Burn

Impact

A recent remark from the pro-XRP lawyer regarding the ongoing <a href="https://coingape.com/xrp-sec-lawsuit-update-is-ripple-prepared-for-torres-decision-in-remedies-phase/" target="_blank" rel="noopener noreferrer nofollow">Ripple lawsuit</a> with the U.S. SEC and Ripple burning escrow has gained attention from the investors. In a recent X post, lawyer Bill Morgan downplayed the impact of Ripple’s&nbsp;ongoing lawsuit with the U.S. SEC and the burning of&nbsp;Ripple’s&nbsp;escrow on XRP price. So,&nbsp;let’s&nbsp;take a&nbsp;look at the discussions and see how the XRP lawyer sees these&nbsp;events’&nbsp;impact on the&nbsp;XRP’s&nbsp;performance.
<h2 id="span-data-preserver-spaces-true-bill-span-span-data-preserver-spaces-true-morgan-s-span-span-data-preserver-spaces-true-analysis-of-span-span-data-preserver-spaces-true-ripple-s-span-span-data-preserver-spaces-true-escrow-burn-and-lawsuit-span">Bill&nbsp;Morgan’s&nbsp;Analysis of&nbsp;Ripple’s&nbsp;Escrow Burn and Lawsuit</h2>
Pro-XRP lawyer Bill Morgan recently addressed the perceived influence of&nbsp;Ripple’s&nbsp;actions on&nbsp;XRP’s&nbsp;market performance. Morgan noted that&nbsp;Ripple’s&nbsp;decision not to burn XRP <a href="https://coingape.com/glossary/escrow/" target="_blank" rel="noopener noreferrer nofollow">escrow</a> has shown no significant impact on the&nbsp;cryptocurrency’s&nbsp;price symmetry compared to Stellar, which burned its XLM tokens.&nbsp;
In addition, he emphasized that despite <a href="https://coingape.com/stellar-xlm-testnet-upgraded-to-protocol-21-will-it-impact-price/" target="_blank" rel="noopener noreferrer nofollow">Stellar</a> not facing a lawsuit like Ripple, the price patterns of XRP and XLM have remained similar. Morgan suggested that external factors, unrelated to either&nbsp;blockchain’s&nbsp;internal actions, are likely responsible for these market behaviors.&nbsp;Notably,&nbsp;his comment indicates that&nbsp;Ripple’s&nbsp;escrow decisions and legal issues have not markedly influenced&nbsp;XRP’s&nbsp;market dynamics.
For context,&nbsp;Morgan’s&nbsp;remarks&nbsp;were a response&nbsp;to a&nbsp;user’s&nbsp;observation about the price symmetry between XRP and Stellar (XLM) since 2014. The user questioned what might be causing this pattern and whether the two cryptocurrencies would break out together during the next bull run.&nbsp;
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GOhmc3SW0AEyf0-?format=jpg&amp;name=medium" alt="XRP Vs XLM Price Chart" width="751" height="470">
 <figcaption class="wp-caption-text">
 Source: Good Morning Crypto (@AbsGMCrypto), X
 </figcaption>
</figure>
Meanwhile, commenting on Bill&nbsp;Morgan’s&nbsp;post, another user suggested that investor psychology, rather than logic, drives these market behaviors. However, Morgan disagreed, emphasizing that the&nbsp;lawsuit’s&nbsp;psychological impact on the XRP community was profound but short-lived.&nbsp;
In this regard, he stated:
<blockquote>
 Impacts of the lawsuit itself and good or bad lawsuit news has usually been short-term for days or weeks and did not substantially change the symmetry shown in that chart over longer time frames.
</blockquote>
Also Read: <a href="https://coingape.com/tron-founder-justin-sun-hails-binance-changpeng-cz-in-latest-comment/" target="_blank" rel="noopener noreferrer nofollow">Tron Founder Justin Sun Hails Binance’s Changpeng ‘CZ’ In Latest Comment</a>
<h2 id="span-data-preserver-spaces-true-xrp-price-broader-market-dynamics-span">XRP Price &amp; Broader Market Dynamics</h2>
Morgan’s&nbsp;analysis suggests that the price movements of XRP and XLM&nbsp;are influenced&nbsp;by broader market factors rather than specific actions by Ripple or Stellar. This perspective challenges the notion that significant events like the Ripple lawsuit or <a href="https://coingape.com/former-ripple-exec-says-ripple-could-burn-its-xrp-holdings-heres-why/" target="_blank" rel="noopener noreferrer nofollow">escrow burns</a> have long-term impacts on the price symmetry between these&nbsp;two&nbsp;digital assets.
Notably, the lawsuit&nbsp;in question,&nbsp;initiated by the <a href="https://coingape.com/xrp-lawsuit-pro-xrp-lawyer-reveals-dates-for-lawsuit-conclusion/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>,&nbsp;alleges that Ripple conducted unregistered securities offerings through XRP.&nbsp;Despite the legal battle, Ripple has continued its operations, and the&nbsp;market’s&nbsp;reaction to the lawsuit has&nbsp;been relatively muted&nbsp;in the long term. Similarly,&nbsp;Ripple’s&nbsp;decision not to burn its XRP escrow has not led to significant price deviations compared to&nbsp;Stellar’s&nbsp;XLM, which did undergo a burn.
Meanwhile, <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP price</a> was down about 2%&nbsp;and exchanged&nbsp;hands at $0.5306 during&nbsp;writing,&nbsp;while recovering some of its losses in the last hour.&nbsp;Over the last&nbsp;24 hours, the crypto has touched a high of $0.5397 and a low of $0.5238.
Also Read: <a href="https://coingape.com/meme-coin-normie-exploit-turns-1-1-million-investment-to-less-than-150/" target="_blank" rel="noopener noreferrer nofollow">Meme coin NORMIE Exploit Turns $1.1 Million Investment to Less Than $150</a>
The post <a href="https://coingape.com/xrp-news-lawyer-dismisses-impact-ripple-lawsuit-escrow-burn-xrp-price/" rel="noopener noreferrer nofollow">XRP News: Lawyer Dismisses Impact Of Ripple Lawsuit &amp; Escrow Burn On XRP Price</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

XRP News: Lawyer Dismisses Impact Of Ripple Lawsuit & Escrow Burn On XRP Price

Table of Contents

Coingape News Media

Other articles published on May 27, 2024

Why Cardano Must “Up Its Game”: Experts Highlight ADA’s Struggles Compared to Solana’s (SOL) Rise

Off to the Moon’s Core with the Best Crypto Presale in June 2024 as MoonBag Eclipses Cardano and ...

Crypto Analyst Predicts 28,900% Rally To $154 For XRP Price, Here’s When

HashKey Global Launchpool, the world’s first regulated platform for pledge to earn new tokens, is...

Smart Money Chases 3 Top Cryptocurrencies To Buy, Turning $20 Into $2,000

Ethereum Price Bullish Outlook: Could We See New All-Time High?

Join our free newsletter for daily crypto updates!