Robert Steinadler, 19 days ago

Ripple CEO optimistic: SEC case could be resolved this summer

Ripple’s CEO Brad Garlinghouse made a couple of remarks while he visited Davos and shed some light on the ongoing lawsuit between the SEC and Ripple. The ongoing feud had a devastating impact on both Ripple and XRP. Needless to say, investors and the XRP community are eager for a resolution of the case.

What had Garlinghouse to say, and what could be the result for Ripple?

The case is waiting for a resolution

It has become clear last year that the case would most likely be settled in court in Q2 2023. Garlinghouse confirmed this timeline in an interview with CNBC. Still, there is a margin of error and the court could settle the case at a later point in 2023.

The CEO also gave away that he has a good feeling that Ripple is standing on the right side of the law. This seems to be an unsatisfactory statement at first glance, but a man in his position must manage public expectations carefully. Garlinghouse is not the only voice in the crypto space who opined that Ripple has a pretty good chance that the judge will rule in its favor.

There were several battles during the trial that the SEC lost. Such as the question of whether the Hinman speech provided guidance regarding the question whether cryptocurrencies are considered to be securities or not.

Is XRP a security?

That is the question the court has to decide. The case was brought up in 2020 and came at a huge cost for Ripple as well as XRP. They lost access to the US market overnight and should the court rule that XRP is indeed an unregistered security, there will be no way back.

On the flip side, should Ripple win this case, this could potentially be a huge driving factor for XRP. US crypto exchanges would most likely reconsider listing XRP for trade. Most of them delisted XRP in the beginning of 2021 because they feared that the SEC would go after them for offering and selling an unregistered security to the public.

This situation is also reflected by the XRP price. Many investors are waiting for the decision before placing their bets. While the rest of the market had a blast since the beginning of this year, XRP is still lagging. This reveals that there is an opportunity at hand. Should Ripple win the case, then a situation could occur where XRP heavily profits from the news. On the other hand, the verdict could turn out to be a disaster, crushing the price further down.

Featured articles
Four trading strategies for crypto
Bitcoin and Ethereum: what are the differences?
What determines the Bitcoin price?
Related articles
China appears to want to tax crypto

Feb 02, 2023

China has taken a small step towards cryptocurrency regulation with the implementation of a 20% tax on crypto transactions. This signals that the country is slowly reevaluating its hostile stance towards crypto.

Trade anytime, anywhere

Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app.

  • 2525 Ventures B.V.
  • 3014 DA Rotterdam
  • The Netherlands
More info
  • About LiteBit
  • Careers
  • Support
  • Sell
  • News
  • Education
  • Affiliates
Subscribe for updates

Sign up to stay informed via our email updates

Subscribe
Explore popular coins
© 2023 LiteBit - All rights reserved