XRP’s Value Stagnant, Awaits Judge Torres’ Decision and US Crypto Legislation
The price of XRP remains stagnant, awaiting Judge Torres’ crucial decision and clarity on US cryptocurrency regulations. Market participants must exercise patience as XRP’s future heavily relies on legal rulings and potential engagement from institutional investors.
A user recently sought answers from former Ripple executive Sean McBride regarding the declining value of XRP despite positive news surrounding the cryptocurrency. According to McBride, significant price movements are unlikely until Judge Torres delivers her verdict. He emphasized that anyone expecting otherwise is being unrealistic. Additionally, the enactment of explicit US laws, which may be on the horizon given the current political climate in Congress and President Trump’s interest in cryptocurrency, is another pivotal factor.
McBride reiterated that until Judge Torres makes her ruling, the price of XRP is unlikely to see any notable changes. He also highlighted the importance of clear US legislation, expressing hope that such regulations will soon be established.
After Judge Torres’ decision, McBride suggested that more information about the ongoing developments will surface, potentially paving the way for US institutions to collaborate with Ripple. He urged everyone to be patient and observe how the situation unfolds.
Questioning the rationale behind Ripple’s extensive application for money transmitter licenses in the US, McBride emphasized the significance of a broader strategy in the absence of a clear plan.
The cryptocurrency community eagerly anticipates Judge Torres’ ruling, which will follow the motion to seal. Stakeholders, as well as the plaintiff and defendant, are anxiously awaiting this crucial decision.
In a significant ruling on July 13, 2023, Judge Torres declared that XRP is not a security, resolving the SEC’s claims. While this was a victory for Ripple and XRP, the market response was subdued due to ongoing uncertainties and the anticipation of specific legislative changes in the US.
As of the latest CoinMarketCap data, XRP is currently priced at approximately $0.4815, reflecting a 0.63% decrease in the last 24 hours and an 8.84% bearish trend over the past week.
Previously, Sean McBride had advised Ripple to focus on strategic acquisitions to support continuous development and expansion efforts, underscoring the company’s commitment to long-term growth and stability in a volatile market.
McBride’s insights underscore the key factors influencing XRP’s price movements. With the market awaiting Judge Torres’ final decision and potential legislative actions from the US Congress, XRP remains in a holding pattern as stakeholders observe developments in the cryptocurrency landscape.