Ripple’s XRP is up 3.71 percent in the past 24 hours to its current price of $0.4622. In doing so, it gets rid of the big boys such as Bitcoin, Ethereum and BNB, which have all fallen in the same period. The reason for the positive swing of XRP seems to be in a development in the lawsuit against the Securities and Exchange Commission (SEC).
The lawsuit between Ripple and the SEC has been ongoing since 2020 and has had a depressing effect on the development and price of XRP for years. In the meantime, however, there seems to be more and more optimism about a possible positive outcome for XRP and that is reflected in the price.
For the second day in a row, XRP is hitting green numbers in the market and it all seems to be due to the rumours that the SEC is not allowed to conceal material information.
It concerns the internal communication that underpinned the Hinman Speech of 2018. In that speech, Hinman, a then SEC employee, shared that they did not consider Ethereum to qualify as a security for certain reasons.
That is precisely the issue at stake in the case between Ripple and the SEC, making the deliberation underlying that ruling potentially extremely important to Ripple’s case.
Can Ripple win?
Initially, expectations were low when the SEC filed a lawsuit against Ripple. Coinbase, for example, immediately chose to remove the token from their trading platform. Now there are even rumors that Coinbase might consider listing XRP again.
Of course they are waiting for the final judgment of the court, which will probably not be long in coming. It’s hard to say how long that wait will last.
Initially, Ripple CEO Brad Garlinghouse predicted that we would receive a ruling in the case in the first six months of 2023. In the meantime, that may seem a bit too optimistic, but before the end of the year the judge should still be able to rule on the case.
This would give investors a piece of certainty in particular that they have been waiting for for years. It is also not good for the market in general that the uncertainty about the legal status of XRP is taking so long to materialise.
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