XRP Continues To Struggle Below $0.5, Ex-Ripple Director Reveals Why Price Action Remains Muted
June 13 2024 - 1:00PM
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It is no longer surprising that the XRP price movement has
stagnated around $0.5 in the past few months despite various
positive developments for Ripple. This lackluster price action has
left many XRP investors feeling wanting, especially considering the
positive price action of other cryptocurrencies. Sean
McBride, a former director at Ripple, believes XRP is unlikely to
register a significant breakout until Ripple’s ongoing lawsuit with
the SEC concludes. Ongoing SEC Lawsuit Weighs Heavily On XRP
Ripple’s legal battle with the SEC has been dragging on for over
three years, and it continues to cast a dark cloud over XRP’s
price. Ripple scored a partial win in July 2023 when Judge Torres
decided that XRP to retail investors is not a security. This
decision resulted in a temporary increase in the price of XRP to
$0.90. However, the embattled crypto token now finds itself stuck
below $0.50, unable to break out despite various rebounds and
periods of dominance by the bulls. Related Reading: Crypto Analyst
Predicts Cardano Price Will Rally 370% To $2, Here’s The Timeline A
recent example of this repetition was observed in the past 30 days
when a period of bull dominance saw XRP trading just above the $0.5
price mark for three weeks. However, like before, XRP’s price has
failed to maintain its position above this level, and the crypto
now finds itself trading around $0.48. As McBride noted on social
media, nothing significant will happen to XRP’s price until Judge
Torres makes her decision. This is in relation to the pending
decision on whether the sale of XRP to institutional investors
qualifies as the sale of securities. According to the former Ripple
director, a clear judgment from the judge would finally enable
institutional investors to decide their stance on Ripple and
XRP. “Nothing significant is going to happen with the price
of XRP until Judge Torres makes her decision,” McBride said. “This
could open up the door for US institutions working with Ripple to
‘flip the switch’,” he continued. I think I’ve mentioned this
before. Nothing significant is going to happen with the price of
XRP until Judge Torres makes her decision. So anyone expecting
anything different is delusional. The next big piece of this is
clear legislation in the US. Hopefully that is on the way… — Sean
McBride (@seanmcbride16) June 11, 2024 What Will It Take For XRP
Price To Break Out of Its Slump? Before XRP can truly break out of
its slump, the lawsuit with the SEC must be resolved. As long as
the case drags on, uncertainty will hang over the token and
suppress the price. A settlement or victory for Ripple would remove
this roadblock and likely send the price of XRP surging. Of course,
XRP would need to outperform the market to compensate for lost
ground over the past three years. However, a loss could deal a
major blow to XRP and cause the price to plummet further. Related
Reading: Bitcoin Price Prediction: Major Analysts Say BTC Is Headed
For 6-Digit ATH According to one crypto analyst known as EGRAG
CRYPTO, it is only a matter of time before all the rotational
profits start flowing into XRP. This, in turn, would lead to XRP’s
price breaking out of a descending triangle and pushing towards a
target of $7.5.
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