XRP analyst Rachelle Renee predicts only a minor price bump after the Ripple-SEC ruling, dismissing hopes for a major surge.
Institutional investors have already received legal clarity on XRP, making the Ripple-SEC verdict less impactful on price movement.
Significant XRP price growth is more likely to come from new developments and adoption by major financial institutions.
XRPlawsuit between Ripple and the US Securities and Exchange Commission nears closer to a ruling on the ongoing legal battle. The final ruling on district court level the crypto community is filled with different thoughts about the outcome for the XRP price.
What’s Next for XRP? Analyzing Potential Price Movements
Rachelle Rene, a XRP analyst, raised his concern about the expected ruling where she highlighted that in his opinion a minor bump in price may happen but this will not be the moon shot..Renee’s analysis starts with a sobering view on the nature of the legal resolution itself, which will penalize Ripple.
https://twitter.com/rachelleskinner/status/1818661738360803603
She expressed her concern about the potential for this legal closure to serve as a trigger for a price increase of XRP. According to Renee, the pivotal moment for a possible price surge was when regulatory clarity was initially provided by Judge Torres in July last year, a milestone that has already been passed without a long lasting effect.
Furthermore, she explained that institutional investors, who might be considered a primary driver for such a surge, only required confirmation that it was legally permissible to buy, hold, and utilize XRP with this clearance having already been granted.
Investors on Wait
Renee, being a XRP enthusiast, explained that she hates that she is the one talking about the slight trigger in the price movement with her thinking the final order in Ripple and SEC event will make a slight difference for the price of XRP. The institutions that might drive a significant price increase already know it’s legal to engage with XRP, and the specifics of Ripple’s punishment are unlikely to influence their decisions further.
She clarified that while a minor uptick in the XRP price could occur following the resolution, she firmly believes that there will not be a great surge like many are hoping for. Instead, Renee suggested that significant market movements for XRP would more likely result from new developments that demonstrate XRP’s utility and adoption by major global players, such as banks and financial institutions.
While the case nears a closure, the XRP investors are keenly looking at the potential impact that will take place after the ruling.Its a eager and awaited moment in the crypto space that has seen many investors and new users accumulating the Ripple Network
https://twitter.com/_Crypto_Barbie/status/1818596964398686255
According to coinmarket cap, XRP is currently trading at a price of $0.5738 signaling a 5.49% fall in the last 24 hours at the hour of writing. In addition,the total market value of XRP circulating in the market reads at $32,137,407,651 ranking it number 7 in stock market capitalization.
The post Ripple-SEC Ruling: Why XRP Price May Not Record a Surge appeared first on Crypto News Land.
