Sean McBride, former director at Ripple, expressed his views about why the price of XRP may not see a significant leap for the time being.
XRP’s lackluster performance has been a persistent topic of discussion. During periodic bull frenzies in the market, the asset stays stagnant. However, XRP is not spared during price corrections.
Meanwhile, several XRP-related positive developments have recently surfaced, but the asset has shown immunity to the impact of these occurrences, triggering concerns among some community members.
During a recent exchange, X user Johnny Ramos urged McBride to share his view on why XRP’s value has crashed despite recent positive news.
Nothing Happens to XRP Until Lawsuit Ends
In response, McBride emphasized his belief that the price of XRP will not experience any significant movement until the U.S. District Court Judge Analisa Torres issues a final ruling in the ongoing SEC vs. Ripple case. He stressed that until this legal dispute is resolved, substantial changes in XRP’s value are unlikely.
“So anyone expecting anything different is delusional,” McBride asserted.
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
On July 13, 2023, Judge Torres ruled that XRP is not a security, dissolving the SEC’s claim. This news initially boosted XRP by 100% within 24 hours, reaching $0.93. However, XRP is trading at $0.4814 a year later, having lost half its value despite a generally bullish market.
This contradiction has led pundits to argue that the ongoing legal dispute continues to affect XRP’s performance. They believe that the resolution of issues related to Ripple’s institutional XRP sales could trigger a significant price increase.
US Institutions Will Flip the Switch for XRP
According to the ex Ripple director, once Judge Torres decides, people will learn more about what’s truly happening behind the scenes. He believes this ruling could pave the way for U.S. institutions to start working with Ripple “to flip the switch” for XRP.
Moreover, McBride highlighted Ripple’s efforts to acquire over 30 Money Transmitter Licenses (MTLs) needed for operations in the U.S. He stressed that the company would not have invested in such extensive preparations to no end.
When asked about the potential scenario where the SEC appeals a favorable decision for Ripple, McBride stressed that an appeal would not prevent the anticipated developments in the U.S. from occurring unless Ripple never received a favorable ruling in the first place.
He expressed confidence that a positive outcome for Ripple would set the stage for significant progress, regardless of an SEC appeal.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
