XRP Is A Better Buy Now Than H1 2023: What’s Keeping Prices Low?

Dalmas Ngetich

1 year ago

2 mins read

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Edward Farina, the founder and CEO of various crypto-focused initiatives, is confident that XRP is a better “investment” in early October than it was before July when the United States Securities and Exchange Commission (SEC) claimed that the coin was an unregistered security.

In a post on October 9, Farina asserted that the coin was declared not a “security,” but was bothered by the fact that prices are at “the same level” as before the July 13 ruling.

XRP Bears Reversed July 2023 Gains

XRP, the native coin of the XRP Ledger, a decentralized blockchain that recently supported smart contracts, remains one of the most liquid crypto assets. Looking at price data from CoinMarketCap (CMC), the coin is lodged at fifth in the market cap leaderboard, trailing Bitcoin (BTC), Ethereum (ETH), BNB, and USDT–the stablecoin.

At this level, the coin is one of the most liquid and has managed to shake off bear pressure since the SEC lodged a lawsuit against some of Ripple’s top brass, including Brad Garlinghouse. In the lawsuit filed in late 2020, the agency said Ripple conducted an illegal crowdfund, raising over $1 billion by selling unregistered securities. With the allegations, XRP prices fell by 78%, crashing from around $0.77 to $0.17 in days.

XRP price on October 9| Source: XRPUSDT on Binance, TradingView

XRP found reprieve in 2021 when it shook off losses, rallying to as high as $1.95 despite the ongoing lawsuit where Ripple lawyers defended the company against claims put forward by the regulator. Prices fell in 2022, reversing gains before stabilizing in the better half 2023.

In July, XRP prices rose sharply, briefly reaching $0.92 before cooling off, peeling back all gains in mid-August. Prices have stabilized, but bears wiped gains from the rally induced on July 13 when a United States court ruled that XRP is not a security when sold to the general public on an exchange. Still, it is when sold to institutional investors.

In early October 2023, Judge Analisa Torres barred the SEC from appealing the decision made in July, stating that there was no “substantial ground for difference of opinion.” The trial is not set for April 2024.

Prices Make Zero Sense?

Following the Judge’s decision barring the agency from appealing, XRP prices have been relatively firm but at pre-July 2023 levels. Farina believes that XRP ought to be higher at spot rates, a reason why the market “makes absolute zero sense and price manipulation is real.”

Whether XRP prices are manipulated or not is not clear at spot rates. However, the broader crypto market, including Bitcoin and Ethereum, is suppressed, having cooled off from July 2023 highs.

Feature image from Canva, chart from TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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