This article is about what is the Ripple SEC lawsuit update. Ripple was once the third-biggest cryptocurrency in the market, reaching an all-time high market capitalization of $134 back in 2018. Ripple was file by the SEC in 2020 and its lack of speedy development has made Ripple lose its investors.
What is Ripple Crypto company?
Ripple is a San Francisco-based FinTech company behind the global payment platform RippleNet. They basically created the XRP ledger blockchain along with its native token XRP.
In fact, Ripple started way back in 2004. before even cryptocurrencies were invented. They were trying to create an Internet of Value and create their own money, and RipplePay was created back then. Their network was small and the software was centralized. later in 2012. RipplePay merged with another company called Open Coin, and together they formed what is known today as Ripple.
What is the Ripple SEC Lawsuit Update?
The SEC filed a complaint against Ripple in December 2020 for allegedly selling securities without the necessary authorization. This claim is obviously highly questionable. First off, cryptocurrencies were never regarded as securities and are unregulated by their nod currly very nature. regulations or guidelines for cryptocurrencies. It is ludicrous to claim that Ripple was trading in unregistered securities.
The price of XRP immediately took a toll to the worst and dropped to USD 0.18 following the news. On the other hand, Block.one, the company behind EOS had the EXACT SAME allegations with the SEC, and they managed to settle within 1 year . Currently, there are many speculations that Ripple company is going to do the same.
In September 2022. XRP is up by around 25% while the crypto market is down by an average of 8%. While the bearish trend echoes in the crypto market, XRP managed to increase thanks to the hype around the lawsuit resolution.
James K. Filan, the defense lawyer representing Ripple, tweeted on September 18 that Brad Garlinghouse, the CEO of Ripple Labs, has submitted an early request for summary judgment. The next day, Brad Garlinghouse met with Caroline D. Pham, a member of the Commodity Futures Trading Commission. This comes following reports that a judge had been requested to resolve the continuing legal dispute between Ripple and the SEC.
The crypto community views the case mostly favorably. Some predict that if a settlement is achieved, the price will exceed $0.50. They are also hopeful about the prospect of a settlement because Ripple Labs is asserting that there is no investment contract in existence. The summary Judgment motion is therefore regarded as a clever strategy that may result in a settlement by the SEC.
Where will XRP Reach after the Lawsuit Resolution?
The cryptocurrency market currently is very bearish. However, XRP prices are going up despite this negative market sentiment. Expectations for XRP to continue upwards after the resolution is most probable. Specifically, prices should be able to reach the next resistance which is currently set $0.60 when the Ripple SEC update comes out. If the crypto market manages to rebound higher, XRP can definitely see higher price targets such as the psychological price of 1$. For now, the $0.60 price mark seems like a safe bet for XRP.
Bottom Line
After the lawsuit update, the price of XRP partially depends on the result of the lawsuit. So, if you are a fan of XRP, you will need to know what is the Ripple SEC lawsuit update.
