XRP prices seem to have reached a block as the entire crypto market struggles to increase in prices. The year 2023 has been positive so far, and an adjustment lower was inevitable. However, the battle of Ripple with the SEC is nearing its end and the results are turning out to be in Ripple’s favor. Who will win the lawsuit Ripple or the SEC? And how will this affect XRP prices? Will XRP reach 1$?
What is Ripple Company?
Ripple is a blockchain-based payment protocol and cryptocurrency that was created in 2012. Its primary goal is to facilitate cross-border payments and transactions using its own digital currency, XRP. Unlike Bitcoin and other cryptocurrencies, which use a decentralized network of computers to validate transactions, Ripple uses a centralized system called the RippleNet to verify transactions. RippleNet is a network of financial institutions and banks that use the Ripple protocol to send and receive payments. Ripple has gained popularity among banks and financial institutions due to its ability to facilitate fast and cost-effective cross-border payments.
Why does Ripple have a lawsuit with the SEC?
In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, the company behind Ripple, alleging that the company had conducted an unregistered security offering by selling XRP to investors. The SEC claims that XRP is a security, and therefore subject to federal securities laws. The lawsuit is significant because it could have far-reaching implications for the cryptocurrency industry as a whole.
Ripple has denied the SEC’s allegations and has argued that XRP is not a security but rather a digital asset used for payments. Ripple’s defense has also argued that the SEC’s case is flawed because the agency did not provide clear guidance on whether XRP was a security or not before filing the lawsuit. Additionally, Ripple has claimed that the SEC’s actions have caused harm to XRP holders and have damaged the company’s reputation.
The lawsuit is ongoing, and the outcome is uncertain. However, the case has already had an impact on Ripple’s business, with several cryptocurrency exchanges delisting XRP from their platforms following the lawsuit’s announcement. The case has also raised questions about how the SEC will regulate cryptocurrencies and whether other digital assets will be subject to similar scrutiny.
What’s New with Ripple and the SEC lawsuit?
During a recent Bloomberg Television interview, Brad Garlinghouse, the CEO of Ripple Labs Inc., stated that the lawsuit brought against his company by the US Securities and Exchange Commission (SEC) is a critical issue that will affect the entire cryptocurrency industry, and he expects a decision on the matter to be made later this year. He also expressed his belief that the SEC’s increased enforcement actions in the cryptocurrency sector are preventing the United States from keeping up with other countries in terms of establishing effective cryptocurrency regulations.
Garlinghouse noted that the SEC’s lawsuit alleges that Ripple and its top executives misled XRP investors by failing to register the digital asset as a security and provide adequate disclosure. In response, Ripple filed a motion seeking to dismiss the lawsuit, claiming that XRP is not a security subject to SEC authority, and Garlinghouse reiterated that XRP is not a security, but rather a means to solve cross-border payment issues.
According to CoinMarketCap.com data, XRP is currently the sixth-largest cryptocurrency, with a market value of about $19 billion. The token experienced a minor drop of less than 1% to 38 cents on Thursday, but has risen around 9% since the beginning of the year.
Ripple Price Prediction 2023: Will XRP Price reach 1$?
It is clear that XRP prices are awaiting the lawsuit results in order to either skyrocket or crash. Prices can still go either way depending on the verdict. If Ripple wins the lawsuit or even settles, XRP is bound to increase further and outperform the crypto market. Reaching 1$ shouldn’t be a problem for XRP.
However, if Ripple company receives heavy fines, XRP can drop further towards the previous crash price of around $0.20.
How to Buy XRP Coin in 2023?
Bitfinex is a good exchange that offers XRP coin as an option to buy and sell. You’ll always be in charge of your XRP holdings. You can start buying and selling right away by simply purchasing XRP on Bitfinex or adding XRP tokens to your Bitfinex account from an external wallet. To start right away, create a Bitfinex account here.
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