A Glimpse of Hope for XRP Price? Ripple CTO Addresses XRP Lawsuit Speculations
Qadir AK10 Feb 20242 min read
Mack, an influential XRP community member, recently expressed his concerns over XRP’s underperformance in his X account, pressing Ripple’s leaders to respond. Mack wrote to Ripple CEO Brad Garlinghouse and CTO David Schwartz about XRP investors’ growing concern due to the token’s poor performance and how long the community has to wait for an XRP moon.
Despite being the top crypto asset in the market, XRP is in the grip of a bear trap. XRP’s price has dropped significantly from its peak of $0.93 in July 2023, currently trading at $0.5215.
This decline aligns with current market downturns and ongoing legal challenges Ripple faces, adding more pressure on the token’s value. When XRP went below $0.5, a key support level, it created a panic sell-off. It looked like it could crash anytime, meaning that prices as low as $0.38 were possible.
XRP Sell-off Begins in Community
XRP’s tumbling position has made Mack sell his XRP, and others are doing the same. One person sold 75% of their XRP because they were disappointed, and another sold their XRP in 2017, probably because of problems like the Automated Market Maker (AMM) issue, where votes were withdrawn due to a code problem.
Not everyone is Disheartened
Despite this, respected XRP enthusiast Dark Defender offered a glimmer of hope, reminding the community of past challenges before significant bull runs and urging patience. Another well-known analyst recently showed that XRP could go up by 65,000% and told buyers to be patient so they don’t miss out.
Ripple CTO Clears SEC vs. Ripple Lawsuit Speculation
In response to the current speculations on the Ripple case after the SEC’s recent filing, Ripple’s CTO, David Schwartz, in an interview answered the question of when the SEC lawsuit against Ripple might end, suggesting it could conclude this year. While Schwartz didn’t offer any facts, many experts believe the legal battle is nearing its end.
The court case has reached the “remedies litigation” stage, with all proceedings expected to finish by April 29, 2024. If the SEC responds to Ripple’s opposition by then, the court will determine the outcome. Legal experts anticipate a resolution by early summer 2024.
The Ripple CEO also stated that the SEC cannot drag the case further because the financial documents are uncontroversial and will be an open-and-shut case again.
With no clarity on the XRP lawsuit, Will it ever go up? Only time will tell.
