Ripple’s token XRP has been in the red for most of the time. It fell 8.6% during the last week, 8.7% on the chart over 14 days and 4.7% the month before. The eighth largest crypto project in terms of market capital has also fallen 7.2% from June 2023.
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Also Read: XRP Avoids Extreme Bearish Cross Buildout: Can Ripple Breach $1 Now?
Sean McBride, the former Director at Ripple, stated that XRP will not rally until ‘Judge Torres makes her decision.’ Former Ripple Director Sean McBride is speaking about Ripple’s legal fight with the US. SEC. McBride even went as far to describe people who want anything other as “delusional.”
Ripple was sued by the US SEC in December of 2020. In the suit, it is claimed that Ripple sold securities which were not registered. financial laws. The legal problems of the company are a major reason for XRP’s poor performance over the past few years.
How will XRP react to the Ripple case?
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A US District Judge gave Ripple a partial favorable verdict last year. XRP began to rise in price as soon as this verdict was released. The price of the asset did not remain stable and soon faced a downward correction. Investors are now waiting on the verdict of the High Court.
Also Read: Ripple (XRP) Hits Millionaire Address Record; Could it Signal a Turnaround?
XRP could experience a big rally if Ripple is awarded a similar decision by the high court as they were given from the district courts. It is one of most popular cryptocurrencies to send money across borders. The asset could be adopted even more if the ruling is positive.
Also Read: Why is FTX Selling Millions of XRP and BTC?
A favorable ruling could lead to the creation of an XRP ETF. This would have a significant impact on the value of XRP.
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Source: watcher.guru