Recently, Ripple CEO Brad Garlinghouse revealed that his company is willing to explore a different path if they lose the SEC lawsuit. In fact, he specifically claimed that the company is willing to explore moving to a different jurisdiction, IF Ripple loses the lawsuit against the SEC. It is no surprise that Ripple is willing […]
An unfavourable outcome for Ripple might throw a wrench into its ODL operations, especially since the U.S is one the biggest finance markets in the globe.
If U.S banks will not be on-board with ODL plans, then that might weaken the potential for the adoption of Ripple’s CBDC infrastructure.An unfavourable outcome in the SEC lawsuit may further dampen investor sentiment. Worth noting, however, that Ripple has already launched many corridors for the ODL service. This represents an existing demand driver for XRP and would likely cushion XRP’s fall to some degree.
XRP has been trading alongside its short-term price support level since last week. A slight downside below this support is a sign that the support is weakening. Unsurprising, as the SEC continues to punch harder in a fight against the crypto-market.XRP’s press time outlook underscored the prevailing uncertainty in the market. In fact, there was very little engagement in the last 7 days, despite the support retest.
This outcome is highlighted by the lack of a substantial increase in daily active addresses. XRP’s 7-day MVRV ratio has also been on a downward trajectory since 25 August, confirming the bearish sentiment around the altcoin.On the contrary, a slight uptick in active addresses was observed in the last 24 hours too.
Nevertheless, XRP’s price action demonstrated no signs of a potential pivot and might be in for some more sell pressure this week.Subscribe to get it daily in your inbox.
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