While the U.S. Securities and Exchange Commission (SEC) is currently a topic of much discussion, it is known that the agency took its first major step against the cryptocurrency sector with the lawsuit filed against Ripple Labs and XRP. Despite years passing since the Ripple Labs case, the outcome has not been announced, and the lawsuit remains unresolved. One of the former executives of the SEC, however, has officially given hope to XRP investors with his recent statement!
SEC Official: XRP Case to be Resolved in a Few Days
Marc Fagel, a former executive of the SEC, has made statements that also concern cryptocurrency investors. As a senior executive who handled many cases throughout his 30-year career at the SEC, he initially discussed whether the XRP case could set a precedent for others. Fagel emphasized that he did not believe the future decision would set a precedent. He stated that he thought the two parties would not reach a settlement and that this could have been done even before the trial. Fagel believes that the possibility of a settlement has now been eliminated. However, the executive believes that there could be a significant change in XRP sales depending on the outcome of the case and is confident that the resolution is imminent.
Fagel, who also made statements on Twitter, emphasized that the final decision regarding the case could come in the next few days.
"My only reference point is the recent decision regarding the Hinman documents, which indicates to me that the court has already made its decision."
XRP Investors Are Ready
The unsealing of documents related to speeches by Hinman, a former SEC official, is seen as a turning point in the XRP case. While it was stated that the sale of XRP in 2013 constituted a securities violation, the differences or similarities between the securities statements made by the SEC executive for ETH in 2018 and the Hinman speeches were seen as a factor that could be further explored. Hinman emphasized that ETH is a commodity, and the documents revealed that this was due to its decentralization.
In fact, Fagel's recent statement is not the only development regarding XRP. Currently, XRP is holding the support level of $0.45, where a strong buying wall exists. This indicates that XRP investors are focusing on the outcome of the lawsuit and reducing selling pressure. Despite experiencing a significant loss in value since the announcement of the lawsuit at the end of 2020, it can be observed that XRP has actually gained around 200% in value against BTC since that time according to the XRP price chart. All of this suggests that XRP has survived in the market with the expectation of the lawsuit but may not have fully priced it in.
For the real rally of XRP to begin, the price needs to hold above $0.80. New decisions related to the Binance and Coinbase lawsuits could also have an impact on the XRP price.