Ripple Up 20% In Week As Investors Forecast Court Win
For almost two years now XRP, the crypto coin of Ripple labs, has not been able to profit from the crypto hype. While during the Covid-19 lockdowns youngsters were keen on investing in and trading with several crypto coins, XRP never experienced the highs and lows of Bitcoin (down to $8,000 in March 2020 until up to $69,000 in November 2021) , Ethereum and Cardano.
This was because of a long and dragging SEC lawsuit that founder Brad Garlinghouse was fighting.
Diamonds and soybeans
Back then, the SEC claimed that Ripple, and most of top executives, had misled investors as they failed to register their digital coins as a security. The case has since been widely watched as it could have serious implications for the SEC’s power over crypto.
#XRP: news leaking? Insiders know something? Settlement incoming?— ProCoinNews (@ProCoinNews) September 20, 2022
We’ve waited a LONG time for this moment. Is it almost here?
Over the weekend, Garlinghouse did a press tour on American media channels and via a press release declared that:
The SEC’s untethered position would convert the sale of all types of ordinary assets – diamonds, gold, soybeans, cars, and even works of art – into sales of securities. Congress has given the agency no such authority.
Ripple General Counsel Stu Alderoty, having studied the SEC’s arguments, claimed that the:
Filings show that the SEC is acting outside their legal limits. The SEC is not looking to apply the law — they are looking to remake the law in the hopes that it can impermissibly expand their jurisdiction.
Ever since those declarations, rumors have spread that the SEC and Ripple labs would reach a settlement soon. If that is the case, the coin could indeed shoot up.