There has been no ruling in SEC vs. Ripple Lawsuit For Two weeks.
The price of XRP has remained stagnant in the past weeks amid the absence of rulings in the ongoing Ripple lawsuit.
XRP has been trading below $0.35 throughout the week as the entire cryptocurrency market is left at the mercy of the ongoing Federal Reserve tightening cycle.
Recall that the Fed has been increasing interest rates to cushion the effect of rising inflation on the United States economy. While some crypto assets have been able to resist Fed’s interest rate hikes, the value of XRP primarily reacts to positive developments in the ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC).
XRP holders are waiting for a Court ruling that is limiting XRP upside continuation. Court denied SEC’s motion to shield Hinman documents, which SEC Objected to; now, investors are waiting for the court’s decision on this matter; if there is a positive outcome, it will be reflected in the XRP price.
As for now, With no favorable ruling in favor of Ripple for the past two weeks, XRP is still showing strength, down 1.5% over the past 14 days. The asset class is also only down 2.2% in the past seven days, according to Coingecko data.
In the past two weeks, XRP has mostly traded below $0.35, with investors hoping to get some encouraging news in the Ripple vs. SEC lawsuit soon. Aside from the lawsuit, other positive developments regarding Ripple, including the large XRP transfers among whales, have not been able to reignite the price of XRP.
In the meantime, both parties have started submitting motions under seal to exclude expert testimonies.
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