The court hearing involving Ripple has been making a lot of noise in the crypto community. However, there are strong reasons to believe that the token may not only survive the crypto winter and the fallout of the court case but even return to glory during the next inevitable bull run. The only question is whether it can hold on to its current position in the market barely hovering over the $0.38 support level.
The troubled story of Ripple
The court case involving federal authorities and Ripple became a massive hit to the whole crypt industry, but it was largely negated by the growing hype around the Ethereum merge that dominated the news cycle for a long time. Now, when the dust settled and we know that the merger was a hugely overblown event with negative consequences for the network, we can turn our heads toward other pressing issues.
The SEC immediately began talking about potentially regulating and overseeing Ethereum transactions due to the latter switching to the PoS consensus mechanism and most validators residing in the US. The case of multiple plaintiffs against Tether and the case of Ripple makes it hard to believe that the crypto industry as a whole will get away unscathed.
XRP has been going against the overall mood and even gained 6% during the last weekend making a good case for a potential trend reversal. The increase was further propped up by the news from the attorney representing Ripple who hinted at some good developments in the court hearing. If Ripple won’t be accused of anything terrible, it can be ready to shoot up in value just in time to join the bull run at the beginning of the next year.
Why does XRP matter in the grand scheme of things?
The legal battle between the SEC and Ripple may be a very important milestone in the joint effort of the industry to achieve fairer regulations and better conditions for all participants in the crypto market. It seems that everything has been going according to plan, at least so far.
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