Ripple (XRP) price barely moved today amid a stagnant market, with its current level of USD 0.336641 representing a 0.5% drop in the last hour and a 0% move for the day. At the same time, it was down a very modest 0.3% in a week, 2.5% in a fortnight and 10% in the last 30 days.
These are hardly awe-inspiring moves for the cryptocurrency, which is the seventh-largest by market cap, yet crypto finds itself in hardly awe-inspiring macroeconomic conditions at the moment. Global stock markets tumbled in the face of negative inflation data, while Ripple continues a nearly two-year legal battle with the Securities and Exchange Commission in the US, which plans to suppress XRP’s price.
Nevertheless, hopes for a long-awaited end to this legal case have increased in the last 24 hours, after the US court approved joint scheduling proposals related to the redaction of parts of key SEC documents. When combined with other positive developments and rulings related to Ripple over the past year, this suggests that a positive end to this legal wrangle may be near and XRP may explode as a result.
XRP Just Budges After Judge Torres Ruling
The latest ruling in the Ripple-SEC case comes from Judge Torres, who has issued several rulings over the past months that are viewed favorably by people in the Ripple camp. In this particular instance, they simply approved a plan jointly agreed to by Ripple and the SEC, setting a schedule for summary judgments on key parts of the case.
Attorney James K. As explained in the following tweet from Philan, this schedule runs from now until the end of December. That means the case won’t end until early 2023 at the earliest.
However, crypto-special counsel Jeremy Hogan expressed approval in the fact that the project would speed up the resolution of the case, setting a clear timeline for delivering key documents and decisions. This shows that both parties now want to bring things to a head by agreeing to Judge Torres’ wishes.
But while this is a positive development in the legal saga, it hasn’t really had a tangible impact on XRP’s price. The latter is even lower on most time frames and is down 70% over the past 12 months.
Despite the lack of movement, XRP’s chart shows that it bottomed a while back and is now biding its time for another rally. Its RSI has dipped below 40 over the past week, while its 30-day moving average is below its 200-day.
Of course, XRP will have to wait for the overall economic picture to improve before any real gains occur. But when such improvements happen and the case is finally resolved, its backers expect to post some eye-watering returns.
Will the ups and downs win?
The big question is whether the ups and downs will yield a positive verdict when the time comes for the final judgment. That will ultimately be decided by the courts, but past developments in the case suggest that the upturn has a bright future ahead of it.
At Jananuri this year, Ripple won the right to access important emails from 2018, regarding a speech by the SEC’s William Hinman in which he declared that neither ETH nor BTC is a security. It later secured another favorable ruling in April, in which the court denied the SEC’s right to withhold certain key emails mentioned above.
On top of this, various legal experts have gone on record to say that they expect a settlement — rather than a verdict — against Ripple. This is in addition to positive statements from more crypto-sympathetic advocates and from Ripple’s own executives.
So the future looks bright for Ripple, with the company planning to list publicly after the case closes. With the end of regulatory pressure and the reset of XRP on exchanges like Coinbase, this could cause the price of the altcoin to rise dramatically.
In this regard, it is worth remembering that XRP is one of the few major cryptocurrencies that did not set a new record in 2021, and it still has an ATH dating back to 2018. So at the very least, the market can expect XRP to rally to this ATH — USD 3.40 — in the event Ripple gets what it wants.