The broader crypto market is not showing any clear direction amid constant fluctuations. As a result, all the cryptocurrencies, including the XRP, are now in limbo. However, the XRP is facing a lot of internal issues as well. One of which is the SEC case.
According to experts, the case between Ripple and the SEC (Securities & Exchange Commission) has reached its final conclusion or endgame. On the September 19 trial, both parties (Ripple and SEC) will bring everything they have got!
By 2022 end, an important negotiation will also be held between the regulators and the Ripple lawyers. The exact date of that is something yet to be discussed.
Challenges Ahead Of XRP
Depending on how the trial goes, the XRP coin could experience negative or positive price movements. If we look at the charts, XRP is in a long-term bearish trend and has been declining for several months. Recently, it ended up touching the 20-month lows (1 year and 8 months).
And if we look at the short-term trend of XRP, it is just bouncing around with no clear direction. It seems that the negative sentiment in the crypto market and the SEC case is pulling weight on the XRP.
Even if the XRP manages to get out of the court issues, it will still have to reverse its months-long downtrend that started in May 2021 and still continues to date.
Before XRP can reach the value of $1, it will need a lot of good luck. For starters, the broader crypto market needs to enter into a long-term bullish trend. The 2nd issue is related to the ongoing SEC trial, which is weighing heavily on the coin. On top of that, who's to say that no legal trouble will be faced by the XRP in the near future as well?
The governments and the banking industry wouldn't like their monopoly to be broken and cryptocurrencies like XRP present a significant threat.