The legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) may come to an end soon, with a ruling expected in the coming weeks. In 2020, the SEC accused Ripple Labs and two of its executives of raising more than $1.3 billion in 2013 by selling XRP as an unregistered security token.
ask one #ripple victory in #SEC Lawsuit kicks off #Altcoins season? https://t.co/NzuMNJ7VND
— Kyptos (@azcoinnews) March 30, 2023
On March 27, U.S. Attorney John E Deaton predicted that a ruling in the case would come soon, possibly even within the next week. Former U.S. prosecutor and federal prosecutor James Filan also said he expects a summary judgment between Ripple and the SEC to be made by the end of March.
Many are currently concerned about the impact of the final ruling on XRP and altcoins. Ben McMillan, founder and chief investment officer of IDX Digital Assets, said, “The ruling could significantly shake XRP prices and the broader altcoin market.” He went on to predict that, depending on the outcome, XRP could rally more than 100% or retest below 0.30 Dollar.
Matthew Sigel, head of digital asset research at asset management firm VanEck, explained that XRP has rallied sharply recently because Ripple is likely to win the case or the court will issue a summary judgment. If Ripple wins, XRP could rise around 15-30%. Additionally, Sigel predicted that depending on the specifics of the ruling, Ethereum could rise by 5% and other altcoins could rise by 10% or more.
McMillan also predicted that this decision will affect the entire market, not just XRP.
“Given the SEC’s stance that all cryptocurrencies except Bitcoin are securities, there will be a ‘risky’ bull run across the crypto ecosystem and a dangerous return of investor sentiment”.
Attorney John Deaton argued that even if the SEC wins, Ripple will appeal and the price of XRP will remain the same. The industry also expects Ripple to shed light on the jurisdictional dispute between the SEC and CFTC. SEC Chairman Gary Gensler claimed jurisdiction, saying most cryptocurrencies other than Bitcoin are securities, while the CFTC recently filed a lawsuit against Binance, calling Bitcoin, Ethereum, and Litecoin “commodities.”
McMillan expects a positive impact on the crypto market, saying:
“The ruling in the Ripple case will provide the industry with some clarity on the long-awaited and much-needed ‘Cryptocurrency Jurisdiction’.”
Ripple price chart | Source: Tradingview
At the time of writing, XRP is currently trading at around $0.537, up 5.8% from the previous day and 28.83% from a week ago. Investors and industry players alike are eagerly awaiting the final verdict and the potential impact it could have on the market.
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Mr. teacher
according to Kyptos
