The legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) may soon come to an end, with a ruling expected within the next few weeks. The SEC indicted Ripple Labs and two of its executives in 2020 for raising more than $1.3 billion through the unregistered security token XRP in 2013.

U.S. Attorney John E Deaton took to Twitter on March 27th to predict that a ruling on the lawsuit would be announced soon, possibly even within the next week. James Filan, a former U.S. federal prosecutor and attorney, also stated that he expects a summary judgment between Ripple and the SEC to be reached by the end of March.

Many are now focusing on the impact that the final ruling will have on XRP and altcoins. Ben McMillan, Founder and Chief Investment Officer of IDX Digital Assets, told Blockworks that “the ruling could significantly shake XRP prices and the broader altcoin market.” He went on to predict that, depending on the outcome, XRP could either rise more than 100% or retest below $0.30.

Matthew Sigel, head of digital asset research at asset management firm VanEck, explained that XRP has recently rebounded significantly as it is likely that Ripple will prevail or the court will hand over a summary judgment to trial. If Ripple wins, XRP could move in the range of 15-30%, he said. Sigel also predicted that depending on the specifics of the ruling, Ethereum could move 5% and other altcoins could move 10% or more.

McMillan also predicted that the decision would affect the market as a whole beyond XRP. “Considering that the SEC has taken an aggressive stance by considering all cryptocurrencies except Bitcoin as securities, the entire cryptocurrency ecosystem will see a ‘risk on’ rally in which risk investor sentiment is restored,” he said.

Attorney John Deaton argued that even if the SEC wins, Ripple will appeal and the price of XRP will be maintained. The industry also predicted that Ripple would provide a clue to the dispute over jurisdiction between the SEC and CFTC. SEC Chairman Gary Gensler claims jurisdiction, saying that most cryptocurrencies other than Bitcoin are securities, while the CFTC recently filed a lawsuit against Binance, naming Bitcoin, Ethereum, and Litecoin as ‘commodities’.

McMillan expected a positive impact on the cryptocurrency market, saying, “The Ripple lawsuit’s ruling will give the industry long-awaited and much-needed ‘cryptocurrency jurisdiction’ clarity.” At the time of writing, XRP is currently trading at around $0.54, up 5.8% from the previous day and 28.83% from a week ago. Investors and industry players alike are eagerly anticipating the final ruling and the potential impact it may have on the market.

#Ripple #RippleSEC #XRP #Altcoin #azcoinnews

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Unexpectedly, the XRP price has successfully overcome the local resistance level that had kept it at bay for the previous 53 days. If market sentiment stays good, this new event can open the door for the digital asset to gain ground and move upward.

An asset’s price travels within a constricting range with lower highs and lower lows in a downward price channel, like the one XRP was caught in. It is challenging for the asset to break free and transition into a new growth phase because this pattern has a tendency to put downward pressure on the asset’s value. Yet, once the price crosses the channel’s upper dividing line, it frequently denotes a potential trend reversal and the start of a bullish rally.

XRP/USDT 1 hour-chart on Binance | Source: TradingView

The fact that XRP has now been able to overcome the regional resistance level is encouraging for the short-term price performance of the coin. If the general market mood is bullish, this could result in more price growth.

Several things could potentially influence the upward movement of XRP. For instance, the continual work that Ripple is doing to improve its payment options and broaden its worldwide reach has been crucial in boosting investor confidence in the project. Positive developments in the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) could also benefit the market performance of XRP.

The price of XRP unexpectedly increased by 11%, outperforming the top 10 cryptocurrencies by market cap. Regarding daily gains, XRP is outpacing Bitcoin and Ethereum, up 0.62% and 2.87%, respectively.

XRP was trading at $0.427 at the time of writing, up 11% over the previous day. Around 8% has been added to XRP during the past two hours.

The sudden comeback happens just as XRP’s BTC chart bottoms out. After struggling for several weeks, XRP suddenly started to perform better in its Bitcoin pairing after hitting a low of $0.0000134 on March 20. XRP is now up 13% in comparison to Bitcoin. According to the RSI indicator, the XRP/BTC recovery trend may persist in the very short run, indicating that XRP may continue gaining ground on Bitcoin in the coming days.

#Ripple #RippleSEC #XRP #azcoinnews #crypto2023

This article was republished from azcoinnews.com

In a recent development in the ongoing regulatory battle over the cryptocurrency industry, Ripple CEO Brad Garlinghouse has called upon US lawmakers to address recent statements made by SEC Chair Gary Gensler. Garlinghouse has accused Gensler of overstepping his authority by asserting that the existing securities laws are adequate for regulating the crypto market.

In a tweet, Garlinghouse criticized Gensler’s approach, stating that “when you behave like an autocrat running a $2.2B bloated agency, why would you ever want to provide clarity about what’s ‘in or out’?” He also argued that decisions about the regulatory framework for cryptocurrencies should be based on legislation rather than personal viewpoints.

@azcoinnews

Gensler’s comments came after a House Appropriations Committee hearing in which he suggested that current securities laws were broad enough to encompass most of the activities occurring within the crypto market. He added that while Congress could act to provide further clarification, he did not believe that additional authorities were necessary.

Garlinghouse’s response is the latest salvo in the ongoing battle between Ripple and the SEC. In December 2020, the SEC filed a lawsuit against Ripple, alleging that the company’s XRP token was a security that had been sold without proper registration. The lawsuit has been closely watched by the crypto industry as it could set a precedent for the treatment of other cryptocurrencies.

The case has also sparked a broader debate about the appropriate regulatory framework for the cryptocurrency industry. While some argue that existing securities laws are sufficient, others believe that a new regulatory framework is needed to address the unique characteristics of cryptocurrencies.

In his tweet, Garlinghouse urged US lawmakers to take notice of Gensler’s comments and provide clarity on the regulatory framework for cryptocurrencies. He argued that without clear jurisdiction, ambiguity would masquerade as power, and that decisions about the regulatory framework for cryptocurrencies should be based on legislation rather than personal viewpoints.

#Ripple #RippleSEC #XRP #Garlinghouse #azcoinnews

This article was republished from azcoinnews.com

XRP, at one point rose to the level of being the second-largest cryptocurrency by total market value. However, it experienced a sharp decline and was unable to recover following the news of the lawsuit against Ripple Labs. XRP was delisted from many exchanges, and it has yet to regain its previous levels. But does this mean that all hopes for a price increase in XRP are completely lost? A prominent analyst, in a noteworthy tweet, emphasized that the situation is progressing in the opposite direction.

XRP Price Moves Against BTC

The price of XRP has gained 1.4% in the last 24 hours, and in fact, it has even managed to counter the decline seen in the crypto money market in general. XRP/USD, traded at $0.49, continued on its way with a 5% decline in 7 days. However, there are some promising developments for XRP investors. One of the well-known cryptocurrency analysts, Mr. Huber shared an important post on Twitter. Hube revealed that since the lawsuit filed by the SEC, XRP has gained 200% in value, especially against the leading cryptocurrency BTC. This superiority of XRP over BTC can certainly excite investors.

It appears that the analyst is actually highlighting the price movement that began from the bottom reached after the lawsuit was filed. Following the announcement of the lawsuit on December 22, 2020, the price of XRP experienced a sharp decline. However, according to the chart, it managed to rise from the point of its decline.

XRP Price Comments

XRP investors are eagerly anticipating exciting developments in the coming days, with particular emphasis on the beginning of the third quarter being critical. Renowned crypto analyst DefendDark has also made a statement on the matter. According to the video released by the analyst and their comments, XRP investors may expect price targets of $0.89, $1.73, and $3.39 in August. The analyst stated that the rally would begin with the breaking of $0.89, and $3.39 would be the ultimate bullish target.

Achieving such a rise for XRP may not be possible without a general altcoin bull market. However, reaching a favorable outcome for Ripple in the SEC and Ripple lawsuit would definitely create an independent rally effect for XRP.

XRP investors are eagerly awaiting news from this lawsuit as well.

#RippleSEC

#CryptoDeNostraDame

Matt Hamilton, a former director of developer relations, has taken on prominent YouTube blogger Mark Moss on XRP and Bitcoin.

Moss first questioned the XRP community’s bullish thesis, which he linked to the assumption that the cryptocurrency will be in demand because it “helps banks transfer money faster.”

The blogger frowns as they accept XRP instead of Bitcoin, the freedom currency. Yet, in Hamilton’s opinion, Moss does not fully comprehend XRP, as he openly asks. According to the former Ripple official, XRP is required to move value precisely without using banks. That is the entire idea of cryptocurrency, Hamilton concludes.

At the same time, Moss believes that the notion that banks or other significant financial organizations require XRP is absurd. Why would the Fed or IMF utilize XRP when they could simply build its own counterpart, such as FedNow?

Several followers were dissatisfied with the opinion and accused Moss of inciting discord in the crypto community when the industry is under growing regulatory pressure.

In contrast, the YouTuber believes that the crypto community should unite around technologies that promote private ownership and people’s power, like Bitcoin. Moss concludes that BTC is your bank while XRP is for banks.

#Ripple #XRP #RippleSEC #azcoinnews #azcoin

This article was republished from azcoinnews.com

On May 16, 2023, US District Judge Analisa Torres denied the SEC's request to seal documents related to a 2018 speech by former SEC Head William Hinman. In the speech, Hinman said that Bitcoin and Ethereum were not securities. The SEC accused Ripple of selling XRP as an unregistered security.

The SEC argued that the documents should be sealed because they were deliberative materials that could reveal the agency's thinking on the issue of whether XRP is a security. However, Judge Torres ruled that the documents were not protected by the privilege of deliberative process because they did not relate to an agency position, decision or policy.

The ruling is a victory for Ripple and could be a significant setback for the SEC's case. The documents that were unsealed could provide evidence that the SEC had no legitimate basis for its decision to sue Ripple.

Ripple CEO Brad Garlinghouse tweeted that the ruling was "another victory for transparency" and that it "should make it clear that the SEC's case against Ripple is without merit."

The SEC has yet to rule on the ruling.

#feedfeverchallenge #Ripple #RippleSEC #Ripplenews

Ripple was sued by the United States Securities and Exchange Commission (SEC) in 2020, alleging that XRP was sold as an unregistered security. In the recent ruling, Judge Analisa Torres concluded that Ripple's automatic open-market sales were not securities transactions. However, the judge ruled that Ripple's direct sales of XRP to institutional participants were considered securities offerings. This decision, based on the controversial Howey Test, favored Ripple and was notable for being grounded in the facts of the case.

The Howey Test and its Evaluation:

The Howey Test determines whether certain transactions qualify as investment contracts and fall under securities laws. Judge Torres' decision in favor of Ripple was based on this test, as she stated that there was no expectation of profit from buyers and those who purchased XRP due to not knowing who they were. Therefore, the judge's decision, rooted in the facts of the case and the Howey Test, is less likely to be overturned on appeal.

Attorney Jeremy Hogan and the Possibility of Appeal:

Pro-XRP attorney Jeremy Hogan expressed in a recent YouTube interview that Judge Torres' decision could withstand an appeal. According to Hogan, Judge Torres likely made her factual determinations in a way that the appellate court is unlikely to overturn. Her well-reasoned decision based on the facts of the case and the Howey Test forms a strong argument for the appeal stage.

Scope and Impact on XRP Holders:

Judge Torres explicitly stated in her ruling that XRP is not a security on the secondary market. This protects XRP holders from claims that XRP is a security. However, the judge emphasized that her ruling only applied to XRP and did not cover other digital assets. Therefore, while this decision is not binding for other digital asset holders, it could serve as a persuasive authority in similar cases in the future. #XRP #SEC #RippleSEC $XRP

In Summary:

The Ripple case and Judge Analisa Torres' decision have marked a significant milestone in the cryptocurrency market. This landmark decision in favor of Ripple based on the Howey Test is likely to withstand an appeal. While not binding for other digital asset holders, it could become an important reference point in similar cases going forward. Given the ongoing uncertainty surrounding the legal status of digital assets, the legal system and regulators will continue to address these issues, making this decision a subject of close scrutiny in the cryptocurrency world.

In a momentous turn of events, XRP, the digital currency associated with Ripple, experienced a significant surge in its price over the past week. This sudden upswing followed a major legal triumph for Ripple against the U.S. Securities and Exchange Commission (SEC) on July 13, 2023.

Remarkable Spike in Google Searches:

As XRP's value soared, there was a notable increase in Google searches for the cryptocurrency, reaching its highest level in the last 7 days. The search interest for key phrases 'how to buy XRP' and 'how to buy Ripple' also peaked, hitting the maximum level of '100 points' between July 9 and July 15, which represents the highest search interest in a year.

Regional Interest in Purchasing XRP:

Analyzing regional interest, Singapore emerged as the country with the highest interest in purchasing XRP, closely followed by Hong Kong, Slovakia, Finland, and Denmark. For 'how to buy Ripple,' Lebanon, North Macedonia, Trinidad & Tobago, Croatia, and Lithuania were among the top searching nations.

Coincidence or Causality:

The surge in Google searches for XRP in 2023 has been evident, but the most significant spike occurred in the last week, which is not coincidental. This increase in interest coincided with the remarkable price gains of XRP, driven by a new US court ruling that cleared Ripple of violating securities laws through XRP sales on public exchanges. #SEC #google

Significance of Legal Victory for Ripple:

The legal victory marked a major milestone for Ripple, ending a nearly three-year-long legal battle with the SEC. As a result of this positive development, investor optimism around XRP was reignited, leading to a price surge of more than 71% over the past week. As of July 20, XRP's value rose from $0.47 to $0.81, further solidifying its position in the digital currency market. #XRP $XRP #RippleSEC

In Summary:

The recent surge in XRP's value and the notable increase in Google searches for the cryptocurrency were directly linked to Ripple's legal triumph against the SEC. With newfound investor confidence, XRP's market outlook has seen a significant boost, propelling it to new heights in the ever-evolving world of cryptocurrencies.

Ripple's recent victory in the SEC case has raised questions about the future direction of the legal battle. With the possibility of an appeal from the SEC, cryptocurrency lawyer and commentator James A. Murphy has outlined four options that the SEC might consider, with the provisional appeal being the most likely. This approach involves seeking permission from both Judge Analisa Torres and the 2nd Circuit Court of Appeals to appeal the decision while the case is ongoing. To be allowed to appeal, the SEC must demonstrate the presence of a significant legal issue, notable differences of opinion, and that an immediate appeal could significantly advance the case.

Pursuing a Provisional Appeal:

The SEC's primary course of action is likely to involve filing a provisional appeal. This entails requesting permission from Judge Torres and the 2nd Circuit Court of Appeals to appeal the decision while the case is still ongoing. To succeed, the SEC must present a strong argument demonstrating the three criteria required for an appeal.

Aid and Abetting Suit against Ripple's CEO and Co-founder:

Another option available to the SEC is pursuing an aid and abetting suit against Ripple's CEO and co-founder. However, this approach may not address the broader regulatory stance on the crypto industry, which is tied to the reversal of Judge Torres' decision.

Dropping the Claim and Filing an Immediate Appeal:

The SEC could decide to drop its claim against Ripple altogether and instead choose to file an immediate appeal. However, this would require careful consideration, as it might not have the same impact as a provisional appeal.

Reaching a Settlement with Ripple:

Although an unlikely scenario at this point, the SEC could still attempt to reach a compromise with Ripple. However, given the significance of the ruling and the broader regulatory implications, this option might be less probable.

Potential Timeline and Political Pressure:

The SEC has no specific deadline for its initial request, but it is expected to act expeditiously, typically within 30 days. If Judge Torres grants permission, the SEC will then have 10 days to appeal to the 2nd Circuit. The mounting political pressure on SEC Chairman Gary Gensler to reverse the ruling quickly, combined with the negative light cast on the SEC due to many crypto exchanges relisting XRP, may influence the appeal process. #XRP $XRP #RippleSEC

Murphy's Expectations:

Based on his assessment, Murphy anticipates that the SEC will initiate the appeal process within the next two weeks. He believes that prompt action would be in the best interest of both Ripple and the XRP community. Furthermore, Murphy is optimistic about Ripple's chances of success in the appeal process. #SEC

In Summary:

The legal battle between Ripple and the SEC continues to evolve, with the possibility of an appeal adding further complexity to the situation. The SEC's potential options and the likelihood of a provisional appeal have been outlined, and all eyes are now on the developments that will unfold in the coming weeks.