TL;DR
- Ripple vs. SEC: Ripple has been in a legal battle with the SEC since December 2020 over allegations of selling XRP as an unregistered security. Ripple achieved partial victories, including a favorable ruling on its past sales and the dismissal of charges against its executives.
- Ongoing Proceedings: The case is ongoing with a major trial set for April. Deadlines for both parties to submit briefs extend into early 2024.
- Market Impact: The lawsuit’s outcome is expected to significantly influence XRP’s price. Analysts predict potential increases in XRP’s value depending on the case’s resolution and market factors.
The Legal Battle Continues
The battle between Ripple and the US Securities and Exchange Commission (SEC) has been ongoing for almost three years. It began in December 2020 when the regulator sued the blockchain enterprise for selling billions worth of XRP as an unregistered security.
In July this year, a US Federal Judge determined that Ripple’s programmatic sales from years ago did not include an offer of investment contracts, leading to a rapid increase in XRP’s value. The company also secured victories when the magistrates dismissed the SEC’s wish to appeal the initial ruling, and when CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges brought by the watchdog.
Despite these victories, the saga is far from over, with a grand trial planned for April to determine the outcome. Most recently, Judge Analisa Torres set a schedule for remedies-related discovery and briefing, requiring both parties to complete necessary procedures before February 12, 2024.
The SEC must file its brief with respect to remedies by March 13, 2024, whereas Ripple must file its opposition by April 12, 2024.
Predictions on XRP’s Future
An eventual Ripple win in the lawsuit against the SEC could positively impact the price of XRP and infuse enthusiasm in the entire cryptocurrency sector. Experts have suggested that this could be among the main factors behind a possible rally for the asset next year.
Some analysts have predicted that XRP’s rise might not wait until spring 2024. The X user EGRAG CRYPTO thinks the token’s valuation could ascend to as high as $1.40 by the end of 2023 should it overcome a major resistance level, described as a “consolidation” zone. Dark Defender believes an impressive surge this week could lift XRP to approximately $0.87 on November 19.
If you are curious about how XRP could perform in the remaining quarter of the year, you can take a look at our dedicated video below:
Hot Take: The Future Looks Bright for Ripple (XRP)
Ripple’s ongoing legal battle with the SEC continues to capture attention in the crypto world. While there is still uncertainty surrounding its outcome, there is optimism regarding potential positive impacts on XRP’s price if Ripple emerges victorious. With expert predictions suggesting significant increases in value depending on market factors and case resolution, it’s clear that all eyes will remain on this legal saga going forward.
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