XRP Price Climbs As SEC Lawsuit Decision Approaches Final Phase
The market has responded favorably to XRP, driving up the price considerably as the legal dispute between Ripple and the SEC enters its final phases in the coming months. Considering the law and the available information, the management of Ripple feels optimistic and confident in their case.
Ripple CEO Optimistic About Outcome Of SEC Lawsuit
Brad Garlinghouse, the CEO of Ripple, has voiced optimism in relation to the legal action that the U.S. Securities and Exchange Commission (SEC) has brought against the firm. The SEC alleges that Ripple sold its cryptocurrency, XRP, without first registering it as a security offering.
Garlinghouse believes Ripple has a strong defense and that the lawsuit’s verdict will have a significant effect on the cryptocurrency market as a whole. He predicted that the judge would make a verdict in the case certainly this year during an interview with CNBC. However, it is understood that no one has any control over when a judge will rule. Additionally, he expresses confidence that closure will be attained in the single-digit number of months.
Ripple CTO David Schwartz: XRP Is A Commodity
David Schwartz, the chief technology officer of Ripple, has commented on the ongoing legal dispute between Ripple and the SEC about whether to classify XRP as a security or a commodity. In a tweet, he claimed that each XRP is equal to every other XRP and that it is sold as a raw item in commerce. This is how a commodity is traditionally defined. He continued by saying that no other party’s legal responsibilities to XRP holders are the source of the currency’s value.
Using a recent lawsuit between the U.S. Commodity Futures Trading Commission (CFTC) and cryptocurrency investor Avraham Eisenberg as an example, David Schwartz also brought attention to the inconsistency of the government’s classification of digital assets. In this case, some digital assets were referred to as commodities.
XRP On The As Legal Showdown With SEC Reaches Its Final Phase
As the market capitalization of all cryptocurrencies has surpassed $1 trillion, this represents a reversal of the losses brought on by FTX. This is a crucial turning point for the cryptocurrency sector as it shows the market’s recovery from recent turbulence and resumption of growth.
The XRP, which is at the center of the ongoing legal dispute between Ripple and the SEC, has seen a significant gain in value as the lawsuit’s resolution draws near, creating yet another source of expectation for the cryptocurrency community. Since the market impact of FTX, the overall market capitalization of the sixth-largest cryptocurrency has surpassed $20 billion, according to CoinMarketCap. Since the start of 2023, the trading price of XRP has climbed by more than 19% and is at $0.4052 at the time of reporting.
