Previously linked with Ripple as a director, Sean McBride investigated the recent drop in XRP’s value in an exclusive interview with X in reference to some good updates on Ripple and the XRP Ledger (XRPL). McBride’s findings align with overall industry analyst and investor skepticism over XRP’s underperformance in an otherwise hopeful crypto environment.
XRP has especially missed the opportunity to capitalize on the favorable conditions, even if the larger bitcoin market exhibits recent increasing trends. Underlining the significant influence of forthcoming court rulings on XRP’s market value, McBride attributed this underperformance on the ongoing legal dispute between Ripple and the US Securities and Exchange Commission (SEC).
Judge Torres’s ruling confirming XRP’s non-security status set off a brief spike in prices rising by 100% to $0.93, therefore highlighting the market’s susceptibility to legal developments. XRP’s value has dropped by half almost a year later, however, suggesting ongoing worries about the SEC’s regulatory efforts and the likelihood of an appeal, which McBride notes as a possible outcome should the decision not go for Ripple.
Ripple, Torres’ Decision Defines XRP’s Future
McBride cautioned, “XRP’s pricing won’t show any notable change until Judge Torres decides. Anyone hoping differently is acting unrealistically.” “Once Torres renders her decision,” he said, “we will have better understanding of the fundamental causes. This opens the path for US institutions working with Ripple to act. We shall have to wait to see whether that comes true.
Ripple has been actively involved in good changes despite the legal ambiguities. Especially on June 11, 2024, Ripple just revealed the XRPL Japan and Korea Fund, earmarked 1 billion XRP to support the expansion of the XRPL ecosystem in East Asia.
Furthermore notable are Ripple’s calculated purchases. Following earlier acquisitions including blockchain company Metaco for $250 million in May 2023, the company effectively closed the acquisition of Standard Custody & Trust Company. Moreover, XRP revealed intentions to add a stablecoin in order to enhance the XRP Ledger system.
Commenting on XRP calculated moves, McBride said, “XRP isn’t perfect. They own their shortcomings and adjust. Several times they have changed their approach.”
Also careful in obtaining over 40 Money Transmitter Licenses (MTLs) necessary for its US payment operations is XRP. McBride expressed hope for clear bitcoin regulation in the US given recent Congress events and possible future actions under a Trump government.
Responding to inquiries regarding the likelihood of an SEC appeal after XRP good verdict, McBride stated, “it shouldn’t impede progress in the US unless the ruling goes against XRP.”
Pressing about his emotions about XRP and Ripple, McBride confirmed his hope while also pointing out the realities of the present situation. “I still have much hope for XRP and Ripple.” Being a supporter, he said does not mean ignoring challenges though.
XRP was trading at $0.4818 by most recent update.
