BARCELONA, Spain – Ripple was impacted by the lawsuit filed by the Securities and Exchange Commission last December 2020. This case has been a key player in the price of XRP, and if you have been watching the charts, you can see that it has been going through lows and highs daily.
The XRP peaked in February, trading at around $0.91. However, Ripple touched its support levels between March and April due to bears pulling down the trend. What added to this fact and the number of exchanges that have delisted Ripple as one of their assets.
Despite the peaks and dips in prices, Ripple remains steady as it operates in the middle of the lawsuit. Brad Garlinghouse, the CEO of Ripple Labs, stated that they are operating as if Ripple has lost the battle, so they are not fazed or threatened by any actions taken by the SEC. He further added that it is only in the United States that it is considered a security, not in other countries. Although they have the lawsuit in their belts, Garlinghouse said that investors offshore have increased in numbers despite many exchanges in the US delisting them, so Ripple does not have any reason to crumble.
The lawsuit will likely end by March of next year, should everything push through smoothly. Regardless of the resolution by next year, Ripple will continue to thrive as it makes its way to recovery, pulling more investors in. One key component of why Garlinghouse looks at it that way is the demand for XRP’s commercial utility, which could go higher with Ripple’s rebrand initiative lately.
Even though the value changes overnight, Ripple is still making its way to recovery steadily. It also remains one of the top and strong players in the crypto market.