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- Ex-Ripple executive Sean McBride says that despite all the technical analysis and predictions, nothing significant will change with XRP until a ruling is delivered on the SEC lawsuit.
- The crypto and legal communities continue to predict when the lawsuit will conclude, with Brad Garlinghouse recently stating he expects the ruling by the end of summer.
XRP has had a frustrating year, and alongside Cardano’s ADA, it’s the only crypto in the top ten to record losses year-to-date. This has been despite major market moves by Ripple, a rise in adoption, and the rise of dozens of applications on the XRP Ledger. According to a former Ripple executive, this is due to the cloud of the SEC lawsuit that has hung over the crypto for years.
The SEC sued Ripple nearly four years ago—in December 2020—for allegedly violating securities laws. For context, this was so far back that some of the largest projects in the crypto space today hadn’t even launched. ICP, Kaspa, and FLOW, worth $4.6 billion, $4 billion, and $1.15 billion, respectively, launched in 2021.
Since then, this lawsuit has loomed over Ripple and XRP by extension, and while the company has won some of the key legal battles in court, it’s not yet out of the woods. According to Sean McBride, this has been the key reason that the token has failed to take off despite a slew of high-profile partnerships and product launches within the space.
McBride stated:
Nothing significant is going to happen with the price of XRP until Judge Torres makes her decision. Once that happens, we’ll find out more about what’s really going on. A favorable ruling could open the door for US institutions to finally work with Ripple.
XRP currently trades at $0.4868, losing 1.5% in the past day and 7.4% in the past week. Its trading volume has also dipped 6% to stay just above $1.2 billion as its market cap holds above the $27 billion mark.
For now, nobody knows when the lawsuit will end. As Crypto News Flash reported, CEO Brad Garlinghouse expects that the conclusion could be by the end of the summer, “and I pointed out that September 21st is the end of summer.”
Despite the SEC lawsuit hanging on the XRP market, Ripple has continued to make market moves to grow the ecosystem. The upcoming stablecoin, which Crypto News Flash reported will be called Real USD (RLUSD), is key to these plans.
Additionally, today, Ripple announced that it has expanded its partnership with Archax, a UK-licensed digital asset exchange. The two will focus on tokenizing real-world assets on the XRP Ledger. Some estimates have put RWA tokenization at $16 trillion by the end of the decade.
