Ripple Vs SEC Lawsuit Update As XRP Price Targets $2
Highlights
- The U.S. Securities and Exchange Commission hinted at bringing "digital asset securities" claims.
- US SEC and Gary Gensler's recent statements, FINRA crypto section cleared the intent to target XRP as security.
- Ripple executives Brad Garlinghouse and David Schwartz believe the lawsuit will end soon.
- Analysts predicts XRP price rally to $2.
Ripple SEC Lawsuit: The US Securities and Exchange Commission (SEC) and FINRA hinted at “crypto asset securities” claims amid the appeals filing in the Second Circuit Court. The move comes as XRP price surpassed $1 and expected a rally to $2 on Gary Gensler’s resignation.
FINRA added a new section regarding crypto to it website, reported FOX Business journalist Eleanor Terrett. While the section has no mention of “crypto asset security,” it notes that a crypto asset itself can be considered a security in addition to a crypto asset transaction.
US SEC Hints At Digital Asset Securities Claims In Ripple Lawsuit
In a PLI’s 56th Annual Institute speech last week, SEC Chair Gary Gensler reiterated “Bitcoin is not a security.” He also cleared the intention to continue considering XRP as security as he didn’t mention it along with “Bitcoin, ether, and stablecoins.”
“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion.”
Crypto lawyer James Murphy, also known as MetaLawMan slammed the US SEC for using the term “digital asset securities” again in an X post on Wednesday. Gensler and the SEC disregarded the court’s order on XRP security status in the Ripple SEC Lawsuit. This indicates that the agency failed to comply with its recent apology for using the term “crypto asset securities” in lawsuits.
Here we go again “digital asset securities.”
Unbelievable. https://t.co/vqCbEJ9PNh— MetaLawMan (@MetaLawMan) November 20, 2024
The regulator appealed the summary judgment on XRP sales by Ripple, XRP distribution to employees and others by the company, and XRP sales on exchanges by CEO Brad Garlinghouse and Executive Chairman Chris Larsen. However, the recent crypto narratives amid President-elect Trump has sparked speculation of the end of SEC v Ripple lawsuit.
Will XRP Lawsuit Get Dismissed?
The crypto community called for the dismissal of the long-running Ripple SEC lawsuit and resignation of SEC Chair Gary Gensler. Also, Ripple CEO Brad Garlinghouse said he is expecting a resolution or end of the SEC lawsuit after Trump’s win.
Ripple CTO David Schwartz cleared that the company is legally obligated to Ripple shareholders and not XRP holders. While Ripple can work around legal clarity around XRP and digital assets, the prices of digital assets don’t depend on the efforts of the company. Schwartz and lawyers assert XRP lawsuit will likely get dismissed or settled with $125 million.
Meanwhile, lawyer Bill Morgan asserted that the price of XRP is not influenced by Ripple’s efforts as seen by long-term investors. Notably, Gensler’s hint at resignation and the potential end of Ripple SEC lawsuit triggered an XRP price rally to $1. With Gensler’s resignation on January 20 confirmed, XRP price is likely to rally further.
XRP Price Rally to $2
XRP price is currently holding at 0.702 Fib retracement level. Any strong upside momentum can trigger the next move to the $1.6–$2. The strong sentiment in the XRP community and Trump’s crypto policies will maintain bullishness in the crypto market.
Popular analyst CredibleCrypto suggests XRP will probably going to make new ATH “a lot quicker than most are expecting.” XRP/ETH just reclaimed and retested a 4-year long-range in the monthly chart, which signals a 250% higher target. He predicted an XRP price target of $2.
XRP price jumped 27% in the past 24 hours, with the price currently trading at $1.40. The 24-hour low and high are $1.10 and $1.48, respectively. Furthermore, the trading volume has increased by 200% in the last 24 hours, indicating a rise in interest among traders.
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