No love for XRP as SEC v Ripple case remains silent

Last week provided no new developments in the ongoing SEC v Ripple case, leaving XRP in a state of uncertainty. The lack of court rulings or settlement news contributed to a bearish trend for the digital asset.

Sentiment surrounding XRP deteriorated after the SEC released documents related to the William Hinman speech. The XRP community had hoped for a potential settlement before the release of these documents, but their impact on the market was limited, leaving investors in a state of limbo until further clarity is provided through summary judgments.

Despite Ripple sharing news related to its University Blockchain Research Initiative (UBRI) program, which has seen significant growth and partnerships globally, investors largely brushed off the updates. Under normal circumstances, such news would have provided support for XRP’s price, but the prevailing bearish sentiment in light of the court’s silence overshadowed any positive developments.

Ripple’s expansion into the tokenized real estate space also failed to uplift XRP, although it highlighted the platform’s continuous growth even amidst the ongoing legal proceedings. Ripple has been actively exploring the potential use cases of Central Bank Digital Currencies (CBDCs) and stablecoins in the real world. Antony Welfare, Ripple’s CBDC advisor, emphasised the global traction of CBDCs and discussed real-world applications for CBDCs and stablecoins. Welfare highlighted the potential for tokenizing real estate as collateral for loans as one of the viable use cases.

In the last seven days, XRP has experienced a decline of 3.67%, trading at $0.4667. Bears continue to exert pressure, aiming for a fourth weekly loss in the past five weeks. The lack of progress in the SEC v Ripple case remains a key factor influencing XRP’s performance and investor sentiment.