Despite the continuing legal difficulties surrounding Ripple, XRP has maintained its place as one of the top ten digital assets by market capitalization on the cryptocurrency market.
Investors continue to speculate on XRP’s future price movement as it strives to leave the larger crypto bear market amidst the lawsuit.
In fact, the CoinMarketCap crypto community forecasts that XRP will trade at an average price of $0.49 by the end of September 2022, an increase of more than 50 percent over its present price at the time of publishing. The forecast is based on the votes of 1,166 users of the price estimate function.
At press time, XRP was trading at $0.33, a nearly 3% increase over the previous day’s closing price. The currency reached a fresh two-week high of $0.37 on August 26 after its network executed three $51 million large-scale trades involving crypto exchanges Bitso and FTX.
Even if the optimistic outlook is maintained, XRP will likely encounter a number of obstacles along the road. Notably, the legal dispute between the SEC and Ripple continues to weigh on the asset as both sides await the completion of the case.
If the litigation is resolved in Ripple’s favour, the XRP token’s value will certainly surge. Notably, if the lawsuit is decided against Ripple, the cryptocurrency would be designated security in the United States and its price will likely go in the other way.
What’s next for XRP after the SEC lawsuit?
Ripple anticipates the case to continue until around November 2022. In the midst of the contentious case, both sides have swapped allegations, with Ripple Labs General Counsel Stu Alderoto accusing the SEC of failing to assist investors.
Alderoty said, “What we need is regulatory certainty for crypto, not the SEC swinging its billy club to preserve its territory at the cost of the more than 40 million Americans participating in the crypto economy.”
Regardless of the result of the litigation, XRP may benefit from Ripple’s continuous worldwide expansions to enhance cross-border payments. For example, Ripple has teamed with Travelex Bank to offer its on-demand liquidity (ODL) service for cryptocurrencies in Brazil.
The ODL of the digital payment service will employ XRP to expedite the international conversion and transfer of fiat currency.
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