In the ever-chaotic realm of cryptocurrency, Ripple is bracing for a legal tussle with the SEC. Crypto Cheeky, a prominent YouTube channel celebrated for its crypto insights, recently dissected the impending showdown and its potential impact on Ripple (XRP).
The lawsuit that had ensnared XRP in the quagmire of security classification ambiguity has pivoted decisively in Ripple’s favor. This legal win not only disperses the shadows of uncertainty but also unfurls two avenues of promise.
Firstly, whispers within the crypto sphere hint at Ripple’s contemplation of an IPO. This strategic maneuver could be a watershed moment, opening doors to substantial capital and mainstream acceptance. The allure of an IPO holds the promise of elevating Ripple’s stature in the ever-evolving crypto landscape.
Secondly, speculation surrounds a potential SEC settlement. If realized, it could be a tonic, clearing the fog of regulatory ambiguity around XRP. This could rekindle investor confidence, potentially fueling an ascent in XRP’s market value.
Ripple’s legal journey intersects with the SEC’s case against Coinbase, a major U.S. crypto exchange. The SEC’s allegations against Coinbase have raised eyebrows, given its earlier IPO approval. Ripple may seek to leverage the Coinbase case as a precedent for its own IPO ambitions.
However, John Deaton, representing XRP holders, urges caution, suggesting that a Ripple-SEC settlement hinges on a pivotal ruling in the ongoing Coinbase vs. SEC case, possibly leading to the dismissal of certain SEC claims.
My God, every time I start thinking the @SECGov can’t possibly do more to fail as an institution, it proves me naive. The SEC has become the single greatest consistent threat to retail investors. https://t.co/H8dg2Bq6Sn
— John E Deaton (@JohnEDeaton1) September 25, 2023
Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, has put SEC Chairman Gary Gensler in the spotlight. Gensler’s elusive responses and criticism of the crypto sector have sown seeds of doubt. His cryptic Fed Speak style has raised questions about his leadership at the SEC.
The current value of XRP (XRP) is $0.506886. It has gained trading activity with a volume of $709.6M in the last 24 hours. Over the period, XRP has shown a price increase of 1.95% although it slightly dipped by 0.14% in the past week. With 53 billion XRP units, in circulation the market capitalization of XRP amounts to $27B.
Amidst this legal tapestry, lawsuits against Gensler and the SEC are multiplying. Concerns about the agency’s recent policy decisions have stirred criticism from legal experts, lawmakers, and even SEC commissioners. As the crypto community eagerly anticipates the New York City celebration , the resolutions of these legal sagas and their impact on Ripple and XRP remain subjects of intense scrutiny and speculation.
