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Ripple CLO Calls for End to 4-Year SEC Battle: XRP To Soar to $3!
The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has now reached a four-year mark, with no end in sight. In a recent tweet, Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, called for an immediate conclusion of the case, emphasizing that it is essential to put this lawless lawsuit behind us.
The legal tussle began in December 2020, sparked by accusations that Ripple had raised $1.3 billion by selling XRP as unregistered securities. Despite Judge Analisa Torres ruling in July 2023 that XRP did not breach securities laws and other judges criticizing the SEC for acting “arbitrarily and capriciously,” the case continues to drag on.
Alderoty’s request is particularly noteworthy given the recent progress made in Ripple’s legal battles. The agency is expected to submit its opening brief by January 15, just before Gary Gensler steps down as SEC Chair. This appeal primarily focuses on a previous ruling that favored Ripple regarding XRP’s distribution and sales.
Additionally, a class action lawsuit against Ripple, its subsidiary XRP II, and CEO Brad Garlinghouse has been resolved in the company’s favor, with both parties agreeing to expedite the final judgment.
The ongoing legal battle has had a profound impact on XRP’s value. The asset plummeted from an all-time high of $3.38 to $0.15 during this period. However, some analysts are predicting a recovery if XRP manages to stay above its 26 EMA. If this happens, it could attract more buyers and drive the price up to $2.40.
Furthermore, increased transaction volume might confirm this rebound, potentially pushing the value even higher, with some experts suggesting that XRP could reach as high as $3.
Source: coinpedia.org
