XRP price has reacted as the SEC versus Ripple legal battle eventually reached its long awaited conclusion. However, it has turned out to be anticlimactic for XRP holders who anticipated a major price move.
Many had high bullish expectorations for XRP price upon the conclusion of the SEC-Ripple legal battle were not misplaced.
A victory was bound to yield sizable upside as was evident in July last year when Judge Analisa Torres made a ruling that shifted the tide in favor of Ripple.
The ruling which stated that the sale of XRP did not amount to a securities transaction, resulted in a 73% rally on 13 July, 2023. Thus, many anticipated a major move upon the conclusion of the legal battle.
However, things did not turn out as anticipated, considering that XRP price only rallied by 11% after the news broke.
One of the possible reasons for the underwhelming outcome could be the fact that XRP traded at a heavy discount back then compared to now. In addition, the case just concluded when the market has adopted a cautious approach.
What’s next for Ripple and XRP price in the coming months?
Although XRP had a modest reaction on Wednesday, the legal battle’s conclusion could still be a major catalyst or the Ripple-native coin moving forward.
XRP price action just formed a double bottom long term pattern, which has fueled extremely bullish expectations among investors. Some expect XRP to rally as high as $20 in the coming months.
Perhaps the biggest impact will be evident in the level of adoption. Ripple solutions especially those tailored for the traditional finance industry have achieved mild adoption.
The main reason being that many of the target institutional adopters steered clear, citing Ripple’s legal woes and the lack of regulatory clarity. With these issues now in the rear-view mirror, Ripple has a decent chance at pushing its offerings forward.
XRP ETF prospects improve after the end of the legal battle
Institutions have expressed a lot of interest in having exposure to XRP. The U.S Securities and Exchange Commission (SEC) has so far received 18 XRP ETF filings.
The legal win means it is not a matter of if, but rather when those ETFs will be filed. Once that happens, the ETFs will pave the way for a flood of institutional liquidity which could push XRP to new historic highs.
XRP is also expected to join the cohort of cryptocurrencies that will be part of the U.S crypto reserves. Such an outcome will likely attract demand from other governments across the world.
From the looks of it, XRP price may have just been unleashed from the thing that has held it back for the last 4 years. But, will it perform under the weight of all these expectations? Will XRP redeem itself now that it is free of the SEC’s overreach?
