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Seems like investors are keenly waiting for the SEC vs. Ripple lawsuit dispute before making any move toward the XRP.
Lawsuits over any business or institution play a crucial role in integrity and profitability. Most markets depend on the sentiments that get affected by the legal allegations. The US SEC vs. Ripple lawsuit is creating a similar situation with San Francisco-based payment protocol firm Ripple Labs Inc. Since the day the lawsuit began, the image of the Ripple network got damaged initially. Still, as the case gradually developed, the investors reclaimed their trust in XRP.
But now, the developments in the case hearing are too slow to move further where the XRP holders and investors are turning impatient. That comes as no surprise looking at the volatility and uncertainty in the crypto industry. The slow progress in the case results in dragging of XRP where its trading price hardly shows any upward movements. For instance, the XRP trading price rose by slightly more than 1% on Saturday, after making a decline of 2.4% from Friday, where it ended up trading at about $0.4141. At the time of writing, XRP is trading at $0.4248 with a gain of 1.07%.
As per the market experts, after XRP left the major support and resistance levels of the day untested, the only important factor was its support at $0.40. For a while now, there have been no developments or updates seen from the case that could provide any direction to the investors. XRP token holders or other such market participants are eagerly waiting for the court’s order on a brief of SEC that includes the documents and emails that are related to the 2018 speech made by William Hinman and are under the protection of attorney client privilege.
From several last hearings of the SEC vs. Ripple lawsuit, the former director of SEC’s Corporate Finance Division, William Hinman, has been the center point due to his statement that could be a crucial turning point in the case. In his speech in 2018, he stated that cryptocurrencies like bitcoin (BTC) and ethereum (ETH) do not count as securities. Since then, the SEC has been defending the case wherein August 2021; when the American regulator was told to provide the speech-related documents and emails, it appeared to defend it by making arguments about its commitment to shielding the documents related to speech.
Hopes are high for Ripple network to win the case against the United States Security and Exchange Commission as there were many instances where a fintech firm has put the regulator under threat. However, the clouds of uncertainty will continue to hover on the XRP token holders until the District Court’s judgment.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
