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- XRP price stays stagnant despite Ripple’s legal settlement win.
- Ripple’s ongoing efforts fail to drive price momentum for XRP.
- Large XRP transfers show whales remain active despite flat prices.
Ripple’s long-standing legal battle with the U.S. Securities and Exchange Commission (SEC) ended in August with a $125 million settlement. Many expected this legal resolution to act as a catalyst for a surge in XRP’s price. Surprisingly, XRP has not gone up; it is languishing in the same range, between $2.80 and $3.00.
It was among the most publicized lawsuits in the crypto world, and its resolution was perceived by many as a crucial breakthrough. The price of XRP was expected to rise sharply after the settlement, and the traders and analysts were optimistic. Nonetheless, after the dissolution of this legal cloud, XRP has not succeeded in breaking the range-bound movement. According to Pro-XRP attorney Bill Morgan, the lawsuit is no longer the cause of the absence of a price move to the asset. He emphasized that the real-world utility and demand of XRP are now left to grow this asset.
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Focus Now on XRP’s Utility and Market Demand
Having overcome the legal challenge, Ripple now aims to demonstrate the worth of XRP in the market. The firm is still developing its collaborations and hopes that more exchange-traded funds (ETFs) on XRP will be approved. The market has, however, been responsive slowly. In spite of Ripple’s continuous efforts, the price of XRP has been neutral and is not likely to break out soon.
Traders are becoming skeptical, and many are raising questions about whether Ripple’s strategy can result in any significant price action. The future of XRP will depend on its capability of attracting institutional investors and proving itself useful in the real world, especially in cross-border payments.
Large XRP Transfers Generate Market Buzz
Although XRP has not been performing well in terms of price, it has recorded some big movements that Whale Alert has monitored. Two large XRP transfers were identified recently. The initial amount was 135 million XRP, which was worth approximately $397 million dollars, and the second amount was 141 million XRP, which was worth approximately $415 million dollars. Such transfers indicate that XRP is not the only large market participant despite the price failing to climb effectively.
Also Read: XRP Set for Explosive Move: Key Levels to Watch for Huge Price Shift
