The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the digital currency XRP parent company, has taken an unexpected twist. According to CrediBULL Crypto, the recent developments suggest that Ripple is inching closer to a settlement with the SEC, potentially marking the end of a long-standing dispute that has cast a shadow over the cryptocurrency market.
Another major loss for the SEC in SEC Vs Ripple.
— CrediBULL Crypto (@CredibleCrypto) October 19, 2023
Next likely comes a settlement. Ripple pays a fine and this chapter is closed.
Meanwhile, through it all, $XRP has remained a Top 5 coin by marketcap- proving that it has staying power and that the markets value XRP far more… https://t.co/p99iYbRPcf pic.twitter.com/YMfOAxJxpe
The SEC vs. Ripple lawsuit has been a focal point of the cryptocurrency industry, with both sides fiercely defending their positions. However, recent events have shifted the tide in favour of Ripple. According to CrediBULL Crypto, the crypto community witnessed another significant loss for the SEC in this legal battle when the SEC dropped all charges against Ripple’s executives, CEO Brad Garlinghouse and co-founder Chris Larsen. This turn of events has raised hopes for a potential settlement in the near future, with Ripple likely agreeing to pay a fine to put the matter to rest.
One thing has remained constant throughout the turbulent legal battle: XRP’s resilience in the cryptocurrency market. Despite the uncertainty and regulatory scrutiny, XRP has managed to maintain its position as a Top 5 coin by market capitalization. This resilience underscores the market’s confidence in XRP and its underlying technology, RippleNet. It’s a testament that the crypto community values XRP far more than some might admit.
If history has taught anything about the cryptocurrency market, it’s highly cyclical. Digital assets often experience substantial price surges when the markets heat up again. With the SEC lawsuit potentially nearing its end, XRP could be poised for a remarkable resurgence.
A recent report from Santiment revealed a promising sign for XRP’s future. Despite most altcoins facing declining prices, XRPLedger saw a notable increase, surpassing the $0.53 mark after a 10-day lull. This surge could be attributed mainly to the so-called “smart money” tiers, which include holders with holdings ranging from 10,000 to 10 million XRP. Astonishingly, this group holds a substantial 29.5% of the total XRP supply. At press time, XRP is changing hands at $0.5139, a 7.11% surge in the past 24 hours.
