On Sunday, FTX remained in the spotlight. The FTX crash and news of the hack left the cryptocurrency market under pressure. The lack of progress toward the bailout has added to the downside, with contagion fears sweeping investors.
There were no updates from the ongoing SEC v Ripple case to distract investors from the FTX story.
SEC v Ripple Case and Concerns about Confronting the Crypto Regulator
XRP remained in the hands of the broader crypto market Sunday, with no updates from the SEC v Ripple case to provide guidance. But the demise of FTX and the demand for increased regulatory oversight affected XRP.
With investors looking forward to the November 30th summary judgment response report, the FTX crash could not have come at a worse time. The threat of increased regulatory scrutiny has had a greater impact on XRP than its top ten peers.
However, it remains to be seen whether the FTX collapse will be considered by the court in the context of the SEC v. XRP case.
SEC’s victory in the goal against LBRY may have more weight. After the conclusion of the SEC v. LBRY case, there was speculation that the Securities and Exchange Commission sought to extend the court’s timetable to include LBRY’s ruling.
With the exception of updates from the SEC v Ripple issue, contagion fears will likely continue to affect XRP and the broader market. Investors need to hear news of a possible rescue plan for FTX to change sentiment.