XRP at highest level in year as SEC case seems to be ending

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Last Updated on 6 November 2023 by CryptoTips.eu

Bitcoin has been caught in a lateral trading band and seems stuck between $25k and $30k for a few weeks now. However, there is another well-known digital coin that has been moving higher in recent weeks, XRP, the cryptocurrency of Ripple Labs. That is because for several days more and more rumors are emerging that that the ongoing court case that the SEC has brought on against them would end in the month of June.

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Third year

It was in December 2020, just as Bitcoin broke through $20k (an all-time high at the time), that the US stock market watchdog SEC filed a complaint against Ripple Labs and their coin XRP. The SEC alleges that Ripple executives, including Chris Larsen and Brad Garlinghouse, broke US trading laws by selling XRP without proper registration. Ripple, meanwhile, has continued to argue that the SEC’s interpretation is wrong. The case is now in its third year and XRP has thus largely missed the 2020-2021 bull run.

But in the last few weeks, positive sounds have emerged from the courtroom. Brad Garlinghouse has repeatedly stated that he believes the case will be heard before the end of June. He said in an interview last week:

I feel very confident that we’ll see a decision from the courts this year. In fact, I think I would guess that it will be in weeks, not months.

Cardano

That date was then confirmed again by an unexpected commenter. Charles Hoskinson, the founder of Cardano who used to work at Ethereum along with Vitalik Buterin, did a “surprise AMA” (ask me anything) interview on YouTube last week. When someone asked him:

Charles, do you think the Ripple case gets resolved soon?

Hoskinson answered:

Yes, I do. I think it’s probably next month.

Investors seem to appreciate these positive signals and XRP is now trading at its highest level of the past year. In the last seven days, the coin went up by 10%.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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