XRP Lawsuit Update: Ripple sees a slight surge as its lawsuit nears conclusion.
Ripple’s XRP has seen better days since its price dipped substantially in the past few days. However, bulls rely on certain essential factors that could positively impact the asset’s market performance. The resolution of the lengthy legal battle between Ripple and the US Securities and Exchange Commission is one of them.
XRP Lawsuit Update: Ripple vs SEC
XRP Lawsuit Update: In the court case between the SEC (U.S. Securities and Exchange Commission) and Ripple Labs, the SEC recently gave its final argument on June 10. They disagree with Ripple’s claims about the case.
The lawsuit has been ongoing for over three and a half years. While it is currently in its trial phase, industry participants might wait longer for a final outcome due to the complexity of the legal process and possible appeals from both parties.
Most recently, Ripple filed a Notice of Supplemental Authority regarding a recent decision related to crypto exchange Binance. Last week, Judge Amy Jackson dismissed the Commission’s claims that secondary market sales of Binance’s BNB token constituted securities transactions.
XRP Lawsuit Update: The SEC thinks Ripple acted carelessly and says there’s still a lot of confusion about whether XRP should be treated like a security, which is a type of investment. Even though the court didn’t agree with Ripple’s defense that they weren’t given fair warning, the SEC is sticking to its position.
Ripple’s currency, XRP, is seeing its price go up as it gets closer to the end of a long legal fight with the SEC (U.S. Securities and Exchange Commission). The big question in this lawsuit, which started in December 2020, is whether XRP should be considered a security, like stocks in a company. The decision could affect not just Ripple but the whole cryptocurrency market.
Effect On XRP Price
XRP Lawsuit Update: After the SEC gave its last statement in the lawsuit against Ripple, the price of XRP (Ripple’s currency) went up a little bit. It rose from $0.618 on June 10 to $0.631 after a month, which is a 2.10% increase. Because of this small price rise and more people using XRP, experts who watch Ripple think the price could go up to $0.88 by the end of August.
Some experts are not so sure that XRP’s price will do well in the next few weeks. They’re being cautious and not getting their hopes up too much.
Analysts are not satisfied with the XRP’s recent market performance. According to them, the XRP price might decline to $0.11 by the end of August. They cite the overall downturn of the crypto market to be the reason behind this bearish price prediction of XRP.
Ripple vs. SEC: Potential Price Surge on Victory
XRP Lawsuit Update: The popular AI-powered chatbot, ChatGPT estimated that the lawsuit’s outcome could boost the asset’s valuation to that level and even beyond, but only if the magistrates’ decision is in favor of Ripple.
“Historically, XRP has experienced price surges following favorable court rulings. For instance, when Judge Analisa Torres ruled that Ripple’s sales of XRP to retail buyers did not constitute securities sales, the price of XRP spiked by over 80%,” ChatGPT reminded.
On the other hand, the chatbot casted doubts that the lawsuit will be over in the following weeks, claiming such a regulatory development might be prolonged in time.
XRP Lawsuit Update: If the case ends in Ripple’s favor, it could make things clearer about XRP’s legal situation. This could lead to more people using XRP and its value going up. Ripple’s CEO, Brad Garlinghouse, believes strongly in their legal case, which is making investors feel more positive.
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