Ripple Forges New Alliance, Can it Revive XRP From 42% Plunge?
Ripple’s reach expands globally despite facing legal battles with the US Securities and Exchange Commission (SEC).
XRP, Ripple’s native token, has shown little movement, hovering between $0.53 and $0.46 since mid-April 2024. The latest development may inject some life into XRP’s stagnant price, but significant progress hinges on the outcome of the Ripple SEC lawsuit.
Ripple’s collaboration with Georgia amidst legal hurdles showcases its commitment to advancing financial technology. The meeting between Ripple’s James Wallis, EPAM Systems, and the National Bank of Georgia aimed to enhance digitalization in the financial sector.
EPAM Systems, known for software engineering and digital product design, complements Ripple’s technological prowess in the digital currency space. However, while this partnership underscores Ripple’s influence, legal uncertainties in the US pose a significant challenge.
The unresolved Ripple SEC lawsuit, ongoing for over 3.5 years, accuses Ripple of unregistered securities sales. Despite a court ruling in July 2023 that XRP is not a security when publicly traded, legal complexities persist. The SEC’s pursuit of remedies for alleged securities violations continues, overshadowing Ripple’s plans, including a potential XRP Exchange-Traded Fund (ETF).
On the price front, XRP remains within a bearish ‘descending triangle’ pattern, signaling a potential 42% drop towards $0.29. Market analysts view this pattern as a bearish continuation, reflecting mounting selling pressure and weakening rallies.
While the partnership with NBG could attract buyers, the majority of XRP traders await clarity on the legal front before making significant moves.