After months of being drowned under the effects of red candles, the crypto market recently rebounded from a bear run to a much-awaited bullish recovery. Leading cryptocurrencies including Bitcoin and Ethereum have had their prices slashed below half of what they were trading in May 2021, regaining a huge fraction to $50,248 and $3,336 respectively at the time of writing. Among the top currencies, Cardano took the ongoing rally all the way to new heights, breaking another all-time high, nearing $3 while maintaining its position as the third-largest cryptocurrency by market cap.
Speaking of ranking third, XRP that once had itself consistently glued to this particular rank, for what seems like once upon a time ago is also gaining momentum amidst the current surge, going over $1 for the first time since May. However, any outcome around the ongoing SEC vs Ripple lawsuit seems to lay in the distant sight, clouding uncertainty around the cryptocurrency’s future through the second bull run since the lawsuit was filed last year.
“Still” is a term that in this particular case is heavily underrated. The lawsuit filed in December 2020, right in the middle of what can only be called one of the biggest rallies in the history of the crypto market, plagued Ripple under the scrutiny of the Securities and Exchange Commission (SEC). This moment spread fear among the investors as the price of the network’s native currency, XRP, came tumbling down. As the consequences followed XRP all the way to being delisted from Coinbase and other exchanges, Ripple has been pushing for quicker resolutions while the SEC kept delaying the case.
Previously scheduled for June 14, fact discovery requires the SEC and Ripple to submit their initial arguments and collect evidence, which was extended at the request of the SEC to the now expected date of August 31. The now much-awaited fact discovery will play a crucial role and act as a catalyst for XRP, either for better or for the worst, that is yet to be seen.
As the lawsuit took a massive hit on the investors’ trust in Ripple, the currency still managed to gain significant momentum during both the bull run of this year despite the ongoing fight against the SEC. The currency may not yet have neared its all-time high of $3.29 in January 2018, but XRP did manage to recently achieve a 10.14% one-day percentage gain. Currently trading at $1.24, XRP has seen a massive surge in its trading volume.
Despite the very visible parabolic surge in the currency’s trading price, the future of the currency as well Ripple lies in the hands of the court’s final predicament in the SEC vs Ripple lawsuit. Even with the rallying price along in the bullish crypto market, the delaying outcome of the lawsuit has put a massive existential threat on the business and future of Ripple. So while the trading price and volume of the currency may see a few beneficial fluxes, in the long run, XRP’s fate and that of its investors lies with its potential, and hopefully, the final outcome of the stretched lawsuit.