XRP Is A Better Buy Now Than H1 2023: What’s Keeping Prices Low?
October 09 2023 - 9:00PM
NEWSBTC
Edward Farina, the founder and CEO of various crypto-focused
initiatives, is confident that XRP is a better
“investment” in early October than it was before July when the
United States Securities and Exchange Commission (SEC) claimed that
the coin was an unregistered security. In a post on October 9,
Farina asserted that the coin was declared not a “security,” but
was bothered by the fact that prices are at “the same level” as
before the July 13 ruling. XRP Bears Reversed July 2023 Gains
XRP, the native coin of the XRP Ledger, a decentralized blockchain
that recently supported smart contracts, remains one of the most
liquid crypto assets. Looking at price data from CoinMarketCap
(CMC), the coin is lodged at fifth in the market cap leaderboard,
trailing Bitcoin (BTC), Ethereum (ETH), BNB, and USDT–the
stablecoin. Related Reading: TWT Token Registers 20% Gains As
Crypto Market Slumps, What’s Next? At this level, the coin is one
of the most liquid and has managed to shake off bear pressure since
the SEC lodged a lawsuit against some of Ripple’s top brass,
including Brad Garlinghouse. In the lawsuit filed in late 2020, the
agency said Ripple conducted an illegal crowdfund, raising over $1
billion by selling unregistered securities. With the allegations,
XRP prices fell by 78%, crashing from around $0.77 to $0.17 in
days. XRP found reprieve in 2021 when it shook off losses, rallying
to as high as $1.95 despite the ongoing lawsuit where Ripple
lawyers defended the company against claims put forward by the
regulator. Prices fell in 2022, reversing gains before stabilizing
in the better half 2023. In July, XRP prices rose sharply,
briefly reaching $0.92 before cooling off, peeling back all gains
in mid-August. Prices have stabilized, but bears wiped gains from
the rally induced on July 13 when a United States court ruled that
XRP is not a security when sold to the general public on an
exchange. Still, it is when sold to institutional investors.
In early October 2023, Judge Analisa Torres barred the SEC from
appealing the decision made in July, stating that there was no
“substantial ground for difference of opinion.” The trial is not
set for April 2024. Prices Make Zero Sense? Following the Judge’s
decision barring the agency from appealing, XRP prices have been
relatively firm but at pre-July 2023 levels. Farina believes that
XRP ought to be higher at spot rates, a reason why the market
“makes absolute zero sense and price manipulation is real.”
Related Reading: $29,700 Could Be The Next Big Level To Claim For
Bitcoin, Here’s Why Whether XRP prices are manipulated or not is
not clear at spot rates. However, the broader crypto market,
including Bitcoin and Ethereum, is suppressed, having cooled off
from July 2023 highs. Feature image from Canva, chart from
TradingView
Ripple (COIN:XRPUSD)
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Ripple (COIN:XRPUSD)
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