- Ripple vs. SEC legal fight: Ripple has been engaged in a nearly three-year legal battle with the SEC over allegations of selling XRP as an unregistered security, after securing some partial court victories.
- Speculation of an early settlement: A confidential SEC meeting has sparked online speculation about a possible early settlement in the Ripple case.
- Potential XRP Price Rise: Forecasts suggest that a Ripple victory could lead to a significant increase in the value of XRP, with short-term predictions ranging from $0.71 to $0.88.
Is the Ripple/SEC saga near its end?
The drama between Ripple and the United States Securities and Exchange Commission (SEC) has been going on for almost three years. In December 2020, the regulator filed a lawsuit against the blockchain company, accusing it of violating several laws and selling billions of dollars worth of XRP as an unregistered security.
Both sides have been taking shots at each other over the years, with Ripple currently having the upper hand in the battle. The company has won three vital (but partial) legal victories against its foe. The first occurred in July when a federal judge governed that its programmatic sales of XRP did not constitute an offering of investment contracts.
In the following months, the justices rejected the SEC’s attempt to appeal the initial decision, while the CEO – Brad Garlinghouse – and the executive chairman – Chris Larsen – were erased of all accusations made by the watchdog.
And while the outcome of the dispute is supposed to come in the spring of 2024 (during a major trial involving the two organizations), some users of X (Twitter) believe that such a development could occur relatively soon.
The SEC was together to convene a confidential meeting yesterday and discuss specific topics such as the institution and resolution of injunctive actions, the institution and resolution of administrative proceedings, the resolution of disputes, and others.
This gave conspiracy theory fans the opportunity to predict that some sort of resolution with Ripple could also be on the cards and would be announced in the near future. Some members who have hinted at such a settlement are X users. JackL’Ondeur And Captain XRP.
XRP ready for a rally in case of Ripple victory?
Many experts, and even the AI-based ChatGPT language model, have suggested that a decisive Ripple victory could trigger an explosion in XRP prices. Remember that the valuation of the asset enriched by more than 70% in mid-July following the company’s first partial victory against the SEC.
Analysts like Dark Defender and EGRAG CRYPTO have also presented short-term forecasts. The former believes that XRP could rise to $0.88 in early December, while the latter think the coin could end the year at around $0.71.
Those who want to delve deeper into the topic and explore the token’s performance in the last quarter of 2023 can take a look at our video below:
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