Despite Ripple’s firm standing in the SEC lawsuit, its native token XRP is founding some tough times.
Since its launch, Ripple has been able to develop at a rapid pace, making XRP one of the world’s mainstream crypto tokens. As far as its journey is concerned, the last six months or so have specifically been rather eventful for the Ripple and XRP.
Ripple and XRP, Before and After the Lawsuit
During the third week of Dec 2020, when Bitcoin was moving swiftly towards an unprecedented bull, Ripple, with its co-founder Chris Larsen and Brad Garlinghouse, got struck with a $1.38 billion lawsuit. The lawsuit alleged Ripple, its co-founder, and CEO of selling $1.38 billion worth of XRPs, illegally, as securities. The case here was because Ripple sold the XRP as Security, the asset needed to get registered with the Fed agency.
Not mentioning all the other faults that the lawsuit had, the biggest misconception that developed because of it was, most of the market, and crypto community perceived the lawsuit as if SEC has alleged XRP of being a security. Which, definitely, was not the case. But because the SEC failed to provide any clarification on that, at any level, a majority of crypto exchanges delisted or halted XRP trade.
During almost the same period when the whole crypto market was booming, as the result of the lawsuit, XRP was waning quickly, losing well more than half of its value in a mere 10-days period.
Anyways, during the following month’s court hearings begin, and both the parties filled multiple discovery motions. Throughout the lawsuit, the party that seems to have lost the most ground is SEC, whereas Ripple has remained utterly aggressive.
In the most recent development, SEC lost its defend to Ripple’s deposition motion that sought the testimony of the agency’s former official William Hinman. Though many are calling it a victory, there is much more to come in the lawsuit.
Quite fairly, at the start of the lawsuit, many had deemed Ripple of being in a vulnerable position. But it did not seem to have come true, as in the near past Ripple have struck some critical deals and has also made some preponderant hiring.
XRP User cases
Due to the virtue of XRPs various user cases, its prospects are looking pretty bright. Despite that, the XRPL[Ripple’s ledger, leverages XRP] is already serving sufficiently as a public ledger and is assisting companies all around the world in making their remittance services[involves cross-border payments] cheaper, faster, much more secure, and sustainable, Ripple has also presented its network to act as a bridge for CBDCs[central bank-issued digital currencies]. For strengthening its place in the CBDC market Ripple is considering running a pilot program.
XRP Price Action
For the people who are more interested in XRPs price only, in the short term, it looks a bit tough as XRP seems to go down from 50-days SMA to 200-days SMA. One of the severe events that many are sighting is, XRP moving toward a death cross, which-if occurs-can cause severe price pain.
Ripple Co-Founder Jed McCaleb sold nearly 240 million XRP in June, causing many people to stay on the sideline or go short on XRP.
In a long time, XRP could boom as the market reaccumulation phase ends and the lawsuit unfolds successfully.
In this case, short selling may be a good opportunity. Bexplus could be a good choice for trading XPR.
Last year, as the case progressed, many exchanges delisted XRP and traders could not trade it, but Bexplus has recently relisted XRP. You can deposit XRP and make money by longing or shorting.
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