What happens to XRP if Ripple wins case against the SEC? Attorney John Deaton, who is representing XRP holders in the SEC Ripple lawsuit, explained what is happening behind [] All rights reserved. On Jan. 4, 2018, it hit $3.84, which is still its all-time high. Here's When Ripple and XRP Lawsuit Could End After Surprise Schedule But a subsequent ruling on the relevant LBRY case, which labeled that cryptocurrency a security, sent XRPs price spiralling down. Embattled cryptocurrencyXRP(XRP-USD) has seen its fair share of volatility over the past year. Article printed from InvestorPlace Media, https://investorplace.com/2023/02/xrp-news-alert-will-ripples-sec-crypto-battle-end-today/. The dates . This might then establish a legal standard that leads to the classification of other cryptos like it as securities. According to Reuters, Hinman said: The Hinman documents could be a key piece of evidence for Ripple as they could reaffirm its position that XRP is not a security. More than a year has passed since the SEC and Ripple . But without a settlement, the case will likely continue into early 2022 . The altcoin's current price represents a 10% gain in a week and a 20% rise in the last 30 days, pushed upwards by the market expectation that the . While CoinPriceForecast expects the value to hit $2 by the end of 2021 and $3 by the end of 2022. After The New York Times posted an article stating ripple has dropped down the rankings since the SEC labeled it a security, Alderoty corrected the publication. These regulations will determine whether a cryptocurrency is a security or not and which jurisdiction it will come under - the SEC or a different authority. On December 21, 2020, the Securities and Exchange Commission (SEC) filed a high-profile enforcement action against a major cryptocurrency company. The SEC, however, is arguing that Ripple has sold its XRP token in exchange for money, which meets the Investment of Money aspect of the Howey test. The global crypto community is eagerly waiting for a final ending in the long running XRP lawsuit. However, the SEC said it may request more time if more amicus briefs were granted. Specifically, the definition depends on the ruling of SEC v. W.J. That case, of course, is the lawsuit brought in late 2020 by the SEC against payment settlement company, Ripple. But considering the fact XRP surged on this tweet last night, its clear most investors are looking for relief one way or another. The same day both parties met to discuss any redactions in the court filing, and the summary judgments were made public on 5 December. The XRP community hopes the ongoing lawsuit will end soon since it has dragged the asset's performance down significantly in the past two years. In turn, this will increase demand for XRP, which could enjoy substantial price increases later in the year, particularly if the market as a whole continues to recover. December 22, 2020 - The SEC sues Ripple over alleged securities violations. However, Hoskinson later clarified he was relaying rumours and not anything more concrete, meaning that this piece of XRP lawsuit news ended up being mere speculation. Roberto Campos Neto, president of the bank, also stated that this read more. In another win for Ripple in the ongoing courtroom saga against the SEC, Judge Sarah Netburn has sided with arguments put forward by the XRP legal team . . The XRP community is hoping that Judge Torres rules in favour of Ripple if Filan keeps to his prediction. On 18 January, Ripple CEO Brad Garlinghouse told CNBC: "Were optimistic that this will certainly be resolved in 2023, and maybe [in] the first half. Therefore, the lawsuit against Ripple is crucial for all parties involved in the cryptocurrency industry, including investors, developers of blockchain technology, and global lawmakers. On Feb 3, 2023, popular American businessman Craig Wright filed a lawsuit against 16 Bitcoin developers who are set to go under trial in London. XRP Lawsuit: Ripple's Lawyer On Why SEC's Gensler Must Recuse Himself XRP News Alert: Will Ripple's SEC Crypto Battle End Today? XRP. In fact, one of Ripples biggest arguments is that Ethereum (ETH-USD), for example, the second-largest cryptocurrency, is no different from XRP regarding unregistered securities, so the question of why the SEC gives them a pass arises. SEC Charges Ripple and Two Executives with Conducting $1.3 Billion The United States Securities and Exchange Commission (SEC) sued Ripple on 22 December 2020, alleging that the San Francisco fintech firm raised over $1.3 billion via fraudulent means. The SEC filed a complaint against LBRY claiming it had failed to register its initial token offering. This prompted a time extension request on 20 December 2022 from the SEC so it could file expert challenges (also known as Daubert motions) by 13 January 2023, which was approved a day later by the judge. Jeremy Hogan, a renowned lawyer within the XRP community, has given an estimate on when the long-standing SEC v. XRP vs. SEC lawsuit outcome could change crypto. XRP/USD. Indeed, with all existing briefs having now been filed, it seems that XRP holders (as well as Ripple and the SEC) are mostly waiting for the judge to reach a decision. Following a 2.06% decline on Friday, XRP ended the day at $0.7055. The judge overturned the SECs objection on 29 September 2022, after the commission claimed it was protected by deliberative process privilege. The facts arent in dispute here. Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market. 2023 InvestorPlace Media, LLC. Everything else is just noise.. Is XRP ready for the moon? - Quora Bearish scenario: Ripple loses the case, and the token gets banned worldwide - In this case, Ripple will need to find a different business model, and the price of XRP can crash to the lows of around $0.15. Although embroiled in a legal lawsuit, the crypto has been on a positive rise recently. The judge presiding over the U.S. Securities and Exchange Commission's (SEC) lawsuit against Ripple has made an unexpected schedule change. Mayukha Vadari, a software engineer at Ripple, recently tweeted about the new cross-chain bridge protocol and shared the link on the same. Orbeon Protocol (ORBN), Shiba Inu (SHIB) and Bitcoin (BTC) Cryptos Set To Dominate In March. The law is in dispute., Putting aside the fundraising that accompanied the creation of ether, based on my understanding of the present state of ether, the Ethereum network and its decentralised structure, current offers and sales of ether are not securities transactions., The ability of agency officials to debate and collaborate with openness and candor would be hampered by the public dissemination of these documents. Prior to this, the parties had filed their initial motions for summary judgment, published . If there's one silver lining coming from the market's troubles today, it's that XRP's indicators are now in a position where the coin should rebound soon. Ripple Unlocks 1B XRP From Escrow Account Amid Ongoing SEC Lawsuit Please refer to our Risk Disclosure Statement. Ripple (XRP) is a cryptocurrency solution meant to help banks use the blockchain more effectively. If the SEC wins in the legal dispute, XRP (the native cryptocurrency of the Ripple Blockchain) will no longer be regarded as a currency in the US but rather as a security. Potentially, this thing could last all the way to the end of November. losed Joint Stock Company FinTech Solutions, Ripple slams SEC over amicus brief opposition. Ripple Lawsuit: 3 Dates to Mark on Your Calendar! This would only stunt XRP's growth in the indices, making it harder . Speaking last week, CEO Brad Garlinghouse told CNBC that he expects the case to conclude by the end of this year at the very latest, if not by the end of the first half of 2023. Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits. XRP invalidates four-month long downtrend as SEC lawsuit nears The SEC's Lawsuit Against Ripple Labs Is a Pandora's Box Great job turning an ally into someone disgusted and totally checked out.. In my opinion, there are three possible scenarios : It will be interesting to see what happens with the lawsuit, moving forward. Ripple CEO Discusses Potential Outcomes of SEC Lawsuit Over XRP He said: He said: We think [the judge] has the information to make a ruling and we think that it is very clear that the SEC is grossly overreaching its authority., Garlinghouse criticised the SEC again on CNBC the following day. The key support level here is $0.36, which XRP held fast to earlier this morning. And so that leaves very little space in the Venn diagram for settlement.". This would end the lawsuit and avoid a courtroom trial. Coinbase, for example, halted trading of XRP soon after the SEC filed the lawsuit against Ripple. Copy and paste multiple symbols separated by spaces. Ripple is still growing very, very quickly, Garlinghouse said. Fastest Growing Cryptos That Will Change The Game In 2023, Why The Dogecoin Price Could See Another Bull Rally Soon, Bitcoin Price Could Fly Past $25k To $30k If This Happens On Wednesday, Top 5 Meme Coins To Keep An Eye On In The Next Bull Run. Ripple says SEC lawsuit could end in weeks don't hold your breath The SEC has sued XRP and parent company Ripple in 2020 . Im betting that because the law is on our side. Here are three key dates on the road to a settlement. So well see how it plays out from here. Thats because whether cryptocurrencies are deemed securities could dictate the ability for the SEC and other regulatory agencies to police this unregulated sector. The material provided on this website is for information purposes only and should not be understood as an investment advice. Professionals like former US congressional candidate Gokhstein believe that if Ripple scores a win, it will contribute to the massive rise of the entire cryptocurrency market. Then, on 21 November, a status conference was held between LBRY and the SEC. The SEC . This is yet another transparent attempt to further delay resolution of this case and the Court should reject it. pic.twitter.com/vTH9w2RV9t. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Solana Price Prediction - Solana Resists FUD From Panic Sellers, Bitcoin Price Forecast - BTC May Only Need 4 Weeks To Hit $30K. Reports revealed that XRP spent a lot of money on this lawsuit. This was highlighted last week, when it charged NEXO and settled with it on the same day for selling an unregistered security (via a lending product), whereas, by contrast, it has struggled for over two years to secure a ruling against Ripple. XRP Price Prediction as Ripple CEO Prepares for SEC Lawsuit Conclusion 'This Year' Can XRP Reach $10? Shiba Inu Vs. Dogecoin, Which Meme Coin Will Hit The $1 Bullish Target First? Ripple Effect: SEC Lawsuit against Cryptocurrency Company May Provide Ripple Lawsuit: When Will it End - onXRP The technology aims to facilitate cross-chain transfers and provide blockchain interoperability between XRPL and various networks. At writing, XRP is down over 85% from its all-time high set in January 2018 and down 52% in the last year. Several legal experts have offered potential dates for when the decision will be made. He clarified: The SEC only has jurisdiction in the United States, and in some ways How the world is operating right now is as if the case has been lost. While investors wait with optimism, they are also curious to know if the crypto can reach $10 in 2023. XRP Price Prediction - Can XRP Reach $10 In 2023? | Trading Education On September 19, 2022, it was published that both parties had filed separate motions, both calling out for a summary judgment.