Ripple’s XRP token is red across the board, plummeting 8.6% in the last seven days, 8.7% in the 14-day chart, and 4.7% in the previous month. Additionally, the eighth-largest crypto project by market cap has dipped 7.2% since June 2023.
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Sean McBride, the former Director at Ripple, stated that XRP will not rally until ‘Judge Torres makes her decision.’ The former Ripple director is talking about the fintech company’s ongoing legal battle with the US SEC. McBride has gone as far as to call people who expect anything different as “delusional.”
The US SEC filed its lawsuit against Ripple in December 2020. According to the lawsuit, the fintech company sold unregistered securities, breaching financial laws. The company’s legal woes are one of the most substantial reasons for XRP’s lackluster performance in the last few years.
Will XRP rally after the Ripple lawsuit is settled?
Ripple was given a partially favorable ruling last year by a US district Judge. XRP’s price began to rally as soon as the verdict was announced. However, the asset’s price did not hold and quickly faced a correction. The suit has now entered the high court and investors are waiting for a verdict from the same.
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If Ripple receives a similar verdict from the high court, as it did from the district court, we may see a significant rally for XRP. The asset is already one of the most utilized cryptocurrencies for cross-border remittances. A positive ruling may further push the asset’s adoption.
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Additionally, a positive ruling may also lead to an XRP ETF (Exchange Traded Fund), which could significantly help the asset’s price.
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