Former Ripple Executive "XRP Slumps, Blames SEC and Lawsuit Battle"...Active Address is ↑

▲ Ripple (XRP)

After the release of the US Consumer Price Index (CPI), the cryptocurrency market as a whole recorded a recovery, led by Bitcoin (BTC). Ripple (XRP) has also begun to recover in price after a period of decline, dipping below the $0.5 mark.

According to NewsBTC, former Ripple head Sean McBride noted the recent price action and argued that the lack of positive developments in the company's legal battle with the U.S. Securities and Exchange Commission (SEC) has contributed to the downtrend. He noted that the current litigation situation has prevented Ripple from capitalizing on any positive news regarding Ripple and the XRP Ledger (XRPL).

McBride explained that the lack of meaningful rulings since last July's ruling that Ripple's token sales to retail investors were not securities sales has disappointed many investors who had hoped for change after that ruling. Some hoped that the ruling would change the landscape of U.S. institutional investments in Ripple after some of Ripple's victories last year.

But there hasn't been much news since then. The launch of XRPL funds in South Korea and Japan on Nov. 11 didn't help.

But crypto news outlet BeInCrypto noted a data analysis by Santiment that found that while Ripple's price fell at a double-digit rate between June 1 and 8, the number of active addresses increased from 66,000 to 107,000.

The media noted that Santiment's data analysis is a positive indicator because if activity continues, it will help stabilize the price of Ripple, reducing the risk of a sharp drop in the asset's price.