Yesterday, Ripple (available on Binance) Labs scored a small victory, winning one of its many ongoing legal suits. Fast forward twenty-four hours, and the Ripple (available on Binance) price has corrected. But why? Is XRP’s activity Wednesday linked to the Ripple (available on Binance) lawsuit? Or is there another catalyst that’s helping the price?

Suit Denied, Ripple (available on Binance) Price Correcting: August 15, 2018

Ripple (available on Binance) Labs has been slapped over and over again with lawsuits this year. In fact, the last one came on August 9. For these reasons, the Tuesday win is likely a breath of fresh air for Ripple (available on Binance) Labs and the XRP community. 

On Tuesday, August 14, the Northern District of California denied Ryan Coffey’s effort to move a Ripple (available on Binance) lawsuit to a lower court. At the start of 2018, Coffey stated XRP’s a security, but Judge Phyllis Hamilton stated that the rules the investor cited do not apply. 

While this may have been a blow to some, it was the opposite for others. Looking at the market, it appears the latter mentality is the more dominant one, but there’s an alternative explanation for that. 

Ripple (available on Binance) Price Today

After days of selling off, XRP is sporting a green look today, indicating bullish movement. 

At press time, XRP is selling for $0.287931, which puts the coin up 9.50% in the past twenty-four hours. 

Source: CoinMarketCapIs It Connected?

Even though it may look like it, it’s more likely that XRP’s market sentiment has nothing to do with Ripple (available on Binance) Labs’ win yesterday. And why? Well, as Cory Johnson has said (on multiple occasions), Ripple (available on Binance) Labs and XRP are not the same. 

As a result, it appears the XRP price movement has more to do with the market’s overall improvement Wednesday. XRP is not the only coin doing well today, all of the top-ten coins are. Bitcoin (available on Coinbase) is up 4.69%, while Ethereum (available on Coinbase) is up 9.40%. 

The Takeaway

What do you think about all of this recent Ripple (available on Binance) news? Are you glad the judge denied the latest request in the Ripple (available on Binance) suit? Do you think the Ripple (available on Binance) price activity can continue like this, or will it go back to selling off? 

Featured Image: Depositphotos/© mdkhalil1

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