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Specifically, a panel of 36 fintech experts has analyzed XRP and expressed their expectations that the token could be worth $2.55 by December 2022, provided that Ripple wins or settles its lawsuit with the United States Securities and Exchange Commission ( SEC ), as per a Finder report from May 4. it seems certain that XRP will be declared a non security. This legal action caused the XRP price to plummet from around 0.70 U.S. dollars to 0.20 U.S. dollars. document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()); Get the latest Crypto & Blockchain News in your inbox. A win for Ripple may be bullish for XRP and vice versa. The author will not be held responsible for information that is found at the end of links posted on this page. This cookie is set by GDPR Cookie Consent plugin. A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Yes, it looks extremely likely that Ripple will either win the lawsuit at summary judgement, or settle favourably before then. No consumer protection. Ripples Chief Legal Officer expects the payment giants win in the US financial regulators lawsuit against the cross-border settlement firm. The ledger uses an efficient consensus mechanism, which paves the way for fast, low-cost transactions. Its value resides in its fast processing speed. The current method of transferring money across countries uses something called swift. of the Ripple case and then he may go after, Click to email a link to a friend (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Ripple and the SEC were recently allowed to re-brief the court, a win on fair notice could save the industry from the SEC, FlexTrades FlexONE captures Best Buy-Side OMS award, Saxo Bank reports higher FX volume for February 2023, Bitso launches Mastercard-backed crypto card in Mexico, HSBC and Nationwide block transactions with crypto exchanges. What happens if Ripple wins the lawsuit? 1125 N. Charles St, Baltimore, MD 21201. This case continues to produce encouraging signs of a favorable end for Ripple. You also have the option to opt-out of these cookies. The outcome of the SEC case will have consequences not only for XRP but for BTC, ETH, and the entire crypto community. My understanding is the SEC seized 98% of the Veri tokens. It does not store any personal data. The agency first launched into a lawsuit in December against Ripple Labs' CEO Brad. Regardless of the XRP lawsuits result, cryptocurrency regulation needs to be clarified so the industry can progress. Ripple goes public and immediately becomes one of the most valuable FinTech companies in the world, replacing SWIFT. The SEC would be in a common enterprise with all the XRP holders. An Investment of Money: The Howey Test requires that there must be an actual transfer of funds in exchange for an investment opportunity. Bitcoin Price and Ethereum Prediction: Can BTC Continue to Soar Above $24,000 and What's Next for ETH? The XRP price has fallen by 7% in the past 24 hours, dropping to $0.452427 amid a generalized fall in the wider cryptocurrency market. Even though US citizens have limited opportunities to transact XRP on local exchanges, the token is not without support outside the US. In addition, the SEC is also in the hot seat with Senator Elizabeth Warren. Two words might well decide the regulatory future of cryptocurrency. The high degree of leverage can work against you as well as for you. The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. If Ripple wins the lawsuit, it will not have to pay out an additional 1.3 billion dollars, allowing it to continue working on projects. Ripple is now confident of a win against the US financial regulator. The SEC complaint also holds accountable Christian Larsen, Ripple co-founder, and Bradley Garlinghouse, the current Ripple CEO, citing that they made significant gains in the process. Are Payment Cards To Face The Same Fate As Cash In The Virtual Age? If Ripple goes down, the SEC then has the precedent to address other digital decentralized assets. The allegations have stifled XRPs price, which struggled to match its competitors during previous market cycles due to the fear, uncertainty, and doubt the case caused. With Ri More international banks adopt. The cookies is used to store the user consent for the cookies in the category "Necessary". If #XRP were to hit $5, Ripple could sell 10% of the monthly unlocked escrow and pay a settlement / fine totaling as high as $500 million providing Gensler with a big public victory & bragging rights. John Deaton explained why the worry. At the very least, XRP's decline today may be disappointing, but it offers the chance to buy the altcoin at a discount before it begins to make serious gains. Although the situation looks grim, a turnaround into the US session could happen again with Cronos price back up around $0.08 near Fridays close. Ripples expansion plans are in place for a win in the SEC lawsuit. The legal battle between Ripple and the SEC began in late 2020, when the regulator filed a lawsuit against the company. No matter where you live, the outcome of the Ripple lawsuit will impact how crypto is taxed and regulated in your own country. He stated, If XRP is found to be a security, the SEC would say that exchanges should have known. If that happens, exchanges that operate within the US will face changes as side effects from the ongoing conflict with the SEC. However, the financial-oriented payment network increased its market cap during the emerging bull run. In the latest development in the legal battle between XRP investors and Ripple, the company has filed a new motion to dismiss the class-action lawsuit entirely. As seen in the chart above, the Relative Strength Index (RSI) is close to the oversold region. But in the end, it might not even matter. Funds is a somewhat loose term which could refer to crypto and fiat currency. As Millennials and Gen Z become the dominant consumer class, the way payments are made is changing. Binance has continued to remain committed to increasing the adoption and mainstream accessibility of crypto and we are excited to be taking this step in making access to digital assets effortless for more Africans., There is a massive opportunity to provide huge gains in efficiency to wealth management clients due to the failures of existing players in this market.. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Will Ethereums ERC-4337 deployment catalyze ETH price recovery after Silvergate FUD? Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. With an expectation of profits: The investor expects profits, meaning that they buy the security in the hope of earning a return on their investment. Ripple Labs would also be required to pay fines and penalties, and XRPs price would likely suffer because of the networks damaged public reputation. Ripple and other parties have since countered with claims that the SEC is biased in its assessment. RSI currently reads 36.12. The latest development in the proceedings has nearly 13 documents being pulled out of public view. In a part of his Axios interview that wasn't aired by HBO on March 7, Ripple CEO Brad Garlinghouse mentioned that his company may move out of the U.S. if it loses its much-talked-about legal battle with the U.S. Securities and Exchange Commission. The price of Bitcoin reached its highest peak of over $58,000, and other prominent altcoins such as Ethereum and Binance Coin capitalized on the market growth. Of course, the real interest lies in predicting by how much it will surpass its former ATH, although reaching $3.40 alone will equal a 660% gain. The Ripple/SEC lawsuit: Filing ends Both the SEC and Ripple Labs, the company behind the ripple ( XRP) cryptocurrency, had until 30 November 2022 to submit a reply in support of their summary judgment motions, which were made public on 2 December 2022. The crypto industrys biggest regulatory case started in 2020 when the SEC accused Ripple Labs of successfully raising over USD 1B through sales of XRP tokens. Most recently, MoneyGram has announced it will halt its partnership with Ripple, and the use of its XRP token, after the SEC launched its lawsuit. They insist that Garlinghouse and Larsen made misleading and downright untrue statements about the XRP token and failed to officially register the sale, making the offering a violation of federal securities laws. XRPLedgers native token XRP is currently trading sideways after a long-term downtrend. The cookies is used to store the user consent for the cookies in the category "Necessary". This move has also caused many altcoin traders to be caught off guard leading to $65 million in liquidations. On February 17, 2021, the Court issued an Orderapproving the Claims Process and Distribution Plan. Clarifying the same, Hynes added, "Winning on this motion does not mean the defense will win on trial. The reason is that even if XRP is deemed a crypto coin, regulation can still hit popular crypto exchanges such as Coinbase (NASDAQ:COIN). This website uses cookies to improve your experience while you navigate through the website. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. Although XRP suffered a loss of nearly 60% in price after the lawsuit began, it has recovered despite being subject to scrutiny in the US market and exchanges becoming wary of accepting XRP trades. Suppose the Supreme Court decides XRP is a security and the SEC wins the case. What Will Happen If Ripple Wins The Court Case? With the market as a whole down by 4% today, the XRP price has seen above-average losses, largely because it had enjoyed above-average gains prior to the current selloff (brought on mostly by pessimistic expectations surrounding an inflation report due today in the US). Because many nations look to the United States as a leader in this field, how it regulates crypto may be followed elsewhere. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. When the United States Securities and Exchange Commission filed legal action against Ripple Labs and its top-two executives in December, alleging that its XRP coin was in fact a security and that. DailyCoin is an online media outlet, with a focus to cover blockchain and crypto news, opinions, trends and helpful articles. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Needless to say, this is the best-case scenario, and it assumes another bull market on the scale of last year's, which certainly isn't a given right now. A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. If the U.S. government wants your money, they'll get it eventually. Doesnt make sense to me. You should do your own thorough research before making any investment decisions. If Ripple wins the case, exchange listing skepticism will be disregarded, and more XRP liquidity transfers will start in the US market. Article printed from InvestorPlace Media, https://investorplace.com/2021/07/even-if-ripple-wins-its-sec-lawsuit-the-crypto-ballgame-isnt-over/. The final judgment created a Fair Fund, so the penalty, along with the disgorgement and prejudgment interest, could be distributed to investors harmed by the Defendants conduct. This was highly bullish for XRP, and it was one of the main reasons why it began outperforming the market as a whole about a month or so ago.