The lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple has taken a new turn after financial regulatory experts said that the price of XRP is influenced by the price of Bitcoin and ETH 90% of the time.
Crypto Lawyer Bill Morgan Has share A screenshot of the statement on Twitter, noting that it refuted the SEC’s claim that Ripple’s efforts affected XRP’s performance.
According to him, the claim that Ripple controls the price of XRP is not true, as Bitcoin price movements usually affect the volatility of other cryptocurrencies.
He also noted that the SEC said in its summary ruling that Ripple took several steps to prop up the price of XRP. But they don’t prove that the action worked, as the regulator just wants to show that XRP buyers and holders want to profit from Ripple’s efforts.
Still, according to Morgan, the SEC can accurately identify investors based on Ripple’s efforts. But this effort is not an attempt to trade or sell XRP.
Instead, it’s the company’s legal effort to defeat the SEC lawsuit. Morgan noted:
“Not the effort the court had in mind in the Howey case.”
lawyer Support XRP Share Opinion
XRP Advocate Jeremy Hogan share Your thoughts on new developments. According to him, the judge could rule all XRP sales since mid-2018 to be non-securities if she wanted to “make a partially mutually beneficial ruling.”
That’s because experts at the SEC have acknowledged it. This means that Ripple only needs to pay a reasonable fine and continue doing business, since it is clear that XRP is not a security.
“Maybe Coinbase will only sell Bitcoin and … XRP next year.”
SEC and Ripple lawsuit could last until 2026
Meanwhile, new disclosures add drama to the SEC and Ripple lawsuits in late 2020.
Predictions that the judge would grant summary judgment by March 31 fell through, leading many to expect the case to drag on for longer.
Hogan believes the case could drag on until 2026, depending on how the judge decides on the current case. Since the parties can appeal the decision, any appeal could take the case to the U.S. Supreme Court.
Ripple CTO Compares XRP to Coconuts
Ripple’s Chief Technology Officer (CTO) David Schwartz clarify He’s been asked a lot lately about one important thing – “should I build something that only works with XRP?”.
Perhaps surprisingly, but his answer was “no,” Schwartz also likened XRP to a coconut. According to him, unless we are talking about XRPL functionality, developers should not create decentralized applications and other products that only work with XRP, developers should choose the widest possible range of assets.
“No, it works with anything that works.”
Schwartz’s rationale for this stance is that an XRP-only product could lead to a loss of interest in the future. But he and Ripple want XRP to serve as many people as possible.
There are a lot of platforms and products out there that don’t integrate XRP right now, and they’re going to have a hard time when/if they decide to change. So the product should work with various cryptocurrencies so they can easily add XRP to their ecosystem if necessary.
“This will attract more people to the technology and make people have a better user experience from the technology. If you can use XRP even if it doesn’t work, then you can easily use it when XRP works.”
at the end Wire, the chief technology officer compared XRP to a coconut, which is notoriously difficult to open. Therefore, in order to make coconuts popular, there should be a “wide-selling weapon” that can not only open coconuts, but also “use many other foods”.
Ripple greater than 0.5 Dollar
XRP broke through $0.51 for the second time this week after gaining 0.53% in 24 hours.
Ripple’s digital asset is up 31% over the past 30 days, outperforming other top assets such as Bitcoin, ETH and ADA, which are up around 20% each.
XRP price chart 4 hours | Source: Tradingview
At the same time, according to data Following the Lunar Crush, XRP’s social dominance has dropped significantly from its highs in previous weeks.
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According to Kyptos