As an analyst with a background in the cryptocurrency market and having closely followed the XRP saga, I share Sean McBride’s perspective that the ongoing lawsuit with the SEC is the primary reason for XRP’s lackluster price action. The uncertainty surrounding the outcome of the case has kept institutional investors on the sidelines, preventing significant price movement.
I’ve observed that the XRP price has remained relatively stable around $0.5 in recent months, despite some promising advancements for Ripple. This price stagnation has left a sense of disappointment among XRP investors, as they compare it to the more dynamic price movements seen in other cryptocurrencies.
Sean McBride, a past executive at Ripple, expresses doubt that XRP will experience a substantial price surge until Ripple’s legal battle with the SEC reaches a resolution.
Ongoing SEC Lawsuit Weighs Heavily On XRP
As an analyst, I’ve been closely following Ripple’s protracted legal battle with the SEC, which has lasted for over three years. This ongoing dispute continues to cast a shadow over XRP‘s price. However, I should note that in July 2023, there was a partial victory for Ripple when Judge Torres ruled that XRP is not a security when sold to retail investors. Consequently, the price of XRP surged temporarily to $0.90. Nevertheless, despite occasional rebound attempts and brief periods of bullish dominance, XRP remains stuck below $0.50 and has been unable to break out of this price range.
In the last month, XRP displayed a pattern of bullish control as it hovered around the $0.5 mark for a three-week stretch. Regrettably, much like previous occurrences, XRP was unable to sustain its price above this level and has since dropped to approximately $0.48 in value.
From my perspective as a researcher following the XRP market, the price of XRP is unlikely to experience any major shifts until Judge Torres renders her decision regarding the securities classification of XRP sales to institutional investors. This ruling will reportedly provide clarity for these investors, enabling them to make informed decisions about their involvement with Riple and XRP.
“McBride commented that no noteworthy changes are expected in XRP‘s price until Judge Torres renders her verdict. Once she does, US financial institutions collaborating with Ripple may be able to activate certain features,” he added.
Previously, I’ve brought up the point that no major price movement for XRP is anticipated until Judge Torres renders her judgment. Those holding out for anything else are perhaps misguided. The upcoming significant development in this situation is expected to be clear-cut US legislation. Fingers crossed that it will materialize soon.
— Sean McBride (@seanmcbride16) June 11, 2024
What Will It Take For XRP Price To Break Out of Its Slump?
To reach new heights, XRP‘s price needs to escape its current downturn. But, the ongoing lawsuit with the SEC is a significant obstacle that casts doubt over the token and keeps its value in check. A favorable outcome for Ripple in this case – be it a settlement or victory – could lift this burden and potentially lead to a substantial price increase for XRP. However, even then, XRP would need to perform better than the market average to recover from the losses accumulated over the past three years. Conversely, an unfavorable result could exacerbate the downward trend and cause further depreciation of XRP’s value.
Based on the analysis of cryptocurrency expert EGRAG CRYPTO, it’s just a matter of time before XRP starts seeing substantial profits from its rotational gains. This shift could cause XRP’s price to break free from its descending triangle pattern and surge towards a projected price of $7.5.
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2024-06-13 21:05