Ripple Thrives Despite Legal Battle – What’s The Market Reaction Of XRP?

Ripple is confidently addressing its ongoing legal challenges while actively exploring new opportunities to expand the capabilities of the Ripple platform. Although the exact role of XRP is still under scrutiny, notable signs suggest a growing interest in its potential.

Ripple’s Resilience In The Legal Battle

In a recent twist to the SEC v. Ripple case, XRP holders’ attorney and legal representative, John Deaton, took to Twitter to share a rollercoaster of emotions. Initially filled with anticipation, according to Deaton, he received an email filing related to the case with SEC.

However, his hopes were swiftly crushed when he discovered that the email merely announced a lawyer’s withdrawal from the proceedings.

Related Reading: Ripple CEO Blasts SEC Chair For Anti-Innovation Stance, XRP Bulls Remain Optimistic

Deaton promptly clarified that this departure holds no significant impact on the ongoing legal battle between Ripple and the SEC.

Additionally, it is crucial to note that the lawyer’s exit should not be misconstrued as a settlement or any substantial change in the case. And Deaton concluded that the withdrawal does not alter the course of the litigation.

Surge in Active Addresses

Data from Santiment highlights a surge in active addresses for Ripple’s XRP in the past weeks. Analysis of the chart reveals that this upward trend commenced in late May and has continued to gain momentum throughout June, ultimately reaching an all-time high.

Related Reading: ‘Ripple (XRP) Is A Must-Hold For The Next Bull Run,’ Says Bitcoin Maxi

The average number of active addresses was close to one million. However, a discernible upward trajectory emerged, pushing the average to approximately 1.1 million. At present, the number of active addresses has surpassed 1.1 million, indicating a sustained growth pattern.

XRP Price Stagnation And Potential Reversal

Before now, Ripple’s XRP experienced a distinctive price pattern that deviated from the broader market, displaying an upward trajectory. However, in recent days, its price movement has become stagnant, lacking a clear indication of either an upward or downward trend.

XRPUSD daily chart at $0.4801 | Source: TradingView

At the time of writing, XRP was trading at approximately $0.48, reflecting a decrease of more than 4%. It is worth noting that the overall trend appears bearish, as evidenced by the positioning of its Relative Strength Index (RSI) line.

Nevertheless, the bearish trend observed in XRP’s price movement has displayed a relatively subdued strength, leaving room for the possibility of a sudden upswing that could propel it back into a bullish trajectory.

Additionally, it is worth noting that XRP’s current trading price remains above its short Moving Average (represented by the yellow line), which also acts as an immediate support level for the cryptocurrency.

Featured image from iStock, charts from TradingView.com