Ripple bulls lose all momentum amid reports of Citigroup reconsidering Metaco deal

Ripple (XRP) bulls are struggling to regain momentum after media reports on June 30 claimed Citigroup might be reconsidering its partnership with Metaco — a company Ripple Labs recently acquired for $250 million. Bulls lose momentum Ripple's native token XRP had been on a steady pump for almost two months.

Timeline of Xrp

Bill Morgan, who is qualified to practice law in both the UK and Australia, recently expressed his disapproval of Coinbase due to its handling of XRP. Morgan's criticism comes despite his support for Coinbase in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

Ripple, a leading player in the cryptocurrency space, recently addressed some common misconceptions about blockchain technology and digital currencies. In a blog post titled “5 Crypto Myths No Business Leader Should Believe,” the cross-border payments specialist emphasized the growing importance of crypto and blockchain technologies in shaping the future of business and finance.

XRP Lawsuit News: A delay in the long running U.S. Securities and Exchange Commission (SEC) Vs Ripple lawsuit summary judgment has kept the entire crypto industry waiting. A ruling over Ripple's native crypto, XRP token's nature is expected to clear a huge confusion over secondary sales.

Eswar Prasad, Indian-American economist and Tolani Senior Professor of International Trade Policy at Cornell University, recently spoke at the 2023 Summer Davos about the fact that Retail Central Bank Digital Currencies (CBDCs) have been the subject of tests in several nations, including China, Sweden, India, Brazil, and Japan. Engaging in this context is that these nations already have effective domestic retail payment systems in place.

XRP holders' attorney John Deaton has pointed out a big reason why the Ripple lawsuit decision has become increasingly important as the day goes by. Deaton believes that Judge Torres' anticipated decision will have ramifications for the whole crypto business.

Legal experts and the XRP community have been discussing when the court will announce its summary judgment in the Ripple lawsuit. The briefings for summary judgment were completed in December 2022, and now, after over six months, the XRP community is eagerly waiting for a favorable ruling in the case.

The price of XRP has tumbled significantly over the last few days, at one point being down over 12% within a single week, a time in which large cryptocurrency investors, colloquially known as whales, bought the dip, accumulating over 360 million tokens.

Crypto Market News: While the crypto market environment continues to grow despite United States Securities and Exchanges Commission's (SEC) enforcement actions, Bitcoin price grew in recent times thanks to the spot Bitcoin ETF filings from financial giants like Bitcoin. Although the SEC suggested that Blackrock refile the same, it remains to be seen if and

Citigroup Inc. (NYSE: C) is reportedly reassessing its digital asset custody partnership with Metaco, a Swiss fintech firm, and has initiated informal discussions with alternative providers. Citigroup made its partnership with Metaco public last year.

The United States Securities and Exchange Commission (SEC) has raised concerns about the recent filings for spot Bitcoin exchange-traded funds (ETFs), stating that they are insufficient. This comes after asset management giants BlackRock and Fidelity submitted their applications to launch spot Bitcoin ETFs.