In an ever-changing world of cryptocurrency, it is heartening to know that even now Ripple (XRP) is still a hot topic amongst traders and investors. The query that still looms thick is whether XRP will be able to reach the magical figure of $10 as there are newer frameworks like Rexas Finance (RXS) that are slowly gaining traction in the market. In terms of the broader picture, it is instrumental in discussing the legal status of Ripple, its legal woes, and how Rexas Finance responds and builds its foundations in today’s market.
Ripple vs SEC: Legal Issues of XRP and Their Consequences on the Market
Arguably the most important of these moments is the ongoing legal clash with the U.S. Securities and Exchange Commission (SEC) as well as Ripple networks, which earn the trust of XRP. Following the outcome of the case, Judge Torres ruled in favor of the plaintiffs or the users, meaning that XRP is not a security. This wasn’t to last, however, as the SEC went back on its decision, which created a toxic environment filled with fear throughout the community. At the time of writing, the two parties began negotiating, and it was agreed that the lawsuit would be settled in December. Soon it will be the year anniversary of 5 years of waiting and anticipation for the final year.In the face of such uncertainty, XRP has nevertheless sought to regain the $0.54 level and has had its sights set on $0.65. However, factors of selling always seem to weigh heavily on them. Looking at previous trends, it can be said that sellers consistently buck any upward price change, as was the case from late May to early July. This, combined with a lack of strong demand, points out that XRP will probably continue struggling to reach previous highs until there is enough support in the market.
Market Sentiment: An Alarming Change Touches XRP
Adding insult to injury, XRP has been experiencing a very negative trend in market sentiment. The weighted sentiment metric, which measures the mood in cryptocurrency discussion forums, has plunged as pessimism has increased greatly from 0.07 to as low as 0.02. In the past, strong negative sentiment may indeed be taken as a signal to go against the current trend; however, the current deleveraged sentiment indicates that a large part of the community is not optimistic about the tokens and can therefore not reach $10.
Ripple is faced with difficulties, and while it tries to overcome these issues, Rexas Finance is out there looking to take over. Built on what looks like a full-fledged real-world asset tokenization platform, Rexas Finance enables its users to tokenize nearly all existing assets, like real estate properties, artwork, or intellectual property, anywhere in the world. This unique idea not only improves the liquidity of assets but also widens the scope of investment avenues; thus, this becomes an attractive option to investors who are looking for the growth of the rest of the other investors who are looking for the growth of Ripple.
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