TL;DR
- Ripple vs. SEC Legal Struggle: Ripple is engaged in a nearly three-year legal battle with the SEC over allegations of selling XRP as an unregistered security, having secured some partial court victories.
- Speculation of Early Settlement: A confidential SEC meeting has sparked online speculation about a possible early settlement in the Ripple case.
- Potential XRP Price Surge: Predictions suggest a Ripple victory could lead to a significant increase in XRP’s value, with short-term forecasts ranging from $0.71 to $0.88.
Is the Ripple/SEC Saga Close to an End?
The drama between Ripple and the United States Securities and Exchange Commission (SEC) has been ongoing for almost three years. In December 2020, the regulator filed a lawsuit against the blockchain enterprise, accusing it of breaching several laws and selling billions of dollars worth of XRP as unregistered security.
Both sides have been firing shots at each other over the years, with Ripple currently having the upper hand in the battle. The company secured three vital (yet partial) court victories against its enemy. The first occurred in July when a Federal Judge ruled that its programmatic XRP sales did not constitute an offer of investment contracts.
In the following months, the magistrates dismissed the SEC’s attempt to appeal the initial decision, while CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – were cleared of all charges brought by the watchdog.
And while the outcome of the dispute is supposed to come in the spring of 2024 (during a grand trial involving the two organizations), some X (Twitter) users believe such a development could happen relatively soon.
The SEC was set to convene a confidential meeting yesterday and discuss specific topics such as Institution and settlement of injunctive actions, Institution and settlement of administrative proceedings, Resolution of litigation claims, and others.
This has given conspiracy theory fans the opportunity to predict that some kind of resolution with Ripple might also be in the cards and would be announced in the near future. Some members who hinted about such a settlement are the X users JackTheRippler and XRP Captain.
XRP Poised for a Rally in the Event of a Ripple Win?
Numerous experts, and even the AI-powered language model ChatGPT, have suggested that a decisive Ripple victory could trigger an XRP price explosion. Recall that the asset’s valuation spiked by over 70% in mid-July following the company’s first partial win against the SEC.
Analysts like Dark Defender and EGRAG CRYPTO have also laid out short-term predictions. The former believes XRP might jump to $0.88 at the beginning of December, while the latter thinks the coin could finish the year at around $0.71.
Those willing to dive deeper into the matter and explore how the token might perform in the last quarter of 2023 could take a look at our video below:
