XRP seems prepared to reclaim the 40-cent zone amidst positive developments surrounding Ripple, especially its tussle with the SEC and ODL solution.
With the panic from the FTX implosion subsiding, XRP seems primed to regain the losses of the past weeks as promising developments surrounding Ripple’s legal battle with the SEC and the firm’s cross-border payment solution emerge.
November has been especially brutal to XRP, as the asset shed off over 17% of the value it started the month with. Riding on the back of the broader crypto space’s positive sentiments, XRP surged to a high of $0.50 on November 5 before hitting a roadblock along the line.
The FTX situation that shortly followed contributed to the asset’s free fall, knocking it off major support levels to a 2-month low of $0.32 on Monday. Notwithstanding, as the FUD from the FTX debacle grows thinner, XRP appears to be regaining some of its losses, especially amid the promising reports surrounding Ripple.
The asset surged above $0.39 on Tuesday before facing a mild rejection that saw it lose over 6% of its value in hours. Closing Tuesday at $0.37, XRP has geared up for a rally to the zone at $0.40; it has shown some resilience and has managed to keep it above the 37-cent level till now.
Amid a healing market, XRP has gained by 2.43% in the past 24 hours, changing hands at $0.3828 as of press time. Despite a loss of 3.12% in the past week, the asset appears to be gradually gaining. The recent reports surrounding Ripple’s legal battle with the SEC have contributed to this price uptick.
Factors Influencing XRP’s Price Movements
As the litigation constantly leans in favor of Ripple Labs, Deaton and six other Ripple allies recently filed amicus briefs in favor of the blockchain firm, as The Crypto Basic highlighted. The seven entities involved are part of the 11 whose amicus brief motions Judge Torres recently approved.
Recall that Coinbase officially filed an amicus brief supporting Ripple Labs as the American exchange asserted that the SEC has been unable to present any reliable evidence to support its claims that XRP is indeed a security. Earlier this month, Canadian Crypto exchange Newton revealed plans to relist XRP after delisting the asset due to the SEC lawsuit.
These developments emerge as the SEC lawsuit nears its terminus. James Filan has maintained that the final ruling should be on or before March 31 of next year. On November 7, US Attorney Jeremy Hogan argued that the likelihood of the SEC winning against Ripple in its attempt to prove that XRP passes the Howey Test, is rather slim.
Meanwhile, Ripple has not allowed the ongoing legal battle to inhibit its growth; Ripple revealed plans to procure a VASP license in Ireland to expand its reach in the European Union, as recently reported by The Crypto Basic. The firm also has its eyes set on the United Kingdom.
FinTech startup Stably disclosed the launch of its native stablecoin Stably USD on the XRP Ledger. Notably, the Commonwealth Bank of Australia revealed that it would start transitioning transnational settlements to the ISO 20022 standard in November. It is important to note that Ripple became a part of the ISO 20022 standard earlier this year.
Additionally, Ripple recently introduced scalability to the financial scene in Africa through a partnership with African mobile money interoperability hub MFS Africa. The partnership will see MFS Africa utilize ODL for its mobile money services.
As Ripple’s On-Demand Liquidity solution gets to several businesses across the globe, the company has processed over $30 billion in fiat and crypto payments using its global financial network technology, RippleNet.