XRP’s Value and Legal Battles
XRP’s recent decline to $0.5762 was influenced by the ongoing legal battle. The SEC v Ripple lawsuit has not directly affected XRP’s demand, but the Coinbase case is drawing attention. The SEC is using the Terraform Labs verdict to support their opposition to Coinbase’s Motion for Judgment, but legal experts argue that the verdict did not make cryptocurrency securities in secondary transactions. The result of the Coinbase lawsuit could sway the SEC’s approach in the Ripple case. This phase marked by legal battles could shape Ripple and XRP’s future trajectory.
Legal Duels with SEC and Zakinov
Ripple faces an important hearing in the Zakinov v Ripple Labs case on January 11. This trial has been postponed to April 15, 2024, as Ripple continues to combat the SEC’s lawsuit over potential penalties for its past XRP sales to institutional investors.
Legal Timeline and Upcoming Proceedings
The final trial is set for April 23, 2024, with essential procedures that the SEC and Ripple must complete before that date. In March 2024, the SEC is obliged to submit its brief on remedies, while Ripple must file its opposition by April 12, 2024. A federal court ruled in July 2023 that Ripple breached securities laws through its institutional XRP sales.
Crypto Reaction
Bill Morgan mentioned joining a lawsuit against Ripple regarding XRP sales, noting that XRP investors were granted class status in the lawsuit alleging Ripple sold XRP as unregistered securities. There is minimal support for Zakinov compared to the large backing for Ripple against the SEC, emphasizing the XRP community’s perception of the SEC as their primary adversary and their reluctance for Ripple to be found guilty of selling unregistered securities.
Implications for XRP’s Future
The outcomes of these legal battles could significantly influence the price trajectory of XRP, which currently stands around $0.56. With April 2024 looming, stakeholders closely monitor these legal proceedings, recognizing their potential to significantly shape Ripple’s future course and the trajectory of XRP in the broader cryptocurrency landscape.
Hot Take: Anticipated Legal Battles’ Influence on Ripple and XRP
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