- The SEC vs Ripple case is about to reach an end, thus the users started speculating on the price of XRP.
- The development and advancement in the XRPLedger will affect the price of XRP token.
The long battle between United States Securities and Exchange Commission (SEC) and Ripple Labs Inc. will reportedly end soon. Hence, the crypto users began their speculation on the price action of XRP tokens. It must be noted that the token was created by Ripple Labs in late 2020.
SEC vs Ripple Case
There are several speculations about the result of the ongoing SEC vs Ripple case. Many believe that Ripple would have settled the case out of court while the U.S. regulator seems unwilling to declare that XRP is not a security.
Ripple Chief Executive Officer (CEO) Brad Garlinghouse is working on the specific direction that there would be no requirement for any legal procedure. Also for defining the status of the XRP token which may include Ripple in the future.
Recently, the victory of SEC against LBRY, a protocol, gave the regulator a huge impetus to believe it can have a good victory against Ripple. Meanwhile, Ripple thinks that it will win the case against SEC with more than three thousand Amicus Briefs. That will be showing the usage of XRP is limited to payment utility.
This SEC vs Ripple case began in 2020 when SEC alleged that Ripple raised more than $1 Billion in 2013 through the sale of XRP in an unregistered security offering to investors around the globe.
Meanwhile, Ripple relied on the previous comments of an SEC director to support its case and kept its point that XRP should not be treated as a security. Now the result of this battle will have far-reaching consequences for the whole cryptocurrency industry.
XRP Price Analysis
At press time, the XRP is trading at $0.409680 with a 24-hour trading volume of $1.22 Billion. The token is down around 4.47% with current market cap to $20.81 Billion. Due to the ongoing battle of SEC and Ripple, the price of XRP token and also marked to its lowest price point of $0.2906 in the past 52 weeks.
In the last seven days, XRP noted an increase of almost 16% in its price. As its seven days low was at $0.3713 and high was at $0.4311.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.