Ripple XRP had been making headlines for a full year now due to the infamous lawsuit with the US Securities Exchange Commission. Ever since the SEC alleged the firm had illegally issued XRP as an unregistered security, the cryptocurrency has been highly volatile with brutal crashes and decent recoveries. However, the peak of the bull run made the XRP token nearly susceptible to the lawsuit as it established a new all-time high and, subsequently, maintained its price above $1. The price of the token has been consolidating during October and a minor upside movement can be observed during the day which may indicate towards the end of the consolidation period. At the time of writing, Ripple’s token stands at a price level of $1.27 with the price up by nearly 10% during the day.
The infamous lawsuit: SEC vs. Ripple
While the Ripple Foundation had been battling the SEC in the courtroom, it has also been working towards strengthening its token through partnerships and developments which can be attributed towards the growth of the XRP token. However, the final verdict of the lawsuit is still the make or break for XRP regardless of what the Foundation does.
Developments to watch out for
The Foundation has also been vocal about the case and some major developments are planned for after the lawsuit. Ripple plans to go public immediately after the lawsuit which has boosted the trust of the community in the token. The community has also called for suing the SEC for biasedly targeting Ripple with no substantial grounds. This has also sparked off the debate of SEC’s alleged anti-crypto policies. Moreover, the lawsuit – although at an indecisive standstill – largely appears to be going in favor of XRP as the SEC has been taking hits after hits.
Ripple is also planning to delve into the NFT space. NFTs have been one of the hottest segments of the cryptocurrency industry and while Ethereum maintains a hegemony in the segment, XRP is aiming on being a gamechanger and is vying for Ethereum’s rank in the market. The firm recently invested in the NFT marketplace Mintable which will allow Mintable to integrate with the XRP ledger. Moreover, a $250 million fund was also launched for innovation in tokenization. Ripple has been vocal about the firm’s interest in the NFT marketplace although this would mark a late entrance but it can potentially change a lot of things for XRP’s future trajectory.
