The XRP market is slipping as attributes such as network-related fundamentals, global crypto global economics, and price movements deter bulls from going non-linear. Just after a rally from $0.33 to around $0.44 in January, the XRP price has since nullified the dramatic rise, plunging to $0.38 today. Nonetheless, a breakout cannot be explicitly ruled out, as the asset could blow from the multi-year convergence. This article is all about the XRP price prediction and what investors need to know. Let’s take a look at it in more detail.
How has the XRP price moved in the last few days?
The XRP price, like almost all other cryptocurrencies, could already see a substantial increase in 2023. In January, it increased from $0.34 to $0.42. This sharp rise was followed by a modest price consolidation in the cryptocurrency market. The XRP coin has also decreased in worth to $0.38.
However, in the last one to two days, the market and thus the XRP price has risen again. This increased by a few percent and is now almost 0.38 dollars.
XRP’s Legal Battle Reaches Boiling Point with SEC
For more than two years, cryptocurrency investors have been closely following Ripple’s legal battle with the US Securities and Exchange Commission. It is becoming increasingly difficult to predict where the legal dispute will lead. In 2022, there were several indications that Ripple might be acquitted.
The bankruptcy of FTX has shifted the tide slightly. As a result, the FTX token was classified as a security, allowing FTX and founder Sam Bankman-Fried to face legal action. This classification could set a precedent for many altcoins to be classified as securities in the United States in the future. This would primarily affect the XRP cryptocurrency.
Furthermore, in recent weeks, the SEC has been adamant about punishing crypto companies that violate regulations. Coinbase was fined for its staking services, and stablecoin operator Paxos was fined for abandoning BUSD.
Could the XRP coin become worthless soon?
During the 2017/2018 bull market, the XRP coin was at its peak. At the time, the coin had risen to second place in terms of market capitalization, trailing only Bitcoin, and was worth more than $5 at times. Many investors believe that the XRP price will return to this level during the next bull market.
During the previous bull market, the legal dispute prevented this, among other things. If Ripple prevails in the dispute, the XRP price could skyrocket once more. However, if the Ripple founders were found guilty, investor confidence would plummet and the XRP coin would drop like a stone.
SEC vs. XRP: What Investors Need to Know
If the SEC agreed in writing ✍️ ongoing and future sales of #XRP by @Ripple are NOT sales of securities AND also agreed that secondary market sales of #XRP by any person or entity (ie exchanges) will NOT be sales of securities, I’m confident 10/10 lawyers advise settlement.— John E Deaton (@JohnEDeaton1) February 23, 2023
As the continuing legal battle between blockchain payments company Ripple Labs Inc and the United States Securities and Exchange Commission (SEC) draws nearer its outcome, concerns about a settlement of the dispute between the two are taking the limelight. Major crypto advocate and attorney John Deaton recently posted a key situation that may help in a swift resolution between both parties, should the option crop up.
On Twitter, Deaton mentioned that he is convinced that the firm’s lawyer will strongly advise a resolution if the SEC accepts in writing that both present and future XRP sales are not securities.
A settlement could be a major boon for both the SEC and Ripple, but the cost to the regulator could be slanted adversely. The Gary Gensler-led commission’s core thesis is that the sale of XRP was unlicensed security, and asserting in writing that this is not the scenario may subvert the regulator’s integrity in the relatively broad financial sector.
The SEC is exploring a couple of lawsuits, such as those involving Kraken and Paxos Trust. The standard set by Ripple will be extremely crucial in potential disciplinary actions, making the authority think long and hard before agreeing to a settlement.
Although all paperwork in the legal fight between Ripple Labs and the United States Securities and Exchange Commission (SEC) has been presented and all eyes are now on Justice Analisa Torres’ judgment, there has been a new movement with possibly major consequences. Forbes reporter Dr. Roslyn Layton has submitted an application to interact, asking for the court availability to the Hinman speech records.
So, here are five points that investors may want to know about the ongoing legal battle between the SEC and XRP:
- The SEC has filed a lawsuit against Ripple Labs, the company behind XRP, alleging that the cryptocurrency is a security and that Ripple sold it to investors without proper registration. This has led to a lot of uncertainty around XRP’s status and future, as it could potentially be subject to penalties and fines if the SEC’s case is successful.
- As a result of the SEC lawsuit, several major cryptocurrency exchanges have delisted XRP or suspended trading of it, including Coinbase and Binance US. This has caused XRP’s price to drop significantly, although it has since recovered somewhat.
- Ripple has argued that XRP is not a security and that the SEC’s case is based on a flawed interpretation of the law. The company has also accused the SEC of unfair treatment, claiming that other cryptocurrencies like Bitcoin and Ethereum have been given more leeway by the regulator.
- The legal battle between Ripple and the SEC is likely to be a drawn-out process, with no clear timeline for resolution. This means that XRP investors may be in for a period of uncertainty and volatility, as the outcome of the case could have significant implications for the future of the cryptocurrency.
- Despite the legal challenges, some investors and analysts remain bullish on XRP’s long-term prospects. They point to its unique features, such as fast transaction times and low fees, as well as its potential use cases in cross-border payments and other areas. However, much will depend on the outcome of the SEC lawsuit and whether XRP can regain its footing in the cryptocurrency market.
How to Buy XRP?
Many exchanges sell the XRP token. Taking into consideration the biggest, here’s a list that we at CryptoTicker recommend:
If you are trading CFDs, eToro is a good alternative to buying the actual tokens and trading the price differences instead of worrying about the safekeeping and security of cryptos.
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