XRP forms Bullish Engulfing as Ripple Wins Court Case

It’s Invest Diva’s Kiana Danial https://www.investdiva.com/ with News BTC and here is your cryptocurrency update. After days of selling off, Ripple’s XRP finally saw some bullish movements early during Wednesday’s Asian session, hours after it won a court case in the US. But is XRP’s market sentiment really connected to Ripple Lab’s fundamental news? The company behind the world’s third-largest cryptocurrency scored a small victory in its ongoing legal defense on Tuesday when the Northern District of California ruled to deny a motion to remand against it. However, Ripple still has other legal battles to fight. All of the suits against Ripple, the company, share a similar complaint, and that is that the company worked to increase its XRP token’s value. Meanwhile, Ripple insists that Ripple that company and Ripple’s token, XRP, are independent and two different things. The company has been in damage control mode since the lawsuits began and has circulated several press releases to distance itself from the XRP token. Heck, Ripple’s chief marketing strategist said earlier this year that they “happen to own a lot of XRP,” just like they “own a lot of cash, chairs and computers – but the company is called Ripple and we sell software.” Regardless, Ripple’s XRP showed signs of recovery early on Wednesday surging above 13%. But also noteworthy is that so did many other cryptocurrencies in the top 100 list. So for now, it appears XRP’s price action has more to do with the overall market sentiment and less to do with Ripple as a company. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.