2022-10-18 18:00 |
Ripple (XRP) has little to no volatility or gains to offer HODLers and investors as its battle with the SEC continues, despite being the sixth-largest crypto by market capitalization.
XRP price and XRP HODLers’ bags have been at the mercy of the direction that the Ripple vs SEC case takes. Amid legal battles, XRP’s price is down 85.75% from its all-time high of $3.40 made in 2018.
Nonetheless, as Ripple continues to fight an almost two-year-long legal battle with the Securities and Exchange Commission (SEC) in the U.S., numerous predictions and anticipations have been in place for XRP’s future.
Is Ripple XRP a Security?It won’t be a stretch to say that XRP’s fate and its price would be largely governed by the narrative around Ripple’s legal battle with SEC. In the past, too, XRP price has moved in tandem with the developments around the case.
Whether the SEC will tag XRP as a security is one crucial question that can overturn XRP price action going forward. If XRP is deemed a security, the coin could fade away and lose ground even more.
Historically, coins and tokens being deemed security hasn’t acted in the favor of their price movement. One such example was when KIK’s Kin token suffered massively in terms of price as well as market cap during the long fight against the SEC. KIK was also forced to close its app leaving over two million users behind as their legal battle unfolded.
For now, while the current updates around the Ripple vs SEC case suggest that there’s little chance for XRP to be classified as a security, if it were to happen, purchasing XRP would mean the same as buying a share in Ripple.
At press time, with no SEC vs Ripple case updates, XRP price moved in accordance with the larger market blues. XRP traded at $0.4721 at the time of writing presenting 1.03% daily and 3.67% weekly losses.
Demand Could Play a Key Role in Price ActionFor now, the Ripple vs SEC case continues to produce encouraging signs of a favorable end for Ripple which in turn would boost XRP price action.
After the SEC refused to turn over the Hinman speech-related documents despite numerous Court decisions going against the U.S. regulator, the decision appears to tip more toward Ripple’s side.
Almost a week ago, Judge Torres granted Ripple permission to present two amicus briefs even though the SEC had opposed the move.
I am happy to announce that I was 100% absolutely wrong as to what Judge Torres would (should) do as she grants both requests to file Amicus Briefs.
And both motions were granted without comment as to the SEC's objections.
P.S. Where is @FilanLaw ? https://t.co/8Nzvo45itN
Furthermore, in an Oct. 15 Tweet, Brad Garlinghouse called out the SEC saying that the regulators have shown no concerns for companies or individuals that its lawsuit against the XRP token would harm.
Seemingly XRP’s fate is tied to the case and if the case turns in favor of Ripple, XRP’s price is expected to at least pass its 2018 ATH of $3.40.
If Ripple wins, some XRP HODLers expect the coin to reach $100 per coin after 2027. However, the same would be a rather unrealistic scenario as XRP’s price growth would depend on macroeconomic factors and not just social and retail euphoria stemming from the legal victory.
From the current price levels, XRP’s run to its previous ATH alone would give HODLers over 650% gains. However, hopes of overnight price gains could be too optimistic if not unreal.
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The post Will Ripple Beat the SEC in Court? How Both Outcomes Can Impact XRP Price appeared first on BeInCrypto.
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