The uncertainty surrounding the lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple Labs continues to weigh heavily on XRP’s price. According to pro-crypto lawyer Bill Morgan, the prolonged legal battle and the lack of a definitive resolution contribute to negative market sentiment.
Since the SEC filed its lawsuit against Ripple in December 2020, XRP’s price has been significantly affected. While the cryptocurrency has experienced occasional breakouts, it has failed to reach the heights many in the community expect.
Bill Morgan emphasized that the uncertainty regarding the potential appeal process could exert increasing downward pressure on the price of XRP.
Also Read: Nominated SEC Chair Paul Atkins Comment on Ripple Lawsuit Surfaces – Here is What He Said
XRP’s Performance and Market Expectations
The majority of support for XRP is unable to hold its price at the desired market levels. The ongoing lawsuit has purportedly limited the development of XRP while simultaneously obstructing its ability to strengthen its position in the crypto market.
Supporters of XRP claim the legal dispute could have positioned the coin as the second biggest cryptocurrency in terms of market value, but the legal battle prevented this.
The resolution process of the case has gained increasing attention because investors monitor its progression closely. The price of XRP IS expected to experience a major increase if they prevail in court, although analysts warn that any lawsuit-related price boost might not be sustained over time.
At the time of writing XRP is exchanging hands $2.26 which is a drop of 3.73% within 24 hours as per CoinMarketCap.
End of the Lawsuit Appears Imminent
Since January, the U.S. SEC interim Chairman Mark Uyeda has made substantial policy shifts in enforcement procedures. During his tenure as SEC chair, Mark Uyeda prompted the agency to terminate all litigation against major crypto organizations, including Uniswap, alongside Robinhood Crypto and Kraken.
Expert analysts predict the Ripple legal battle will adopt the same outcome as other crypto cases. Evidence from numerous dismissed crypto-related court cases shows the SEC might choose settlement over continuing the Ripple lawsuit.
Experts speculate about an upcoming verdict in the Ripple lawsuit because of indications that legal proceedings may be approaching an end.
A final resolution could have significant implications for the XRP market. While some investors remain optimistic, others remain cautious, emphasizing that regulatory uncertainties continue to shape the future of the cryptocurrency landscape.
Also Read: Crypto Expert Predicts Explosive XRP Price to $40 This Year Based on This Update
