Ripple has long been involved in a legal battle with the United States Securities and Exchange Commission (SEC). However, according to CEO Brad Garlinghouse, the case will be concluded next year.
Ripple makes “progress”
The lawsuit has been going on since December last year. The SEC sued Ripple because they believe that XRP is a security and that the blockchain company has issued $1.3 billion worth of XRP tokens without registration. Ripple refuted the SEC’s claim, saying that XRP is not a security.
Although the court process is slow, Garlinghouse believes the case will be concluded next year. He said his company has made pretty good progress in the pending lawsuit. Garlinghouse said in return for Dan Murphy of CNBC:
“We see that the judge is asking good questions. I think the judge realizes that this is not just about Ripple, but that this will have broader implications.”
XRP investors anxiously await the end of the lawsuit
The XRP price has suffered a lot from the uncertainty of the lawsuit. When the SEC first filed the lawsuit, many declared the token “dead.” The price briefly fell to a low of $0.18 as US exchanges began delisting the XRP token. But a few months later, the XRP price started to pick up again. The strong comeback was accompanied by the increasingly better court case.
At the moment, the price of 1 XRP token is around $1.04. The coin’s total market capitalization is around $49.1 billion. For now, the price seems to have cooled down for a while. Ripple investors are therefore anxiously awaiting the conclusion of the lawsuit. Should the outcome be positive for Ripple, there seems to be a huge price increase in the offing.