Price Of XRP Increases, Is Ripple Currently Winning The SEC Case?

Ripple has made headlines concerning its lawsuit with the Securities Exchange Commission (SEC). News reaching us is that the Ripple saga will soon be an issue of the past as a conclusion date has already been set for the final hearing. 

Brad Garlinghouse, the Chief Executive Officer of the financial technology company, stated this as he showed his optimism and positivity for the case. The are has been in court for more than a year.

The 7th biggest crypto continues with its week surge in the cryptocurrency market. The rise in the coin price started after the judge in charge of the Ripple Vs. SEC case ruled in favor of the crypto. 

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The judge overseeing the case, Judge Analisa Torres, made these rulings last week during one of the hearings. Torres plans to permit the release of some documents tied to the dispute.

Ripple Vs SEC

The fate of Ripple hangs in the balance as the lawsuit with SEC drags on. The petition was submitted on the 22nd of December, 2020, against the company and two members of the executive. As stated by the SEC, the organization did not inform the regulatory agency before allegedly selling part of its cryptocurrency worth $1.3 billion as securities.

SEC argued that the crypto firm is centralized, which Ripple has termed the agency’s decision as biased.

In the petition filed last December, SEC stated that XRP is responsible for maintaining the infrastructure of Ripple. From the requirements laid out by the agency, all securities must undergo registration with the regulatory body. Also, some financial details should be published to protect investors’ interests and prevent fraudulent activities. 

On deciding if XRP came off as a security or not, the agency referred to the “Howey Test.” It states that any asset sold to get gains from the work of others is security.

At the moment, both sides are digging up evidence to back their claims.

Expectations From The Case

XRP seems to be befitting from the case as the publicity has spiked its prices in the market. The currency has increased by about 18%, and its price is over 80cents. Trade volume is also growing with a record of approximately $3.4 billion.

Presently, the market value of XRP is about $42 billion, as reported from CoinMarketCap. Several investors are happy about the price potential of the coin. How far can the price go?

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