The folks from the crypto town have been filling up bags with a number of crypto assets. Amidst the market-wide volatility, where a host of digital assets are up for sale with a lower price tag. Wherefore, buyers of XRP are aping in alongside other investors and traders. As the Ripple vs SEC lawsuit continues to reside in favour of the defendants.
Successively, the buzz around the SEC staff losing out on faith in the agency’s win against Ripple. Has given a boost to the optimism of the XRP army. However, the community continues to fret over the sluggish price action despite the optimistic approach. A proponent from the industry justifies with reasons behind, XRP price not reacting to its partnerships.
Is This Another Sign Of Ripple’s Incoming Win?
The XRP army and the broader crypto community is waiting for a verdict by Judge Sarah Netburn. On the SEC’s motion for reconsideration, and Judge Analisa Torres’s ruling on the application by individual defendants to dismiss the lawsuit. The community is eagerly waiting for an end to misery and has been questioning a tentative time frame.
In response to a mention, Attorney John E Deaton says he does not see a settlement coming within the next 30-days. Previously, we have also come across a document that sheds light on a possible delay ranging between August and November. And Attorney Jeremy Hogan’s predictions of September. However, the possibility of an early settlement cannot be ruled out.
On the other hand, Eleanor Terret had recently shed light, that even the staff at the SEC are losing out faith. In the agency’s win against Ripple in the lawsuit. A source close to the SEC had told her that Commissioner Hester Pierce thinks the SEC will not achieve the outcome it is hoping for.
Is XRP’s Price Trajectory Inline With Its Potential?
As aforesaid, buyers of XRP are accumulating at the lows alongside investors of other digital assets. XRP whales are moving huge portions of the crypto asset between private wallets. Learning from Whale Alert, a wallet sent over $55 Million worth of XRP to an unknown wallet. However, the community continues to fret over the sluggish price action despite the optimism.
A proponent from the industry justifies with reasons behind, XRP price not reacting to its partnerships. The protagonist cites that Ripple’s use while growing does not require enough to raise the price yet. And company’s don’t need to buy it, as Ripple can source the liquidity at an inexpensive rate. Whilst retail sets the price on the exchange.
While Ripple is helping build more liquidity, ODL does not push the price up. As masses from the fraternity would expect. But it is a powerful tool for the long term, to get XRP moving in higher volumes and corridors. Which increases the utility and desirability.
Since the makers are targeting treasuries again along with cross-border remittances and liquidity. We may see larger “chunked” payments moving forward amidst the multiple liquidity efforts. With more embedded value entering the ledger, price should rise and different dynamics of scale should come into play.
Summing up, Ripple has been setting trends on public platforms in a recurring fashion of late. Which is despite the plausible delay in the settlement of Ripple v/s SEC lawsuit. The prominence has seen a boost coming from Ripple’s 44-page research report. That revolves around blockchain utilities such as NFTs, CBDCs, and more.
That said, XRP price could see a major surge following acceptance by governments across nations or by e-commerce giants such as Amazon. Which will bring impetus to the volumes of the digital asset.
Written by: Sahana Vibhute
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