Ripple has faced a period of stagnation in recent weeks, struggling for a clear direction in its price. Following a series of recent bullish developments, the price action of the altcoin showed signs of saturation.
Despite the positive catalysts, Ripple remains stuck in a consolidation phase, making it difficult to predict its next move. Timogen Loui, CEO of Wanchain, spoke to BeInCrypto about the impact of these external catalysts but leaned towards their failure to stimulate any rises.
Loui said: "While the SEC's dropping of its years-long lawsuit against Ripple Labs is undoubtedly positive, it has not stimulated an immediate rise in Ripple's value as this development does not directly enhance utility or drive adoption. Ripple today remains as it was before and during the SEC lawsuit."
The ongoing buzz and discussions surrounding Ripple ETFs also affect volatility. Investors were expecting price increases due to the potential for a new Ripple ETF.
Loui stated: "The speculation surrounding a Bitcoin ETF did not generate the same excitement as Bitcoin or Ethereum ETFs. Market enthusiasm for cryptocurrency ETFs diminishes with each subsequent approval. The fourth, fifth, and sixth approved assets become just one of many, as the appeal of cryptocurrency ETFs fades."
