ACX, the native token of Across Protocol, has dropped sharply following serious allegations of insider self-dealing involving $23 million in decentralized autonomous organization funds. The token is trading at $0.1342, down 10% in the past 24 hours and over 40%…

Across Protocol token plunges amid allegations of $23M misappropriation by team

The XRP price experienced a significant decline on Thursday following new 
developments in the ongoing legal dispute between Ripple Labs and the US 
Securities and Exchange Commission (SEC). Judge Analisa Torres&#8217; decision to 
deny the joint motion from Ripple and the SEC for an indicative ruling halted 
the XRP price recovery as it aimed to breach the nearest resistance level at 
$2.23. Key Issues Unresolved For Ripple Despite the SEC dropping its appeal, 
which indicated that the primary legal conflict between the two parties may be 
reaching a conclusion, Judge Torres&#8217; ruling highlighted that several 
procedural matters still require resolution, including necessary court 
approvals. In her judgment, she made it clear that private agreements cannot 
supersede public court decisions, stating, “The parties do not have the 
authority to agree not to be bound by a court’s final judgment… They have not 
come close to doing so here.” Related Reading: XRP Gears Up For Major Move — 
Chart Signals Are Clear In response to the ruling, Ripple&#8217;s Chief Legal 
Officer, Stuart Alderoty, took to social media platform X (formerly Twitter) 
to convey that the situation is now back in Ripple&#8217;s hands. The executive 
pointed out that the court has given them two options: either to dismiss their 
appeal regarding the historic institutional sales or to continue with the 
appeal. Regardless of the path chosen, Alderoty emphasized that XRP&#8217;s legal 
status as a non-security remains intact, reassuring stakeholders that it is 
business as usual. Expert Reactions To Torres’ Decision Legal expert Fred 
Rispoli also weighed in on the implications of the injunction, stating that it 
would not impact XRP in secondary markets or affect potential exchange-traded 
fund (ETF) filings awaiting approval by the SEC. He noted that the injunction 
is merely a court document and emphasized the low likelihood of Judge Torres 
calling Ripple and the SEC back into court unless the SEC believes Ripple is 
violating the terms of the injunction. Rispoli further questioned whether the 
SEC has the authority to grant Ripple the necessary exemptions to alleviate 
any restrictions imposed by the injunction, suggesting that such actions fall 
within the SEC&#8217;s executive powers. Ripple has asserted that it has adjusted 
its operations to align with the court&#8217;s findings, particularly regarding its 
past sales to institutional investors. Related Reading: Is The Bitcoin Top In? 
Bitcoin MVRV-Score Has The Answer Alderoty&#8217;s use of the term &#8220;historic 
institutional sales&#8221; in his recent statement indicates a shift in how both 
parties might approach future transactions, signaling a potential settlement 
that would allow XRP sales to institutions in a manner acceptable to the SEC. 
XRP Price Could Reach $5 Despite this temporary setback, market analysts 
remain optimistic about XRP&#8217;s future. Crypto analyst CryptoBullet recently 
noted that XRP&#8217;s two-week price chart resembles patterns seen in 2017, 
including a significant accumulation phase and a potential breakout. With this 
historical context in mind, the expert predicts a final surge in the XRP 
price, forecasting new all-time high targets between $4.50 and $5.40 for the 
cryptocurrency. As of press time, the XRP price has retreated to the $2.08 
mark, which is a key support level for bulls anticipating further recovery of 
the token. In the last 24 hours, XRP has dropped 4.4%, and 10% in the last 
month. According to CoinGecko data, the XRP price remains 38% below its record 
high of $3.40. Featured image from DALL-E, chart from TradingView.com

XRP Price Declines Back To $2 As Legal Dispute With SEC Continues

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