Ripple-SEC case could close in July while XRP investors will…
- Like Ripple’s CEO, a legal analyst predicted that a decision was imminent.
- XRP’s hype has diminished.
The ongoing legal battle between Ripple [XRP] and the U.S. Securities and Exchange Commission (SEC) might reach a resolution in July, according to Jeremy Hogan. The case, closely watched by the crypto community, has proven to be an extremely difficult one to conclude.
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Should the community be warming up?
The legal practitioner was responding to a video where CEO Brad Garlinghouse mentioned that a conclusion would be out within a few weeks.
Hogan, in his tweet, referred to certain dates when major decisions were made about the case. He afformed that his opinion was based on a particular pattern that had risen since 2020.
The Judge in the Ripple case has been making major rulings about every 9 weeks (Sept. 29, Dec.19, March 6, May 16). And the only major ruling left is on Summary Judgment.
That comes out to mid-July.
NOT a prediction. JUST a pattern. https://t.co/jUM5GNG7Th
— Jeremy Hogan (@attorneyjeremy1) May 25, 2023
In Garlinghouse’s speech, he mentioned that the SEC was trying to subvert the testimony by Bill Hinman. However, he stated that he was confident that the judgment would be in the blockchain firm’s favor.
Despite the optimism shown by the firm’s CEO, active addresses have significantly decreased. Based on on-chain data, the 30-day active addresses were 206,000 — from over one million on 21 April.
This metric indicates the level of crowd interaction with the token. Therefore, the decrease implies that transactions by distinct addresses have been minimal from the time when the expectation was incredibly high.
As for the funding rate, Santiment revealed that there have been fluctuations. But at press time, the funding rate was 0.01%. This suggests that longs were paying short to keep their contracts functioning, implying bullish sentiment toward the token.
No stellar impact yet
However, the adoption of XRP has not followed the euphoria felt by the community and Ripple’s executive team.
At the time of writing, the network growth was down to 428. The network growth is described as the number of new addresses that have been involved in transacting the token for the first time. Thus, the decrease means that Ripple was still struggling with getting traction amid the press time market conditions.
In terms of social dominance, XRP fell to 1.228%. The metric looks at the percentage of discussions compared to other assets in the top 100 per market capitalization. Therefore, the decline means that the hype around the token had subsided.
How much are 1,10,100 XRPs worth today?
If a settlement is reached, it could have implications for XRP and its status as a cryptocurrency. A favorable resolution for Ripple could provide more regulatory clarity for XRP and potentially boost investor confidence in the token.
However, the specific impact on XRP will depend on the terms of the settlement and any guidelines that it may follow.