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Ripple’s Chief Technology Officer, David Schwartz, recently addressed the XRP community’s growing concerns about the cryptocurrency’s price drop amidst the broader market downturn. As major cryptocurrencies face significant selling pressure, XRP has hit its lowest price point since March 2023, leading to fear, uncertainty, and doubt among investors.

Schwartz emphasized that XRP’s value lies in its utility rather than its investment potential. He highlighted that the current price level allows users to acquire enough XRP to facilitate transactions, underscoring its primary function as a medium of exchange for fast and cost-effective cross-border payments. Despite some community members’ dissatisfaction and accusations of narrative manipulation, Schwartz maintained that his focus has always been on XRP’s practical use in payment systems, rather than its price as an investment asset.

Ripple XRP Lawsuit Update: Court Sets New Deadlines

In a significant development in the Ripple lawsuit, the court has announced new deadlines for motions and hearings on unresolved claims. Following a recent order granting and denying parts of the motion for summary judgment, Judge Phyllis Hamilton has set a July 8 deadline for filing a narrowed motion to seal, with a further deadline of July 26 for filing a notice related to the exclusion of experts’ testimony.

Judge Hamilton’s ruling aligns with the Southern District of New York (SDNY) court’s decision that XRP programmatic sales are not securities. This development is a critical step as the lawsuit moves towards settlement, with the case referred to Magistrate Judge Robert Illman for resolution.

XRP Price Movements and Market Sentiment

Ahead of Judge Torres’ final judgment on penalties and injunction in the Ripple vs. SEC lawsuit, XRP’s price has been trading under $0.45. Despite the overall market crash, XRP has shown signs of recovery, reaching a 24-hour high of $0.438. The recovery came with low trading volumes, driven by whale accumulation and purchases from notable investors, including pro-XRP lawyer Bill Morgan.

As of now, XRP is trading at $0.436, recovering from a 24-hour low of $0.4195. The significant buying volume indicates a bullish sentiment among investors. The XRP community eagerly awaits Judge Torres’ decision, expected by the end of July, which will determine the penalties and injunction in the ongoing Ripple vs. SEC case.

Conclusion

Despite the market’s turbulence and the ongoing legal challenges, Ripple’s focus on XRP’s utility for efficient and affordable international payments remains a key strategy. As the court proceedings progress and the community anticipates further regulatory clarity, the long-term potential of XRP as a practical financial tool continues to be emphasized.

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