Recent remarks by the CEO of Ripple have sparked speculation that the several-year legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) may be coming to an end, driving up the price of Ripple (XRP). At the same time, user activity on the Ripple network has also increased.
Although Ripple CEO Brad Garlinghouse was unwilling to comment specifically on the fact that the company is actively negotiating a settlement with the SEC in a recent interview with Bloomberg, he noted that he expected a "resolution" to the legal issue may be "in the short term." It will come out.
The U.S. SEC launched a lawsuit against Ripple in December 2020, accusing the company of violating the Securities Act by selling and issuing "unregistered digital asset securities (XRP)". In a ruling last July, District Court Judge Analisa Torres ruled that XRP was a token rather than a security when sold on retail digital asset exchanges; however, when sold to institutional investors, it was a "security ”.
In response to this long-short mixed verdict, Stuart Alderoty, Ripple’s legal director, recently issued a statement stating: “Although our entire case has not yet been completely concluded (still awaiting final judgment), the court’s ruling that XRP is not a security will not change (even if The SEC informed the court that it would not change this conclusion).”
Blockchain analysis platform Santiment pointed out that user activity on the Ripple blockchain XRP Ledger has increased recently, and the number of active addresses and new addresses reached the highest single-day level since March last Thursday.
While some cryptocurrency traders speculated that a closed-door SEC meeting scheduled for last Thursday could lead to a settlement, the meeting has been postponed to Thursday, July 25. Scheduled topics for the closed-door meeting include "initiation and settlement of administrative litigation," "resolution of litigation claims," and other matters related to "review and enforcement procedures."
CoinGecko market data shows that although the price of Ripple fell to a 14-month low of $0.42 on July 7, it has surged 40% in the past 2 weeks to about $0.59.
〈It is rumored that Ripple is going to settle with the SEC? The price of XRP has risen by more than 40% in two weeks, and clues are revealed in the CEO’s remarks> This article was first published on "Block Guest".
