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Ripple vs. SEC: The wait continues! The highly anticipated closed-door meeting has been rescheduled to August 7th. Will this delay bring a settlement closer or further away? However, the XRP community eagerly anticipates Judge Analisa Torres’s final decision on the Ripple SEC lawsuit; some XRP community members believe the ruling may not significantly influence XRP’s price.
While social media is buzzing with high hopes of an XRP breakout, here’s one XRP community member who rejects the claims of the Ripple vs SEC case boosting the XRP Price.
Potential Penalty Could Overpower Positive Sentiment
Rachelle Renee, an active member of the XRP community, points out that the ruling is expected to address Ripple’s penalties for violating federal securities laws, with a potential fine of approximately $2 billion. Ripple advocates for a substantial reduction in this fine, but imposing a large penalty might overshadow any possible positive effects from the lawsuit’s conclusion.
Regulatory Clarity Already Achieved
Renee further highlights that a key ruling last year, which clarified that XRP is not a security, has already provided the necessary regulatory certainty for institutions. Although this decision initially caused XRP’s price to rise, the gains were short-lived. The clarity on XRP’s legal status has been established, and further regulatory outcomes might not significantly impact the asset’s value.
Institutional Adoption and Ripple’s Regulatory Status
Lastly, she noted that, despite the ongoing lawsuit, Ripple has secured sufficient regulatory clarity to pursue institutional partnerships and adoption. While some community members hope for increased adoption post-lawsuit, Renee suggests that Ripple’s existing regulatory standing already supports its business initiatives. Therefore, significant changes in adoption or price are unlikely to be directly linked to the lawsuit’s resolution.
Gear up for August!
In July, XRP saw a 50% rise, all due to the closed-door meetings and resolution rumors. XRP community is waiting for the end to this turmoil. If the bullish momentum continues, the XRP price might rise above $0.65. The token may try to hit its annual high of $0.72 if August proves to be lucky. XRP has dropped 5.94% in August alone and is currently trading at $0.5732. Moreover, the Relative Strength Index (RSI) stands at 66.94, suggesting strong bullish momentum around the token.
In conclusion, while some short-term price fluctuations may follow the final ruling, analysts like Renee suggest that XRP is unlikely to experience a dramatic bull run solely due to the lawsuit’s resolution. The market’s reaction may be muted, reflecting the complexities of regulatory impacts and existing adoption frameworks.
Bull Run or Bloodbath, what’s waiting for XRP?