The Ripple (XRP) vs SEC case may soon be a thing of the past. Both parties have asked for a quick verdict. Is XRP on the verge of a price explosion?
Bullish turn for Ripple’s XRP
In the case of Ripple (XRP) vs the US Securities and Exchange Commission (SEC), there is a new development that is potentially significant for the coin: both Ripple and the SEC have asked for a quick ruling in the case! In separately filed motions, both parties are now asking for summary judgment.
In the motions, Ripple and the SEC ask Judge Analisa Torres to immediately rule on whether or not the crypto company violated any laws by selling XRP.
Investors and analysts are now hoping for a strong price recovery for XRP: already for days, the digital asset has been making occasional attempts at an upward breakout, but has been unable to hold the gains. Many investors are looking for extensive use of the cryptocurrency, the use in Bluechip online casino would lead to a sharp rise.
Nevertheless, the coin is doing best in the crypto top 10: In contrast to BTC or ETH, which each fall in the double-digit percentage range, Ripple’s XRP has retreated only 2.37% within the last seven days. A harbinger of the positive court decision?
Since 2020, Ripple, the company behind the cryptocurrency XRP, has been in litigation with the U.S. Securities and Exchange Commission (SEC). The company accuses both Ripple and CEO Brad Garlinghouse and co-founder Chris Larsen of selling unregistered securities for $1.3 billion by issuing XRP tokens.
Ripple puts up a fight
The lawsuit says Ripple had already “raised funds beginning in 2013 by selling digital assets known as XRP in an unregistered securities offering to investors in the U.S. and around the world.” In addition, Ripple “also allegedly distributed billions of XRP in exchange for in-kind services, such as labor and market-making services.”
Ripple denies the allegations, arguing that XRP profits come from “market forces of supply and demand” – not from a contract between Ripple and XRP holders.
So this has been going back and forth since 2020 – with corresponding consequences for the price of Ripple’s XRP. The token remained largely unaffected by the last bull run – analysts therefore expect that XRP could explode if Ripple can win the lawsuit.
According to Ripple CEO Brad Garlinghouse, the filings would make one thing clear: that the SEC is not at all interested in “applying the law.” Garlinghouse:
“The filings today make it clear that the SEC is not interested in applying the law. It wants to reshape everything in an improper effort to expand its jurisdiction far beyond the powers granted to it by Congress.”
Today’s filings make it clear the SEC isn’t interested in applying the law. They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress.
– Brad Garlinghouse (@bgarlinghouse) September 17, 2022
U.S. Attorney Jeremy Hogan, on the other hand, commented bullishly on Twitter that the situation was “perfect for summary judgment” benefiting XRP. Quite possibly, then, a bullish Q4 2022 awaits the Coin.