It all started when the ex-SEC Jay Claton screwed Ripple in a case on his last day as chairman. He said, ‘Ripple is security and hence the founder’s Brad Gardlinghouse and Chirs Larsen have sold XRP illegally all these years,’. However, this laid a very severe impact on the XRP price as many exchanges feared for the consequence and just delisted. Tanking the price to the most possible lower levels.
However, Ripple remained the least affected and stood against the SEC firmly. 4 lawyers each arguing for Mr Brad & Mr, Chris and a huge team of 14 lawyers for Ripple fought and bought the case to such a situation where-in the SEC’s flaws are been seen with the naked eye. As they are left with no hard evidence to prove Ripple and their founders guilty.
Amid all this chaos, the only thing which remained the most impacted is neither Ripple nor the SEC but the XRP price. The price is currently trading around $1 and attempting hard to spike and also to sustain above these levels. And the mounting hazy environment around the lawsuit is restraining the asset from undergoing a bull rally.
Also Read: Is Ripple vs SEC nearing a conclusion? XRP Price Seems to be Under Pressure!
Will XRP Price Miss The Altseason?
Currently, major cryptos like Bitcoin, Ethereum, are undergoing a huge bull run, XRP price remains trending within a narrow range.BTC price is heading strongly towards $50K and ETH price towards $3800. On the other hand, SOL price dipped below $135 and rebounded above $160 with 24 hours.
Amid the bullish trend, where-in most of the crypto assets appear pretty strong, XRP price has inculcated a narrow trend. Firstly, it is the only token that has not smashed its ATH yet, moreover, it could not get close to it. Secondly, the 2021 bull run escorted many assets to unimaginable highs, yet limited XRP below $2. And since the market crashed in May, the highest level XRP could reach is $1.4, only for some time.
No doubt, the market sentiments and teh technicals also fuel the uptrend and the downtrend of any rally. Yet the fundamentals which portray the confidence in the project in the long term matter. As the SEC is not willing to either settle or drop the case as it would be against their objective. And hence just keep on extending the dates without any outcome. This in turn kept the clouds of uncertainty surrounding Ripple & XRP price.
While the entire crypto space is getting ready for the race, XRP price appears to have cemented in the waiting room. And one of the major reasons could be the creeping Ripple vs SEC lawsuit. Now when neither Ripple nor SEC is in favour of any settlement, the upcoming upgrades are expected to move at a snail’s pace. And hence XRP price is feared to remain distinct in the upcoming bull season or the Altseason.
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Source: https://coinpedia.org/ripple/ripple-vs-sec-the-xrp-rally-could-miss-the-upcoming-bull-run/
