The long-standing legal battle between Ripple and the Securities and Exchange Commission (SEC) finally seems to be reaching its conclusion, according to Ripple Labs CEO Brad Garlinghouse. The CEO indicated, in a post dated March 19, that the appellate phase against Ripple’s original 2023 ruling, which has been progressing at a snail’s pace, is likely to cease. This triumphant outcome is perceived as a significant victory for Ripple and the wider cryptocurrency industry. This exciting development has stirred a whirlwind of reactions and talks about the future prospects of the digital asset: XRP.
Ripple vs. SEC Legal Battle: How Does the Outcome Affect XRP?
As the news of the case’s possible end broke, XRP witnessed a price surge from $2.31 to $2.55. Although the price fell back to $2.45 by March 20, it still brought year-to-date (YTD) returns to 15.61%.
The cryptocurrency community has welcomed this development overwhelmingly. This victory is expected to revive restorative investor confidence and potentially trigger an upward trajectory for XRP prices.
Can XRP Maintain its Bullish Momentum?
Despite a minor pullback, market speculation favors a positive price trend for XRP. Prevailing fears that a lengthy legal case might depress XRP prices have been addressed with the case’s closure.
The currency’s resilience is evident in the fact that the number of XRP addresses recently reached a milestone of 7 million. This has been coupled with whales’ willingness to absorb additional supply emanating from the asset’s escrow schedule, thereby controlling a potential downturn.
Favorable price predictions are also supplementing this enthusiasm. For instance, OpenAI’s powerful large language model (LLM), ChatGPT 4.5, projected that XRP price could reach $4.01 or $3.16, depending on market dynamics, by April 1. Technical analyst Gert Van Lagen also shared long-term analysis predicting a conservative price target of $38 for XRP.
Ripple v. SEC Case: Unanswered Queries
However, a peculiar detail stands out amidst this wave of positivity. By March 20, the SEC had not issued any public statement confirming the closure of the Ripple v. SEC case, leaving space for speculation.
Should XRP holders be alarmed? Unlikely. The probability of Garlinghouse, an industry stalwart with close relations to the President of the United States, having prematurely announced without definitive information is extremely thin.
There is high probability that an agreement has indeed been reached, but is still under final deliberation. Fox Business journalist Eleanor Terrett suggested in a March 12 post that the SEC and Ripple might be negotiating the finer details of the case.
Why is Ripple’s battle with the SEC significant?
The legal tussle between Ripple and the SEC is significant as it sets a precedence for how digital assets are regulated. The outcome could influence future cryptocurrency regulations in the United States and globally.
What does the possible resolution of the Ripple v. SEC case mean for XRP investors?
The conclusion of this case brings a great deal of certainty to XRP investors. A positive resolution might boost investor confidence, potentially leading to bullish price trends.
How does the outcome of the Ripple vs. SEC case influence the broader cryptocurrency market?
The resolution of this case can influence the wider crypto market by setting regulatory standards for other cryptocurrencies. It can also impact investor perception and confidence in digital assets.
As the Ripple v. SEC case unfolds, keep an eye out for official statements. They will provide critical insights and clarity regarding Ripple’s standing and the future of XRP.
