Edward Farina Believes XRP is a Better Investment Despite SEC Lawsuit
According to Edward Farina, the founder and CEO of various crypto-focused initiatives, XRP is a better investment now than it was before the United States Securities and Exchange Commission (SEC) claimed that the coin was an unregistered security. In a recent post, Farina expressed confidence in XRP but was concerned that its prices have remained at the same level as before the SEC ruling in July.
XRP’s Recovery from the SEC Lawsuit
Despite the SEC lawsuit against Ripple and its top executives, including Brad Garlinghouse, XRP has managed to recover from the bear pressure it faced. The lawsuit alleged that Ripple conducted an illegal crowdfunding campaign by selling unregistered securities. As a result, XRP prices plummeted by 78% from around $0.77 to $0.17. However, the coin has since stabilized and is currently ranked fifth in terms of market capitalization.
The Appeal and Price Manipulation Concerns
Ripple has appealed the SEC’s decision, arguing that there is no substantial ground for a difference of opinion. The trial is scheduled for April 2024. Despite this legal development, XRP prices have not seen significant upward movement. Farina believes that the current market conditions make no sense and suggests that price manipulation may be at play.
XRP’s Price Performance in Relation to the Broader Crypto Market
While it remains uncertain whether XRP prices are manipulated or not, it is worth noting that the broader crypto market, including Bitcoin and Ethereum, has also cooled off from their highs in July 2023. This indicates a general suppression in crypto prices rather than specific manipulation targeting XRP alone.
Hot Take: XRP’s Future Amidst Legal Battles
Despite the SEC lawsuit and ongoing legal battles, XRP has shown resilience and managed to maintain its position as one of the most liquid cryptocurrencies. However, the lack of significant price movement raises questions about its future performance. As the legal proceedings unfold, it remains to be seen how XRP will fare and whether it can overcome the challenges posed by regulatory scrutiny.
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