The XRP community has remained divided in recent weeks as speculation continues around what is holding back the price of the digital asset. While many have pointed to the Ripple vs. SEC lawsuit as the cause, a new perspective from analyst Vincent Van Code has shifted attention to a different and more immediate factor.
He clarified that the coin already got legal clarity in July of 2023. This was the time when Judge Torres decided that XRP is not a security in secondary markets and programmatic sales.
This decision gave Ripple and its partners the go-ahead, and at that point, as Van Code said, the legal problems were pretty much overcome.
Market Had Already Priced in the Legal Outcome
Van Code argued that investors and institutions had anticipated the court ruling well in advance. According to him, the markets are forward-looking and innovative, and money is positioned early based on expectations of a favorable outcome.
“As for price action, I think most of the ‘legal resolution’ narrative was already priced in earlier this year. Markets are forward-looking — smart money likely anticipated the outcome and positioned accordingly,” he said.
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Due to that, the eventual ruling had little effect on price, and Van Code pointed out that the waiting game around the lawsuit shaking up the market is misguided since that storyline has already been exhausted.
He did not deny that the law remains a contributing factor, but it is no longer the primary block. The greater issue, at present, is infrastructure preparedness among Ripple’s partners.
Demand Infrastructure Now Seen as the True Bottleneck
Van Code explained that most institutions require lengthy processes before going live with Ripple’s technology. Compliance checks, onboarding, and integration testing take between 12 and 24 months to complete.
“In my opinion, the biggest bottleneck right now isn’t law — it’s demand infrastructure. The rails aren’t fully live yet. That’s not because of legal barriers, but more due to regulatory compliance processes, integration testing, onboarding, and internal approvals, especially with banks,” he added.
With the legal ruling having taken place in mid-2023, many banks likely began their rollouts toward the end of last year. Consequently, the last phase of the rollout is live, and Van Code believes this will boost on-chain demand and trigger a major price movement within the next few months
Van Code added that other firms have incorporated Ripple solutions. Nevertheless, numerous others have yet to be officially launched. He believes real usage will start when the RippleNet and On-Demand Liquidity corridors are fully active. That type of adoption will eventually cause a shift in the price of XRP.
Conclusion
Vincent Van Code made it clear that the flat price of XRP has little to do with the Ripple vs. SEC case. The real issue is that the demand infrastructure is still coming online, with rollouts nearing completion.
He believes the next two to three months could be critical for XRP, as utility-driven demand begins to take shape across institutional networks.
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