XRP Price Surges As Rumors Of Settlement With SEC Surface• March 29, 2023 10:52 pm • Comments
As the long standing case between Ripple and the SEC continues to drag on, the price of XRP has surged significantly in the past few days thanks to rumors of a potential settlement between Ripple and the SEC.
In fact, the price surge had enabled the XRP price to go beyond 50 cents which was the highest that it had ever been since October.
Of course, there is no official news yet on if a settlement will actually occur or if the case will have to be escalated all the way up to the Supreme Court.
It is expected that a settlement will remove all ambiguity on whether or not XRP is considered a security as well as many other digital assets in the crypto markets.
As a result, it is important to examine the recent progress on the case and any current actions that the SEC or CFTC is taking right now in order to better predict the outcome.
🚨‼️XRP dips after massive rally fueled by rumors of a positive outcome in the Ripple-SEC case. A decision is expected soon and could lead to a surge in the altcoin's value. #XRP #Ripple #SEC #Crypto pic.twitter.com/EjpLNz8t2Q
— Crypto News (@crypto_bookworm) March 25, 2023
CoinMarketCap data shows XRP is currently trading at $0.5364, up 13% in the last 24 hours and increasing 16% in the last seven days.
While a settlement is not a sure thing, it could have a significant impact on the price of the crypto, removing the regulatory uncertainty that has been weighing on the asset’s value.
However, reports suggest that Ripple Labs is now in talks with the SEC to resolve the case. If a settlement is reached, it would likely remove the doubts surrounding the coin’s legal status, leading to increased confidence and demand for the digital asset.
The XRP community will undoubtedly be closely monitoring the legal proceedings in the coming weeks and months. Ripple Labs has been making significant strides in expanding the use cases for its native token, including partnerships with major financial institutions and central banks.
Most recently, it seems that both the SEC and the CFTC are starting to take regulatory action on other digital assets besides XRP.
This could technically level the playing field as it means that XRP is not the only asset that is being targeted by regulators.
On the other hand, it does mean that a lot of growth and innovation for the crypto industry within the US could be slowed down or blocked.
Either way, Ripple has already positioned XRP to be a valuable asset that will be used in many regions outside of the country so the lawsuit does not define the success of the ecosystem.
Settlement in #Ripple's favor will do unimaginable good to #XRPhttps://t.co/uNuZQxw1nH
— XRPcryptowolf (@XRPcryptowolf) March 29, 2023
When asked whether this lawsuit fueled XRP’s recent gains, he said the following:
“Unsure if there is a direct correlation, but an aggressive stance from regulators against the broader industry does make XRP look more acceptable,” said DiPasquale, meaning that “the shadow of the SEC doesn’t appear as damning anymore.”
Regardless, government agencies aren’t doing the crypto industry any favors through their current regulatory approach, said Rossow.
“We are still seeing regulators ‘teach’ through enforcement, rather than simply being clear and concise about what they expect,” he stated.
Since March 20, $XRP is up 50% 😮
It's linked to Ripple-SEC court case settlement rumors. Huge volumes but no official confirmation.$XRP is pumping after breaking out from the ascending triangle pattern. $XRP went up 15% in price ✌️https://t.co/XZvtMJIz6w pic.twitter.com/uZyW4T37En
— 💎GEM INSIDER💎 (@gem_insider) March 29, 2023
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