The ongoing battle, which has really been the story of the entire cryptocurrency community for a while now, has been the one fought between the SEC and Ripple. It has been this legal battle that has constantly been fuelling added volatility to the XRP market, which has already been quite erratic. As of the time of this writing, XRP is trading at a price of $1.00, which is a 21.2% increase since yesterday.
Regarding the lawsuit itself, there have hence been multiple varying reports and predictions concerning both the positive as well as the negative effects it could have on the industry. It should be mentioned, though, that the ones most likely at risk are indeed the XRP holders.
XRP community continues to support Ripple
The XRP community has always been supportive of Ripple, to the point that it has now constantly tried and repeatedly failed to intervene in the case. Still, whether it is with the U.S regulators or the bull market of 2017-2018, the XRP holders have always been there when it mattered.
However, it should also be stated that the lawsuit’s recent developments have been a cause for alarm as far as the community is concerned. Not only had the SEC accused Ripple of lacking any kind of use case for the XRP token, but the CEO of Ripple, Brad Garlinghouse, had also been accused of profiting off of unregistered XRP sales. To make matters worse, it had additionally been implied that Garlinghouse himself had admitted to the lack of the use case back in 2018 when the launch of the ODL (On-Demand Liquidity) was taking place.
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XRP’s future remains uncertain
While the XRP holders’ concerns need to be tended to, there are also mounting concerns regarding the sales of the XRP token itself. Of course, not everyone would assume that Ripple is fraudulent or ‘evil.’ However, it is difficult to deny the recent hardships being experienced by the altcoin despite recent increases in price as of this moment. Some have admittedly lost confidence in Ripple and thus in the XRP token itself. It would seem. XRP is currently ranked as the 7th biggest cryptocurrency by market cap.
As it had been experienced by the other altcoins in the market, XRP has also been going through some major corrections as of late. These corrections have left the XRP token struggling to find stable ground, and the community’s growing discontent will also have to be addressed sooner or later.