The native token of Ripple, XRP has become a major subject due to the constant battle between Ripple Labs and the US SEC.
The price of the asset has continued to oscillate due to the constant ups and downs in the Ripple-SEC case. It has been almost two years since the dispute has been going on between both entities.
Unfortunately, the case has lingered on for a long time without any hope of getting resolved. Even now, there is no telling how long the case is going to take to get resolved between the two.
However, one thing is for sure as long as the case remains unresolved, XRP’s price will continue taking the hit.
Recent Reports on the Matter
Since the beginning of December, there had been speculations that the case between the two will finally be resolved.
The legal teams representing Ripple’s side had submitted a motion for summary judgment.
They believed that they had provided enough evidence in their defense so the court should go ahead with the final decision.
Throughout the matter, Ripple was backed by several cryptocurrency firms as well as the crypto community against the US SEC.
Although the US SEC had its moments when it shined most of the time, it was Ripple that had the ball in its court.
Therefore, it was highly anticipated that the court will accept the motion and announce the final verdict.
However, as always, the US Securities and Exchange Commission tried to stall the matter. It also filed a motion to be granted more time to come up with answers posed by Ripple’s legal teams.
Turns out, the case has been stalled for more time because the next hearing on the case will be held on December 22. If the court does not make a decision by then, then the matter will linger until the end of January 2023.
With the Christmas Holidays approaching followed by the New Year, the case will end up getting lingered one. Once again, it will be a bad start for XRP as it enters the third consecutive year on a bearish note.
XRP Price is taking the Hit
Once more, the case has lingered on and this is causing a major problem for XRP. Due to the latest updates on the Ripple-SEC case, the trading price of XRP has taken a hit.
The report shows that XRP has been hit with a substantial downtrend. The asset’s trading price has dipped by 7% in the past 24 hours.
With not-so-promising news coming for XRP from Ripple’s side plus the current market downtrend, have added more negatives to the asset’s downtrend.
The price of XRP is now moving in the lower bearish territory and there is nothing positive to pump its prices.
Yesterday, the trading price of XRP fell to a low of $0.35, and later, it experienced another dip, going down to a low of $0.3478. This is the lowest price XRP had hit since November 21.
The analysts had predicted that the price of XRP could fall below the $0.35 mark when it reached a low of $0.3819. So far, the predictions have turned out to be exactly as made by the analysts.
It is important to mention here that the trading price of XRP has continued dipping for three consecutive days. The bulls will need to do something about this because if the problem is not resolved, it could get worse.
Dire Situation for XRP
The only positive factor for XRP now is the court announcing the final verdict in favor of Ripple on December 22. If that does not happen then XRP’s price will experience another major dip.
The asset may lose its $0.3400 level because of the persistent selling spree. If the bulls do nothing about the situation, then the trading price of XRP may fall below the $0.2877 mark.
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