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After days of sales, Ripple's XRP finally saw some bullish movements at the start of the Asian session on Wednesday, just hours after winning a court case in the United States. But is the sentiment of the XRP market really linked to the fundamental news of Ripple Lab?
About Ripple Lawsuit
The company behind the third largest cryptocurrency in the world got a small victory in its legal defense on Tuesday, when the Northern District of California decided to deny a postponement motion against it.
However, Ripple still has other legal battles to fight. All lawsuits against Ripple, the company, share a similar claim, namely that the company worked to increase the value of the XRP token. Meanwhile, Ripple insists that Ripple, Ripple's company and token, XRP, are independent and two different things.
The company has been in damage control since legal action began and has released several press releases to move away from the XRP token. Heck, the head of Ripple's marketing strategist, said at the start of "owning a lot of XRPs" just like they "own lots of cash, chairs and computers – but the company is called Ripple and we sell software." [19659006] The Ripple XRP Price Action
Regardless of this, Ripple's XRP showed signs of recovery at the start of Wednesday, increasing by more than 13%. He actually formed a morning stellar inversion chart on the daily chart.
XRPUSD Bullish Engulfing
But it is also noteworthy that so did many other cryptocurrencies in the top 100 list. So, for now, it seems that the XRP price action has more to do with the general market sentiment and less with Ripple as a company.
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