Ripple vs. SEC Heats Up: XRP Lawsuit Nears Resolution, But Stablecoin Faces Scrutiny
The legal battle between Ripple Labs and the SEC is nearing its conclusion, with both sides having filed their key arguments. Ripple's Chief
Arslan Butt•Thursday, May 9, 2024•1 min read
The legal battle between Ripple Labs and the SEC is nearing its conclusion, with both sides having filed their key arguments. Ripple’s Chief Legal Officer, Stuart Alderoty, expressed optimism about a swift resolution, while criticizing the SEC’s approach to the case.
Key Points from the SEC’s Filing
- Financial Harm: The SEC argues that Ripple’s XRP sales caused financial harm and justifies an injunction to prevent future violations.
- Reliance on XRP Sales: The SEC highlights Ripple’s dependence on XRP sales, suggesting a continued risk of future violations.
Alderoty’s Rebuttal
- Following the Law: Alderoty accuses the SEC of failing to consistently apply regulations and misleading the judge.
- International Recognition: He criticizes the SEC’s disregard for international financial regulations regarding XRP.
XRP Price Gains Amidst Legal Uncertainty
Despite the ongoing lawsuit, XRP’s price has seen a slight increase in the past 24 hours. Analysts predict a potential surge in the coming years, fueled by several factors:
- Ripple’s Stablecoin Launch: The upcoming stablecoin, pegged to the US dollar, could attract new investors and increase XRP adoption.
- Strong Community Support: XRP enthusiasts remain confident in the long-term potential of XRP, with some predicting a price jump to $3 or even $5.
Looking Ahead:
- The XRP lawsuit is expected to reach a verdict soon, potentially impacting XRP’s price significantly.
- The success of Ripple’s stablecoin launch and overall market sentiment will also influence XRP’s future trajectory.
XRP Price Prediction
Some analysts predict a rise to $0.66 by June 5th, 2024. Technical indicators remain neutral, with a slight bullish bias.
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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