Ripple (XRP) Won’t Rise Until Mid-August, But It Won’t Fall Either

Ripple (XRP) Won't Rise Until Mid-August, But It Won't Fall Either

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XRP token hodlers are worried about the decreasing of the asset but they hope that the situation will change within a month.

XRP has been under pressure since the beginning of the year due to the SEC’s litigation. The American regulator is trying to prove that XRP cryptocurrency is in fact security that cannot be sold without a license. The proceeding is carried out with varying degrees of success, but more and more news coming from the courtroom that is positive for Ripple.

However, XRP has been showing mostly sluggish performance since the beginning of the year, with trading volumes declining. For example, since the beginning of the year, they have decreased by 4 times, from more than $8 billion to $2 billion per day. However, XRP remains an important part of the cryptocurrency market, ranking 6-7th as for Coinmarketcap. The local maximum was reached in mid-April at $1.9378 with a trading volume of over $34 billion.

Ripple remains the only top cryptocurrency that hasn’t hit its all-time high (ATH) since 2018, when XRP was worth $3.84 on January 4. The token hodlers hope that once the lawsuit against Ripple is dismissed, XRP could show explosive growth with the ATH update. However, the trial is proceeding very slowly.

In mid-June, the SEC plaintiff insisted that the deadline for the evidence presenting was extended until August 15th. However, Ripple was able to use this time to strengthen its position and called in to testify the former director of corporate finance of the SEC, William Hinman. The Commission tried to protest, arguing that the interrogation of Hinman would disrupt the work of government agencies. However, judge Sarah Netburn dismissed the appeal.

Hinman’s interrogation in court will relate to his 2018 statement regarding ETH. Then Hinman refused to call Ethereum security. Most likely, the arguments he made in 2018 can confirm that XRP is not a security either. In this case, it is highly likely that the SEC’s claim will be canceled. Judge Netburn has demonstrated a commitment to a fair hearing on several occasions, as she considers the case to have “the significant Public Interest”. The decision of the judge was also made due to the activity of XRP hodlers, who expressed their desire to participate in the process.

If Ripple manages to win the case, then with a high probability the Ripple cryptocurrency will again return to its third place in terms of capitalization (excluding the stablecoin Tether (USDT)), replacing BNB, the native token of the Binance crypto exchange. For this XRP does not even need to update ATH, it is enough to grow just above one dollar.