Yesterday, Ripple Labs scored a small victory, winning one of its many ongoing legal suits. Fast forward twenty-four hours, and the Ripple price has corrected. But why? Is XRP’s activity Wednesday linked to the Ripple lawsuit? Or is there another catalyst that’s helping the price?
Suit Denied, Ripple Price Correcting: August 15, 2018
Ripple Labs has been slapped over and over again with lawsuits this year. In fact, the last one came on August 9. For these reasons, the Tuesday win is likely a breath of fresh air for Ripple Labs and the XRP community.
On Tuesday, August 14, the Northern District of California denied Ryan Coffey’s effort to move a Ripple lawsuit to a lower court. At the start of 2018, Coffey stated XRP’s a security, but Judge Phyllis Hamilton stated that the rules the investor cited do not apply.
While this may have been a blow to some, it was the opposite for others. Looking at the market, it appears the latter mentality is the more dominant one, but there’s an alternative explanation for that.
Ripple Price Today
After days of selling off, XRP is sporting a green look today, indicating bullish movement.
At press time, XRP is selling for $0.287931, which puts the coin up 9.50% in the past twenty-four hours.
Is It Connected?
Even though it may look like it, it’s more likely that XRP’s market sentiment has nothing to do with Ripple Labs’ win yesterday. And why? Well, as Cory Johnson has said (on multiple occasions), Ripple Labs and XRP are not the same.
As a result, it appears the XRP price movement has more to do with the market’s overall improvement Wednesday. XRP is not the only coin doing well today, all of the top-ten coins are. Bitcoin is up 4.69%, while Ethereum is up 9.40%.
What do you think about all of this recent Ripple news? Are you glad the judge denied the latest request in the Ripple suit? Do you think the Ripple price activity can continue like this, or will it go back to selling off?
Featured Image: Depositphotos/© mdkhalil1