Ripple SEC Lawsuit Update: XRP Set to Hit Record High
The United States Securities and Exchange Commission (SEC) sued Ripple in December 2020 over allegedly conducting illegal securities using its $XRP token.
The development has since affected $XRP’s market cap, which was once the second-placed cryptocurrency behind bitcoin. However, recent updates from the lawsuits show a major comeback for token and may set it on course to hitting a new all-time high.
More so, the judgement decision will determine the future of other blockchain stakeholders, such as NFT creators and marketplaces under the radar of the SEC.
XRP Price Prediction Post-Lawsuit
A New York judge ordered that Ripple and SEC fix a schedule to end the long-held lawsuit in what is called a summary judgement. Crypto analysts and journalists have viewed this move as an advantage to Ripple that will likely place $XRP price on a bullish rally.
The case may close in April 2022 if both parties respond favorably to the court’s orders. Some analysts also predict that the SEC v. Ripple lawsuit will end with Ripple paying the fine filed against it for trading illegal securities.
Whatever be the case, an end to the long-awaited lawsuit will drive the already hunger-stricken interest in Ripple’s vision to the moon.
Although, if Ripple pays the fines attached to the suit, it will likely do so from sell-offs of its coin, which may see it suffer some bearish moments before rising back and potentially above the $1 mark.
Potential Outcome of the SEC v. Ripple lawsuit
Since the beginning of the SEC v. Ripple lawsuit, the blockchain-based company has suffered many losses and hindrances in achieving its objectives. Some of them included:
A series of delistings from top US exchanges, including Coinbase.
Skepticism among individual and institutional investors.
Reluctance in adopting $XRP in the crypto industry, and so on.
All eyes are now on Ripple SEC lawsuit updates and the outcome of the proposed lawsuit closure in April. But what are the chances of Ripple coming out untamed?
Ripple proves the SEC wrong by citing ex-SEC executive William Hinman’s speech in 2018, where he declared bitcoin and Ether as non-securities.
The blockchain firm further asserted that it operates in the same category as bitcoin and Ether despite having similar offerings to traditional banks.
The court presided by Judge Netburn had ordered the SEC to provide documents citing Hinman's speech on securities. This could be a game-changer for the defendant who looks to bring an end to the lingering lawsuit.
However, the SEC seems to want the case to linger to get enough evidence to tame Ripple by continually alluding that Ripple execs Brad Garlinghouse and Chris Larsen be indicted in the lawsuit against Ripple.
With these Ripple SEC lawsuit updates, crypto experts expect the XRP to rise above this SEC mess, and some expect it to hit a record high.
Lawsuit victory or not, platforms like Coin Price Forecast and Digital Coin Price are tipping Ripple to shoot through the one dollar mark this year at $1.02 and $1.14, respectively.
Price prediction platforms like Wallet Investor and Gov Capital are a little more bullish in their 12-month XRP prediction. Ripple is currently at $0.809287, but we expect it to make a comeback and even rally up to the $1 mark.
