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Highlights
- Ripple and SEC lawsuit remains stucked in the remedies phase
- With verdict expectation on the potential remedies, impact on XRP price might be resounding
- Key growth catalysts for XRP include potential spot ETF product
The ongoing legal brawl between blockchain payments company Ripple Labs and the United States Securities and Exchange Commission (SEC) is nearing its tail end. Riding on this, unexpected twists are likely on the horizon as the remedies negotiation and other details are ironed out.
Judge Torres to decide on the total fine in remedies phase for institutional sales of XRP, which lawyers expect to come in the third quarter of 2024.
XRP Price Action Amid Ripple Vs SEC Uncertainty
While the biggest surprise, in this case, was secured in July last year when Judge Analisa Torres ruled that XRP in itself is not an investment contract, other twists might come soon. One of this might come in relation to the latest argument from both Ripple and SEC lawyers regarding the sealing of confidential documents.
While both parties are waiting for the verdict on the remedy that will be levied on Ripple Labs for selling XRP to institutional investors, the court might decide to permit the unsealing of some contested financial documents. While it remains uncertain what documents Ripple Labs is trying to conceal and what its impact might be in the general market, XRP might not react well to any such ruling.
The lawsuit which was launched in December 2020 has notably set the price of XRP back by a mile. Despite the July 2023 ruling from the US SEC, XRP refused to breach the $1 mark, a testament that more investors would rather take a position when the lawsuit is completely wrapped up.
XRP Price Breakout, ETF Expectations
Many analysts believe that the XRP price is just in hibernation mode and its breakout to soar is just a matter of time. Many catalysts might contribute to this breakout, albeit in the long term.
One of these is the prospective spot XRP ETF prospect in the US by the SEC, a product that Ripple CEO Brad Garlinghouse is highly optimistic about. With the emergence of spot Bitcoin and Ethereum ETF, more crypto industry leaders are postulating that it is only a matter of time before other assets like XRP and Solana (SOL) will secure related products as well.
At the time of writing, XRP price is changing hands at $0.5187, trading sideways in the past 24 hours. The price is trading at a very tight range from a low of $0.5172 to a high of $0.5225. While the expectations of a breakout remain high, any unexpected twist in the Ripple and SEC case might further drag the coin price downwards.
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