Bill Morgan, a lawyer and a prolific XRP commentator, argued that the community can no longer blame all of the token’s woes on the U.S. Securities and Exchange Commission (SEC) now that the long-standing lawsuit has run its course.
Particularly, the legal battle can no longer be used for explaining XRP’s flat price action.
The popular token has been severely underperforming despite some positive developments (such as the launch of the first “spot” XRP ETF in the U.S. and Ripple’s extended partnership with Spanish banking behemoth Banco Bilbao Vizcaya Argentaria (BBVA).
At press time, the Ripple-linked token is changing hands at $2.90, down 4% over the past 24 hours.
Shattered narrative?
The XRP community has long argued that the token was a major laggard due to legal uncertainty stemming from the SEC’s lawsuit against Ripple.
The underwhelming price action was not due to the lack of market demand or weak fundamentals, as some XRP advocates argued.
However, now that the SEC lawsuit is a thing of the past, XRP is struggling to record any substantial gains.
After its massive rally in Q4 2024, the token had a brief resurgence earlier this year, but it is now stuck below the $3 level.
A feeling of despair is palpable within the XRP community, with some users commenting on the token's underwhelming price action.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team