the price Ripple (XRP) barely moved today amid a stagnant market, with its current level of $0.336641 representing a 0.5% decline in the past hour and a 0% move in a daytime. At the same time, it fell by a very modest 0.3% in one week, increased by 2.5% in a fortnight and fell by 10% in the last 30 days.
These movements are far from impressive for a cryptocurrency which is the seventh largest by market capitalization, but the cryptocurrency also happens to be in difficult macroeconomic conditions at the moment.
Global stock markets fell on negative inflation data, while Ripple continues to fight a nearly two-year legal battle with the Securities and Exchange Commission in the United States, which helps to keep the price of XRP under pressure.
Nonetheless, hopes for a long-awaited end to this legal case have grown in the past 24 hours, after the presiding US court approved joint proposed timelines for drafting parts of key documents from the DRY.
Combined with other positive developments and decisions for Ripple over the past year, it suggests that a positive end to this legal tussle may be near, and that XRP could explode as a result.
XRP barely moves after Judge Torres verdict
The latest verdict in the case Ripple-SEC was handed down by Judge Torres, who handed down several other rulings viewed favorably by members of the Ripple camp over the previous months. In this particular case, she simply approved a plan that had been jointly agreed upon by Ripple and the SEC, setting out a timeline for summary judgments on key parts of the case.
As illustrated by the tweet below from attorney James K. Filan, this calendar runs from today to the end of December. That likely means the deal won’t end until early 2023, at the earliest.
However, the cryptocurrency lawyer Jeremy Hogan expressed satisfaction that this plan will expedite the resolution of the case, since it sets a clear timetable for the delivery of documents and important decisions. It shows that both sides now want to see things through, with Judge Torres going along with their wishes.
But if this evolution is positive in the legal saga, it did not really have a tangible effect on the price of XRP. The latter is still down on most maturities, and also remains down 70% over the last 12 months.
Despite the lack of movement, XRP’s chart shows that it bottomed out a while ago and is simply biding its time until a fresh bounce. His ROI has been below 40 for much of the past week, while its 30-day moving average remains well below its 200-day one.
Of course, XRP has to wait for the general economic situation to improve before it can make any real moves. earnings. But when those improvements happen, and when the case is finally resolved, his defenders expect him to put up some pretty spectacular performances.
Will Ripple win?
The big question is whether Ripple will indeed get a judgement positive when the time for the final sentence comes. That is ultimately up to the courts to decide, but previous developments in the case suggest that Ripple has good prospects.
In January of this year, Ripple was granted access to important emails dating back to 2018, relating to a speech given by William Hinman of the SEC in which he stated that neither theETH nor BTC were securities. She then won another favorable judgment in April, in which the court denied the SEC’s right to withhold some of the aforementioned important emails.
In addition, several legal experts have publicly stated that they expect a settlement – rather than a judgment against Ripple – is the most probable result. This is in addition to positive statements from more crypto-friendly lawyers, as well as Ripple executives themselves.
Therefore, the future looks bright for Ripple, which incidentally plans to go public after the deal closes. Combined with the end of regulatory pressure and the re-listing of XRP on exchanges such as Coinbase, the price ofaltcoin could experience a dramatic increase.
To that effect, it’s worth remembering that XRP was one of the few major cryptocurrencies that didn’t set a new all-time high in 2021, and still has an ATH dating back to 2018. So, at the very least, the market might expect XRP to go up until this ATH – from $3.40 – in case Ripple gets what it wants.