also in line with a couple of developments happening around the SEC vs Ripple lawsuit. For instance, there will be an online conference scheduled for tomorrow, June 7.

However, some people are not hoping for something spectacular to happen during the conference. Specifically, many commented that the SEC will just be asking for further extension, which Judge Sarah Netburn will possibly grant.

What is more, the SEC has filed its memorandum in opposition to LBRY’s motion for summary judgment. In other words, the SEC wants to counter LBRY’s request to conclude the lawsuit without a trial.

For those who may not be aware, the SEC has also filed a lawsuit against LBRY back in 2021. LBRY is a blockchain-based file-sharing network using social media and video platforms.

Ripple supporters are also rooting for LBRY to win the lawsuit—or at least delay— until Ripple wins against the SEC. The latter will then become a precedent, which LBRY can use against the SEC.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.