- XRP’s price is stagnant, awaiting Judge Torres’ decision and clear US crypto legislation.
- Market patience required as XRP’s future hinges on legal rulings and potential institutional engagement.
A user on X recently posed a pressing question to former Ripple executive Sean McBride: why is XRP’s value falling rather than rising, even with the recent spike in good news regarding the cryptocurrency?
According to McBride, until Judge Torres makes her decision, nothing noteworthy will happen to the price of XRP. Anybody who is expecting anything different, he said, is insane. The second important element is explicit US law, which may be imminent given current events in Congress and Trump’s pledge to use cryptocurrency should he win the presidency.
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
After Judge Torres renders her ruling, McBride added, more details about what is going on behind the scenes will become clearer. Potentially, this will allow US institutions to “flip the switch” and collaborate with Ripple. He said it is up to us to wait to see if this situation materializes.
He questioned why, in the absence of a bigger plan, Ripple would bother to apply for the majority of the money transmitter licenses (MTLs), which number in the hundreds, required to conduct payments in the US.
The Anticipation Around Judge Torres Ruling
The cryptocurrency community is eagerly awaiting Judge Torres seal ruling, which will come after the motion to seal. The interested parties and the plaintiff and defendant have been anxiously awaiting this decision.
On July 13, 2023, Judge Torres created news by ruling that XRP is not a security, therefore resolving the SEC’s assertion. While this decision was a big win for Ripple and XRP, the market’s response was subdued because of the continued ambiguity and the need to wait for further specific US legislation changes.
Meanwhile, CoinMarketCap data as of this writing shows that XRP is currently valued at about $0.4815. This corresponds to a 0.63% drop over the last 24 hours and an 8.84% bearish trend throughout the previous seven days.
Previously, Sean McBride reportedly urged Ripple to pursue an acquisition strategy, stressing the importance of ongoing development and expansion investment, according to a prior CNF report. This calculated move highlights Ripple’s resolve to long-term expansion and stability in a choppy market.
McBride’s remarks clarified the main elements affecting the price of XRP. Waiting for Judge Torres’ ultimate ruling and specific legislative action from the US Congress, the market is in a holding pattern.
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