Ripple Vs SEC: Is XRP Prepared For Unexpected Twist Ahead?
The ongoing legal brawl between blockchain payments company Ripple Labs and the United States Securities and Exchange Commission (SEC) is nearing its tail end. Riding on this, unexpected twists are likely on the horizon as the remedies negotiation and other details are ironed out.
XRP Price Action Amid Ripple Vs SEC Uncertainty
While the biggest surprise, in this case, was secured in July last year when Judge Analisa Torres ruled that XRP in itself is not an investment contract, other twists might come soon. One of this might come in relation to the latest argument from both Ripple and SEC lawyers regarding the sealing of confidential documents.
While both parties are waiting for the verdict on the remedy that will be levied on Ripple Labs for selling XRP to institutional investors, the court might decide to permit the unsealing of some contested financial documents. While it remains uncertain what documents Ripple Labs is trying to conceal and what its impact might be in the general market, XRP might not react well to any such ruling.
The lawsuit which was launched in December 2020 has notably set the price of XRP back by a mile. Despite the July 2023 ruling from the US SEC, XRP refused to breach the $1 mark, a testament that more investors would rather take a position when the lawsuit is completely wrapped up.
At the time of writing, XRP is changing hands for $0.5114, down by 1.33% in the past 24 hours. The coin is trading at a very tight range from a low of $0.4879 to a high of $0.5688 over the past month. While the expectations of a breakout remains high, unexpected twist in the Ripple and SEC case might further drag the coin down.
XRP Price Breakout, ETF Expectations
Many analysts believe that the price of XRP is just in hibernation mode and its breakout to soar is just a matter of time. Many catalysts might contribute to this breakout, albeit in the long term.
One of this is the prospective spot XRP ETF prospect in the US by the SEC, a product that Ripple CEO Brad Garlinghouse is highly optimistic about. With the emergence of spot Bitcoin and Ethereum ETF, more crypto industry leaders are postulating that it is only a matter of time before other assets like XRP and Solana (SOL) will secure related products as well.
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