Sean McBride, a former executive at Ripple, shared his insights on why the price of XRP may remain stagnant for the foreseeable future.
The lackluster performance of XRP has been a hot topic of conversation in the crypto community. While other assets experience significant gains during bull markets, XRP tends to remain flat. Even during market corrections, XRP doesn’t seem to move much.
Despite some positive developments related to XRP coming to light recently, the asset seems unaffected by these events, causing concern among some members of the XRP community.
During a recent discussion, a user named Johnny Ramos asked McBride for his opinion on why the value of XRP has not seen any significant changes despite positive news.
McBride pointed out that he believes the price of XRP will not see any major movements until the U.S. District Court Judge Analisa Torres issues a final verdict in the ongoing legal battle between the SEC and Ripple. He emphasized that until this lawsuit is resolved, significant fluctuations in the value of XRP are unlikely.
McBride stated, “So anyone expecting anything different is delusional.”
On July 13, 2023, Judge Torres ruled that XRP is not a security, dismissing the SEC’s claims. Initially, this news caused XRP to surge by 100% within 24 hours, reaching $0.93. However, a year later, XRP is trading at $0.4814, having lost half of its value despite a generally positive market.
Many analysts argue that the unresolved legal issues surrounding Ripple’s XRP sales are still impacting the performance of XRP. They believe that once these issues are resolved, it could lead to a significant price increase for XRP.
McBride mentioned that once Judge Torres makes a final decision, more information about the situation behind the scenes will come to light. He believes that this ruling could open the door for U.S. institutions to collaborate with Ripple and bring about positive changes for XRP.
Additionally, McBride highlighted Ripple’s efforts to obtain over 30 Money Transmitter Licenses (MTLs) required for operations in the U.S. He emphasized that the company would not have gone through such extensive preparations without a purpose.
When asked about the possibility of the SEC appealing a favorable decision for Ripple, McBride expressed confidence that a positive outcome for Ripple would lead to significant progress, regardless of any appeal from the SEC.
It is important to note that the information provided in this article is for informational purposes only and should not be considered financial advice. The views expressed are the author’s personal opinions and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.