Ripple CTO Addresses XRP Lawsuit Speculations: Is there a Ray of Hope for XRP Price?
Mack, a prominent member of the XRP community, recently voiced his concerns about the lackluster performance of XRP on his social media account, calling on Ripple’s leaders to address the issue. Mack reached out to Ripple CEO Brad Garlinghouse and CTO David Schwartz to express the growing anxiety among XRP investors regarding the token’s underperformance and the prolonged wait for a significant price surge.
Despite being one of the top cryptocurrencies in the market, XRP is currently caught in a bear trap. Its price has experienced a significant decline since reaching its peak of $0.93 in July 2023, currently trading at $0.5215.
This decline is in line with the overall downturn in the market and the ongoing legal challenges faced by Ripple, which further exacerbate the pressure on the token’s value. When XRP dropped below the crucial support level of $0.5, it triggered a panic sell-off, raising concerns that it could crash at any moment, potentially reaching prices as low as $0.38.
As a result of XRP’s downward position, Mack has decided to sell his XRP holdings, and others are following suit. One individual even sold 75% of their XRP out of disappointment, while another sold their XRP back in 2017, possibly due to issues like the Automated Market Maker (AMM) problem, where votes were withdrawn due to a code issue.
However, not everyone within the community is disheartened. Respected XRP enthusiast Dark Defender has offered a glimmer of hope, recalling past challenges before significant bull runs and encouraging patience. Furthermore, a well-known analyst recently suggested that XRP could potentially increase by 65,000% and advised buyers to exercise patience to avoid missing out on potential gains.
In response to the speculation surrounding the ongoing SEC lawsuit against Ripple, Ripple’s CTO, David Schwartz, addressed the issue in an interview. When asked about the possible conclusion of the SEC lawsuit, Schwartz hinted that it could potentially be resolved within this year. Although he did not provide any concrete details, many experts believe that the legal battle is approaching its end.
The court case has now entered the “remedies litigation” stage, with all proceedings expected to conclude by April 29, 2024. If the SEC responds to Ripple’s opposition by then, the court will determine the final outcome. Legal experts predict that a resolution will likely be reached by early summer 2024.
The Ripple CEO also asserted that the SEC cannot prolong the case any further as the financial documents are straightforward and will likely lead to a straightforward resolution.
With the outcome of the XRP lawsuit still uncertain, it remains to be seen whether the token’s price will experience an upward trend. Only time will reveal the answer to this question.