As the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) drags on, skepticism among XRP holders has intensified.
Many are growing increasingly disillusioned, pointing out that despite Ripple’s notable court victories and ecosystem advancements over the past year, XRP’s price has remained largely stagnant. Notably, the coin’s price has continued to trade thinly inside a 7-year-long consolidation pattern, raising concerns about whether a potential settlement will significantly impact the cryptocurrency’s value.
This sentiment was recently highlighted by Rachelle Renee, a prominent XRP community member, who took to X to voice her doubts about the potential effects of the final decision in the lawsuit on XRP’s price.
“I hate to be the one to say it. But I do not think the final Ripple/SEC/Torres event will do anything for the price of XRP,” Renee tweeted on Wednesday.
According to the investor, the final settlement details, which are expected to address Ripple’s minor infractions, are unlikely to trigger a substantial market reaction. She noted that the price did not rise significantly when regulatory clarity was initially achieved, suggesting that institutional investors had already been influenced by the legal assurances provided over a year ago.
While a minor price bump might occur, Renee also pointed out that the real drivers for XRP’s price growth will be major global partnerships and use-case demonstrations by prominent institutions like Bank of America.
“What will move XRP?” she questioned, “I think news and announcements of global players showing its use case and proof it’s in play will be key.”
In contrast, some investors are optimistic about a significant price increase following the case’s resolution. One supporter argued that regulatory clarity, institutional adoption, and global partnerships could collectively drive a major price surge. However, Renee challenged this viewpoint, emphasizing that regulatory clarity has already been established without causing notable price movement.
Notably, the XRP community’s unease is compounded by recent developments, including the abrupt cancellation of a highly anticipated closed-door meeting between Ripple and the SEC. The latest meeting, scheduled for August 1, was canceled just a week after a previous cancellation, fueling speculation that internal regulatory issues at the SEC might be affecting the case’s resolution.
Nevertheless, some technical analysts remain optimistic about XRP’s future despite the ongoing legal uncertainty. Analysts, such as JD, believe that XRP is on the brink of a significant breakout from its long-standing symmetrical triangle pattern. According to the pundit, this breakout could drive prices parabolically, with XRP’s value potentially surging 600 times within a year.
At press time, XRP was trading at $0.56, reflecting a 3.15% drop over the past 24 hours. Notably, the coin is approximately 85% below its 2018 all-time high of $3.84, with much of this time spent in a prolonged consolidation phase.
