The cryptocurrency XRP fell out of the media space after the "pump" of a group of retail traders and the subsequent drop in the price of the token. Against the background of the ever-growing Bitcoin and Ethereum, this is not surprising at all. But take note that the digital asset has shown a good price increase over the past two weeks, adapting to the general market sentiment.
However, the Ripple token will not be able to show a stable and steady growth in value in the near future. This, as before, is due to the conflict between the company and the US Securities and Exchange Commission, because of which the value of XRP began to fall. As of February 17, the position of the coin has improved a little. First of all, this was due to the actions of traders, which forced large investors who played on the decline of the asset to suffer losses and in the future be more cautious about XRP.
The support of the Japanese giant SBI Group strengthened the position of the token. The company has expanded the possibilities of cryptocurrency, allowing its customers to earn on XRP, giving it for temporary use. The above factors and the overall growth of the cryptocurrency market have created a strong springboard for strengthening the value of the asset and its further growth. However, the latest news can significantly harm the future value of the asset.
Representatives of the US SEC and Ripple's lawyers were unable to reach a common decision in the pre-trial order. The notice was sent to the US District Court for the Southern District of New York. This suggests that the parties did not take advantage of the opportunity to resolve their differences in a pre-trial manner before February 15, and the trial will soon begin. It is important to note that this will have a negative impact on the XRP rate, which has recently been actively increasing its value after the market fall. On the other hand, the token may start to sink under the general price correction that has overtaken the crypto market. The position of the Ripple coin is very precarious, and any negative episode both in the trial and in the cryptocurrency market can significantly lower the coin's quotes.
Recall that the SEC has accused Ripple of illegally selling securities worth $ 1.3 billion in the form of the XRP cryptocurrency. When the Commission filed a lawsuit, the token's position plummeted, and many exchanges stopped trading on the cryptocurrency. As of February 17, it does not seem that the digital asset will be able to maintain its position after this news. The main problem here is the silence of the Ripple management, who is very vague about its answers.
The material has been provided by InstaForex Company - www.instaforex.com