Ripple, which is best known for its cryptocurrency XRP, has been embroiled in a high-stakes legal battle with the Securities and Exchange Commission since last year. XRP’s price has withstood a major impact following the SEC vs Ripple proceeding. But after the recent May 19 crypto market crash, XRP Price can be seen hovering alongside $1 keeping the price action passive without much volume.
The currency underperformed its larger contemporaries, such as Ethereum and Bitcoin. This is mainly due to the ongoing SEC litigation, which means XRP does not have a large number of institutional investors.
However, the digital currency appears to be on the mend, as it’s fully dilated market value has climbed to $98.5 billion dollars. It supports XRP’s long-term bullish narrative at this market capitalization. Moreover, The XRP network has seen 8174 transactions in the last week.
Another victory for XRP Enthusiasts?
The long-running conflict between XRP and SEC witnessed a pivotal move for Ripple labs that was more like a win-win situation. The Securities and Exchange Commission of the United States had previously requested access to Ripple’s concerns about the legal status of XRP. The SEC’s requested communications are protected by attorney-client privilege, according to Ripple Labs. Eventually, the judge denied SEC access, marking yet another victory for XRP holders.
Judge Sarah Netburn denied the SEC’s motion according to a public document, and stated,
“Ripple asserts that the SEC’s requested communications are protected by the attorney-client privilege, which has not been waived”.
Despite holding up well on recent dips, XRP appears to be struggling to maintain its upward trend. After a worst-case scenario of $0.65, it finally made it to the $1 level. The challenge now is to keep XRP over $1 and maintain support there.
Although the bulls may have lost the struggle to maintain it over $1, a minor drop may be required to effectively reset Ripple for a meaningful charge beyond the tactically important price milestones. At the time of writing, XRP was trading at $0.988451.