CoinDesk Journalist Nikhilesh De is raising doubts about the recent decision of the U.S. Securities and Exchange Commission (SEC) to appeal the Ripple case.
“Quite a few crypto lawyers are even saying the decision itself doesn’t really make a lot of sense,” said De, stirring up the already simmering legal broth surrounding Ripple’s status.
Mr. Huber, a prominent voice in the crypto community, entered the Twitter discussion, arguing that despite the contested appeal, the court ruling had brought some clarity: XRP was not, in itself, a security.
Ripple’s Big Splash: XRP Sales Spike
In the midst of this legal haze, Ripple has been actively selling XRP. The company offloaded a whopping 2.22 billion XRP since the dawn of 2023. This rate, about 315 million per month, is a significant increase from the usual 200 million monthly sales observed in 2022.
Despite the potential backlash, Mr. Huber reassures that these sales have not been swallowed by your average XRP enthusiasts but by a different demographic. Impressively, XRP managed to outperform in the market regardless of these mass sales.
Riding the XRP Roller Coaster: The 2017 Flashback
On the contrary, imagine stepping into a time machine and dialing back to 2017. It was a roller-coaster year for XRP holders, filled with soaring highs and stomach-churning drops.
Ripple introduced the escrow function that year, leading to a 400% surge in XRP’s value. But the euphoria was short-lived as the very next day, XRP collapsed by 60%. A month of sideways price movement followed before XRP made a meteoric rise of 1000% in a fortnight, only to crash by 70% amidst good news.
By the end of 2017, your XRP would have seen an increase of 1,200%. However, without the strategy of taking profits at opportune moments, the market volatility could have left you at the end of your tether. Only those who invested for short-term profits would have truly benefitted. Unfortunately, most traders do not have a strategy!
The Rise and (Potential) Fall of XRP
Following Judge Torres’ favorable ruling, XRP’s value has seen a steady incline. Despite its legal battles, the crypto coin managed to climb its way up to the fourth spot among the world’s leading cryptocurrencies.
However, analysts warn this could be a short-lived victory, with market indicators suggesting a bearish sentiment!
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