Ripple Forges New Alliance in Bid to Revive XRP Amid 42% Plummet
Ripple is on a mission to broaden its global network of partnerships despite facing ongoing legal battles with the US Securities and Exchange Commission (SEC).
Over the past month, the price of XRP, Ripple’s native token, has remained stagnant between $0.53 and $0.46 since mid-April 2024, showing no signs of life. Investors are eagerly awaiting a breakthrough that could potentially shake XRP out of its slumber.
However, it seems that the XRP price will continue to hover until there is a significant development in the Ripple SEC lawsuit.
Ripple Joins Forces With Georgia Amid Legal Woes
Ripple’s vice president of central bank engagements, James Wallis, recently met with representatives from EPAM Systems and officials from the National Bank of Georgia to discuss advancements in financial technology and digitalization.
The collaboration builds upon Ripple’s role as the technological partner for the NBG’s pilot Central Bank Digital Currency (CBDC) project, the digital lari. The partnership aims to explore opportunities for collaboration in the realm of financial technology.
EPAM Systems, Ripple’s partner, specializes in software engineering services, digital platform engineering, and digital product design, enhancing Ripple’s influence in global digital currency initiatives.
While the partnership with Georgia is promising, it is crucial to remain cautious due to Ripple’s ongoing legal challenges in the US.
Ripple’s Legal Woes Cast a Shadow
The Ripple SEC lawsuit, which has been ongoing for over 3.5 years, stems from accusations that Ripple raised over $1.3 billion through unregistered securities sales. Despite a court ruling in July 2023 that XRP is not a security when publicly sold on exchanges, uncertainties linger.
Although the SEC dropped charges against Ripple’s executives in October 2023, the regulator continues to seek remedies for the alleged securities sales, posing a threat to Ripple’s ambitions, including the potential approval of an XRP Exchange-Traded Fund (ETF).
XRP Price Fluctuates Within Bearish Territory
Meanwhile, the XRP price remains trapped within a bearish technical setup known as the ‘descending triangle.’
Market analysts view the descending triangle as a bearish continuation signal, suggesting that selling pressure is intensifying, overpowering buyers and leading to weaker rallies. If the bearish pattern is confirmed, the XRP price could plummet by 42% to around $0.29.
While the partnership with the NBG may attract some buyers, the majority of XRP traders are anxiously awaiting a resolution to the ongoing lawsuit before making any significant moves.
