According to Edward Farina, the founder and CEO of several crypto-focused initiatives, XRP has become a more promising investment in early October compared to before July, when the United States Securities and Exchange Commission (SEC) declared it an unregistered security. In a post on October 9, Farina stated that the coin was no longer considered a "security," but expressed concern that its prices remain stagnant at the same level as before the July 13 ruling. XRP: Better Buy Now or H1 2023? Why Low Prices?
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XRP Bears Reversed July 2023 Gains
XRP, the native coin of the XRP Ledger, is a decentralized blockchain that recently implemented smart contracts. It is currently one of the most liquid crypto assets, ranked fifth in terms of market capitalization according to CoinMarketCap (CMC). The top four positions are held by Bitcoin (BTC), Ethereum (ETH), BNB, and USDT, the stablecoin.
Despite facing a lawsuit from the SEC, which accused Ripple's top executives, including Brad Garlinghouse, of conducting an illegal crowdfund and selling unregistered securities, XRP has managed to withstand bearish pressure. The lawsuit caused a significant drop in XRP prices, plummeting from around $0.77 to $0.17, a decrease of 78% in just a few days.
However, XRP experienced a recovery in 2021 and reached a high of $1.95, despite the ongoing legal battle. The prices declined in 2022 but eventually stabilized in the latter half of 2023.
In July, XRP prices surged, briefly reaching $0.92 before retracing back in mid-August. Although the gains from the rally were wiped out, prices have since stabilized. The rally was initially triggered by a United States court ruling that declared XRP as not a security when sold to the general public on an exchange, but it remains classified as a security when sold to institutional investors.
In early October 2023, Judge Analisa Torres prevented the SEC from appealing the July decision, stating that there were no substantial grounds for a difference of opinion. The trial is now scheduled for April 2024.
Prices Make Zero Sense?
After the Judge's ruling that prohibited the agency from appealing, XRP prices have remained stable but at levels similar to those before July 2023. Farina believes that the current spot rates of XRP do not reflect its true value, which is why the market seems illogical and price manipulation may be occurring.
It is uncertain whether the spot rates of XRP are being manipulated or not. However, the overall cryptocurrency market, including Bitcoin and Ethereum, has experienced a slowdown and is currently being suppressed since reaching its peak in July 2023.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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