With the Ripple Vs SEC case finally moving towards a logical conclusion, trading activity is just starting to heat up. Whether or not Ripple wins or loses the SEC case could decide the fate of a class of cryptocurrencies. There would always be a scope for more court cases around regulating cryptocurrencies. But Ripple’s longstanding battle with the SEC could turn out to be among the most important events in crypto history.
Most importantly, long time hodlers of XRP have been hoping for a Ripple’s win in the case from a long time. Looking at the current price movement of XRP, it appears that more hodlers are optimistic about Ripple’s victory than those thinking otherwise. Over the past one week, XRP price surged by as much as 10%, a sign of high market optimism. This optimism is in sharp contrast to most other cryptocurrencies, which suffered huge losses this week.
As of writing, XRP price stands at $0.3943, up 4.84% in the last 24 hours, according to price tracking platform CoinMarketCap. Ripple (XRP) is ranked 7 among cryptocurrencies based on total market capitalization. XRP’s daily trading volume has also increased significantly in the last few days. From the trading volume of $1.33 billion on September 16, XRP is now clocking over $2.03 billion. If Ripple does goes on to win the SEC case, the victory could potentially push XRP to a new all time high.
David Gokhshtein, host of a cryptocurrency related podcast, felt that the market is betting on Ripple’s win.
“$XRP moving again. People must feel like the case is about to end in Ripple’s favor.”
The SEC vs Ripple lawsuit is possibly in its last phase with the case moving to the summary judgement proceedings. The attorneys said that the parties have submitted their motions regarding the process. Ripple, along with other defendants, have filed their motion for the summary judgement ‘under the seal’. There is also a possibility of the Securities and Exchange Commission opting for a settlement in the case.
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