XRP community debates key events that could boost the price of XRP.
XRP is down by over 3.5% in the last 24 hours and 4.1% since the past week. While XRP has fallen below $0.5, the XRP community is speculating on factors that could shoot up the value of the asset in a rally similar to the one witnessed from the victory ruling.
In a recent tweet, prominent XRP community figure Zach Rector argued with three pivotal events to boost XRP’s price.
Here are the 3 Catalysts that lead to the next BIG move for XRP! 👀
1. Judge Torres DENIES SEC Appeal
2. First US bank or institution goes LIVE with ODL XRP
3. SEC & Ripple Settle
Let me know how high we pump after these events… 👇
— Zach Rector (@ZachRector7) September 11, 2023
Judge Denying SEC’s Appeal Move
Rector first cited an impending development related to the ongoing lawsuit with the US Securities and Exchange Commission (SEC).
According to him, the US court’s denial of the regulator’s bid to obtain permission to appeal the XRP victory ruling would be significant for XRP’s price.
Notably, The Crypto Basic reported that the SEC is seeking a green light from the court to appeal the XRP non-security status judgment. The SEC’s move stems from the fact that ordinarily, the parties in a lawsuit cannot challenge the court’s rulings until the case ultimately concludes.
Meanwhile, Ripple has proclaimed its intent to file counter-appeals for other decisions the court previously ruled should the SEC’s bid be granted. With the situation, the XRP Army believes the denial would be another landmark decision propelling XRP.
US Bank Going Live on ODL
Furthermore, Rector argued that the event where a prominent US-based financial institution goes live with Ripple’s On-Demand Liquidity (ODL) product would be significant for XRP.
Following the regulatory clarity around XRP, the community hopes US banks will adopt XRP. They believe such adoption will impact the digital asset. It bears mentioning that Ripple’s past XRP offering to US institutions constituted a substantial bottleneck in the lawsuit.
The last factor Rector cited was a settlement in Ripple’s legal battle with the SEC. Rector theorized that a settlement between Ripple and the US regulator could be another propelling event. A settlement implies the termination of the multi-year lawsuit.
Responding to Rector’s view, an XRP enthusiast, Chad, expressed disagreement. The commenter argued that the highlighted events are merely ‘pump and dump’ events. In his view, the utility of XRP is the true catalyst for higher prices.
Additionally, X user Daren Black echoed Chad’s sentiment, noting that utility and retail adoption are the factors to shoot XRP. This commenter believes a significant pump in XRP would not materialize until after Bitcoin halves.