HFM information and reviews
HFM
96%
Octa information and reviews
Octa
94%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%

Is it finally time for XRP to rise and shine?


2 June 2023

When Ripple first released XRP in 2012, the boasted improvements on Bitcoin caused a stir in the crypto space, and XRP was considered by many to be a better technological choice for global adoption. Major banking institutions such as American Express, National Australia Bank, First Gulf Bank, Canadian Imperial Bank of Commerce, and UBS already use the XRP payment system, to name just a few. Transactions are confirmed within seconds and generally occur at very low costs, making XRP a solid option for universal use.

When the SEC targeted Ripple with a questionable lawsuit in 2020, world media painted a bearish forecast for XRP.

Since then, XRP has been stuck in a narrow range below $1, despite smashing every accusation that comes their way. Those still holding XRP believe a light at the end of the tunnel is in sight. Is it finally time for XRP to rise?

SEC Lawsuit against Ripple

The Ripple lawsuit is one of the most important legal battles in the cryptocurrency space. It could determine the fate of the world's seventh-largest digital asset and its issuer, Ripple Labs Inc. The U.S. Securities and Exchange Commission (SEC) filed the lawsuit in December 2020, alleging that Ripple sold XRP as an unregistered security, therefore violating federal securities laws. Ripple has denied these allegations and argued that XRP is not a security, but a decentralized currency that is used for cross-border payments.

Ripple has sought to obtain internal documents related to former SEC Director Bill Hinman. The belief is that the unredacted documents can prove the SEC did not provide clear guidance on the status of cryptocurrencies from the very start, making the lawsuit invalid. So far, the SEC has resisted disclosing the documents, arguing that such information is privileged and not relevant to the case. The SEC also filed a motion to seal documents from public view, claiming they contain confidential information that could harm the agency's internal decision-making process.

Despite the SEC’s power and influence, U.S. District Judge Analisa Torres denied the SEC's motion to seal the documents last week, ruling that the public interest in accessing them outweighs the SEC's interest in keeping them secret. Judge Torres stated that “sealing the documents would not preserve openness and candor within the agency.”

The decision is seen as a win for Ripple and its supporters, who have been calling for more transparency and accountability from the SEC since the lawsuit began. Ripple's CEO Brad Garlinghouse tweeted that it was "another win for transparency" and that unredacted Hinman emails would be "publicly available soon."

If those emails serve to end the lawsuit battle, the natural assumption is that XRP will rocket following a victory announcement. For now, the outcome of the lawsuit remains uncertain and continues to suppress the price of XRP in the market. Some analysts and investors are optimistic about XRP, while others are more cautious and warn that XRP could face more volatility and downside risk, even more so if Ripple loses against the SEC or the lawsuit gets prolonged.

Conclusion

The XRP lawsuit is a complex case that could have significant implications for the future of the entire cryptocurrency industry. The latest court ruling denying the SEC's motion to seal documents related to Hinman's speech is a positive development for Ripple and its supporters, but it does not guarantee a favorable outcome for them.

Interestingly, the SEC is deep in the loop regarding the coming FedNow centralized crypto dollar. How could the SEC endorse the crypto dollar, but then reject XRP? Keep a close eye on the Fed’s central bank digital currency (CBDC). The release may also mark the overall win for Ripple. For now, there’s a lot we don’t know, which makes XRP an uncertain asset in uncertain times.

Consider installing the Exness Trade app on your smartphone to get breaking news and real-time XRP price notifications wherever you are. Crypto price actions are known to be rapid and significant when they happen, so keep a close eye on XRP and the SEC case. Make sure your trading account is fully activated for when the Ripple lawsuit is concluded. Volatility will be significant, making exciting trading conditions for both day traders and long-term investors.

#source

Share: Tweet this or Share on Facebook


Related

Pushing down crypto isn't easy
Pushing down crypto isn't easy

Buying on dips remains the dominant tactic in the crypto market. Capitalisation rose 1.8% in seven days to $1.65 trillion. Previously, the 'what doesn't rise, falls' formula was often applied to cryptocurrencies, however, recent attempts to sell off after a period of stabilisation have been met with increased buying.

5 Feb 2024

Crypto has retreated from the lows, but no rush for growth
Crypto has retreated from the lows, but no rush for growth

Crypto market capitalization at around $1.62 trillion is less than 1% higher than it was seven days ago, thanks to a growth spurt on Friday. Bitcoin has added 3% in the same period and continues to be the driving force behind crypto volatility.

29 Jan 2024

Ethereum could end consolidation with a dip towards $2000
Ethereum could end consolidation with a dip towards $2000

Volatility in the cryptocurrency market remains subdued, keeping the capitalisation near $1.56 trillion for the third day. Meanwhile, Bitcoin remains around $40K, and Ethereum looks pegged to $2200...

26 Jan 2024

The Crypto Market Takes a Breath after the Storm
The Crypto Market Takes a Breath after the Storm

The crypto market saw lower volatility in the last 24 hours, with capitalisation at $1.56 trillion and the price of Bitcoin hovering around $40K. Major altcoins have also avoided strong moves...

25 Jan 2024

Global risk appetite pauses crypto sell-off
Global risk appetite pauses crypto sell-off

Bitcoin reversed to the upside on Tuesday afternoon. The price drop to $38.5K attracted buyers on the background of another update of all-time highs by leading US indices, which supported risk appetite...

24 Jan 2024

Crypto's decline looks more like a sell-off than a correction
Crypto's decline looks more like a sell-off than a correction

The crypto market lost over 5% in 24 hours, to $1.52 trillion. Bitcoin has remained under pressure since the start of the week after pausing in the sell-off on Saturday and Sunday...

23 Jan 2024


MultiBank Group information and reviews
MultiBank Group
84%
XM information and reviews
XM
82%
FP Markets information and reviews
FP Markets
81%
FXTM information and reviews
FXTM
80%
AMarkets information and reviews
AMarkets
79%
BlackBull information and reviews
BlackBull
78%

© 2006-2024 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.