The crypto world has been buzzing about the court case involving Ripple. The coin has a good chance of surviving the crypto winter and the consequences from the court battle, and there are good indications that it will rise again during the next inevitable bull run. The only open question is whether or not it can maintain its present price level in the market, which is just over the $0.38 support level.
Ripple’s troubled backstory
The federal government’s lawsuit against Ripple dealt a major blow to the cryptocurrency sector as a whole, but this was partially offset by the increasing excitement surrounding Ethereum’s hard fork. We can now focus on more serious matters now that the dust has settled and we know the merger was a grossly hyped event with bad effects for the network.
Since Ethereum has moved to the PoS consensus method and most validators are located in the United States, the SEC has begun discussing the possibility of regulating and monitoring Ethereum transactions. It seems unlikely that the cryptocurrency industry as a whole would avoid scrutiny in the wake of many plaintiffs’ claims against Tether and Ripple.
The fact that XRP has defied the market and even gained 6% over the past weekend is compelling evidence that the coin may be about to reverse its downward trend. The news from Ripple’s lawyer, who alluded to positive developments in the court case, also helped the price rise. If Ripple doesn’t be accused of anything bad, its value could skyrocket at the start of the new year, coinciding with the start of the bull run.
What’s the big deal with XRP, anyway?
The legal battle between the SEC and Ripple may prove to be a watershed moment in the industry’s push for more equitable laws and more favorable market conditions for all players. Up to this point, it looks like everything is proceeding as expected.