"It now looks like a resolution will come in 2023 . The source says XRP may become one of the most favourite cryptocurrencies. The outcome of the SEC case will have consequences not only for XRP but for BTC, ETH, and the entire crypto community. Required fields are marked *. That is why their MoneyGram partnership saw Ripple put its XRP token to good use as it faced a backlash from the crypto community for being a financial token. However, the same would be a rather unrealistic scenario as XRP's price growth would depend on macroeconomic . More international banks adopt. If the court decides to rule in favor of Ripple and dismisses the lawsuit, the price of XRP could boost further. The cookie is used to store the user consent for the cookies in the category "Analytics". Jeremy Hogan, a proponent and lawyer in the Ripple community says the SEC vs. Ripple case is drawing to a close. Well, everything. The move is another blow for the crypto traders who recently saw a sizable number of banks deciding not to finance the wobbly asset class.. A positive or negative conclusion to the SEC lawsuit. 3 Cream-of-the-Crop Growth Stocks to Buy for 2023, 7 Penny Stocks Poised for Explosive Growth in 2023, Even If Ripple Wins Its SEC Lawsuit, the Crypto Ballgame Isnt Over. Judge Sarah Netburn is performing an in camera review of the documents the SEC claims to be privileged information in order to decide whether they can be handed over to Ripple as part of the fact discovery. Ripple Labs would also be required to pay fines and penalties, and XRPs price would likely suffer because of the networks damaged public reputation. Even top exchanges like Coinbase were not immune to the pressure of the Ripple case. We focus on delivering fast and objective news about cryptocurrencies and crypto markets with a swirl of passion. Home Policy Lawsuits XRP Price Prediction if It Wins Lawsuit. This is the "win" that the SEC is seeking to have overturned. Tax on profits may apply. The final verdict of the Ripple case will have widespread repercussions on how cryptocurrency is treated and regulated. How many different uses does a knife have? The XRP price has fallen by 7% in the past 24 hours, dropping to $0.452427 amid a generalized fall in the wider cryptocurrency market. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. If Ripple wins its case, it will not have to pay out any money and will be able to continue working on projects like those mentioned above. Article printed from InvestorPlace Media, https://investorplace.com/2021/07/even-if-ripple-wins-its-sec-lawsuit-the-crypto-ballgame-isnt-over/. Ripple is gearing up for win against US Financial Regulator SEC The SEC vs. Ripple lawsuit has dragged on since 2020, with many twists and turns, some in favor of the payment giant. The XRP price has fallen by 7% in the past 24 hours, dropping to $0.452427 amid a generalized fall in the wider cryptocurrency market. This cookie is set by GDPR Cookie Consent plugin. This website uses cookies to improve your experience while you navigate through the website. Disclaimer: The information provided in this article is solely the author/advertisers' opinion and not an investment advice - it is provided for educational purposes only. Brad Garlinghouse and Chris Larsen's digital currency company Ripple had been riding high in 2020 amid the first crypto bull market in years. dan saada January 24, 2022 On December 22, 2020, the SEC filed a lawsuit against Ripple Labs and two of its executives. The reason is that even if XRP is deemed a crypto coin, regulation can still hit popular crypto exchanges such as Coinbase (NASDAQ:COIN). Could you be next big winner? In terms of money, its quite obvious what would happen if they win. By clicking Accept All, you consent to the use of ALL the cookies. . Errors and omissions excepted. The Ripple platform is an open source protocol which is designed to allow low cost and fast transactions. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Following. The post XRP Lawsuit: A Huge Win Secured appeared first on The Motley Fool Canada. Yes, it looks extremely likely that Ripple will either win the lawsuit at summary judgement, or settle favourably before then. Looking further back in time, Ripple has earned itself a number of positive judgments so far in the case, all of which suggest it will secure a good summary judgment. They would recover in value, exchanges would relist, and clarity would brought to the cryptocurrency industry (either way this happens!).. Given that XRP is still 86% down from its 2018 ATH of $3.40, and given that it failed to set a new ATH in the 2020-21 bull market (because of the legal case), there's a very strong chance that its price will rocket once its tussle with the SEC is resolved. "So what happens to XRP holders if XRP is declared a security and has to be registered with SEC?", a Twitter user recently asked John Deaton, the attorney representing over 67,000 XRP holders with amicus curiae status in the case. XRP. For now, there is no official announcement on the court's position. The dark cloud that has hung over the Ripple network since 2020 would finally blow over, and Ripple Labs would enjoy a renewed and reformed reputation in the crypto market. The author has not received compensation for writing this article, other than from FXStreet. The SEC can use the money to create a fund that helps reimburse harmed #XRPHolders.. Let there be a new price action. Earlier this week, Ripple's chief executive Brad Garlinghouse revealed the SEC had filed a lawsuit against the company arguing the XRP token is a tradable asset, known as a security, and as such . The SEC also claims that the Ripple CEO and co-founder were less than honest about the sale. This article is for information purposes only and should not be considered trading or investment advice. A couple of days ago, for example, Judge Torres granted Ripple permission to present two amicus briefs that could support its case, even though the SEC had opposed such a move. It is not clear what will happen to the price of Ripple after the lawsuit. In addition, the SEC is also in the hot seat with Senator Elizabeth Warren. Most recently, MoneyGram has announced it will halt its partnership with Ripple, and the use of its XRP token, after the SEC launched its lawsuit. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Therefore, all eyes are on the defendant company as it pushes for the timely deposition of former SEC director William Hinman. Ripple has disputed the SEC's findings, arguing XRP should be treated as a virtual currency rather than an investment contract like a stock. The claim is that they traded $1.3 billion in their cryptocurrency XRP as a security without registering it with the SEC. This comes after Ripple co-founder Chris Larsen said that the company would keep its . Note: All information on this page is subject to change. Blackswan events like the shocking bankruptcy of Sam Bankman Frieds crypto exchange FTX have only added to the SECs case against crypto. But, in December 2020, the crypto turned into the most scandalous one when SEC filed a lawsuit against Ripple Labs, allegedly claiming that the XRP token was a security . Needless to say, this is the best-case scenario, and it assumes another bull market on the scale of last year's, which certainly isn't a given right now. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Lorem ipsum dolor sit amet, consectetur adipiscing elit. If it settled, it would likely have to pay out a. Assuming that XRP surpasses its former record high by this percentage, this would imply an eventual price of about $12.24. The SEC considers that XRP is not a currency but a security and is subject to securities laws. Ripples Chief Legal Officer expects the payment giants win in the US financial regulators lawsuit against the cross-border settlement firm. "If Ripple wins the case, the XRP price will most likely boost significantly and increase the price of other altcoins, at least in the short term," Chok told Stockhead. In December 2020, the SEC sued Ripple, accusing it of failing to register roughly $1.4 billion worth of its . The cookie is used to store the user consent for the cookies in the category "Performance". You also have the option to opt-out of these cookies. Even though US citizens have limited opportunities to transact XRP on local exchanges, the token is not without support outside the US. Upgrade your inbox and get our DailyCoin editors picks 1x a week delivered straight to your inbox. This article will discuss the potential implications, Coinmonks (http://coinmonks.io/) is a non-profit Crypto Educational Publication. Bitcoin: Whats next for BTC after $65 million worth liquidations. What Will Happen If Ripple Wins The Court Case? What will happen if XRP wins the SEC lawsuit? If the regulatory agency admits that XRP is like any other crypto, it theoretically weakens its control over the regulatory future of cryptocurrencies something that Warren is basically demanding. Deaton started out by reminding that Ripple owns over 50 billion XRP; a $5 XRP equals Ripple being worth $250 billion dollars significantly more valuable than MorganStanley or Goldman Sachs. Investors had until November 1, 2021, to submit a claim for eligibility for the Veritaseum Fair Fund. This was highly bullish for XRP, and it was one of the main reasons why it began outperforming the market as a whole about a month or so ago. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. Adding salt to the wound, Ripple claims that the SEC is inconsistent in regulating cryptocurrency and suffocates an innovative and progressive industry. Further, the panellists said USD 3.61 is a likely price by 2025, while USD 2.98 could be within reach by 2030. Last month, the SEC and Ripple both submitted motions for summary judgment, meaning both are basically asking the presiding court to come to a decision and end the case rather than go to a full trial. Finally, Gensler and Co claim that Ripple Labs knew that XRP should be treated as a security and chose not to inform their investors of this information. pessimistic expectations surrounding an inflation report, Binance, PoS Giant Ingenico Seal In-store Crypto Pay Deal, Terra Luna Classic Price Prediction as LUNC Turns Green Here's Where LUNC is Headed Now. It would be one of the biggest settlements in SEC history. Like Bitcoin, the Ripple blockchain is a decentralized digital payment protocol. DailyCoin is an online media outlet, with a focus to cover blockchain and crypto news, opinions, trends and helpful articles. All Rights Reserved. Nasdaq It does not store any personal data. If Ripple wins SEC lawsuit, only Bitcoin and XRP will be safe - John Deaton December 7, 2021 8:35 am UTC, Rick Steves "What's crazy ironic, is that, with Gensler at the helm, the lawsuit could ultimately give Ripple and XRP an advantage moving forward". By using this, you . You see, Bez has no choice but to run to first and nothing that happens on the play matters so long as the out to first is recorded. It also does not guarantee that this information is of a timely nature. The lawsuit has continued for three years, with both parties submitting final filings and waiting for a decision. Following that, he asked whether Ripple had the authorization to operate in the United States until the final decision . The ledger uses an efficient consensus mechanism, which paves the way for fast, low-cost transactions. The news of the lawsuit will have ripple effects throughout the entire crypto sphere (pun intended). It cannot be denied that the SEC case against Ripple has been detrimental to the growth and adoption of the blockchain. The lawsuit concerning Ripples activities from 2013 to the present is slightly peculiar as it was filed in the final moments of the previous administration and is considered to be a means to stomp on the potential growth of XRP. XRP is important because the result of the SEC vs Ripple case is expected to have ongoing effects on how cryptocurrency is regulated in the United States. Ekta Mourya Cryptoasset investing is highly volatile and unregulated in some EU countries. An Investment of Money: The Howey Test requires that there must be an actual transfer of funds in exchange for an investment opportunity. 1125 N. Charles St, Baltimore, MD 21201. In partnership with Mastercard, Latin Americas most popular exchange, Bitso launched a debit card in Mexico offering cryptocurrency rewards on customers purchases. DOT could witness a 20% crash in the short-term, in response to the tumultuous events in crypto. [deleted] 2 yr. ago XRP Price Prediction as Ripple Lawsuit Set to Conclude in 2023 - Can XRP Reach $10 if Ripple Wins the Case? This article is for information purposes only and should not be considered trading or investment advice. The allegations have stifled XRPs price, which struggled to match its competitors during previous market cycles due to the fear, uncertainty, and doubt the case caused. As seen in the chart above, the Relative Strength Index (RSI) is close to the oversold region. What happens if Ripple wins the lawsuit? The winning argument Ripple makes will be added to case law for future cases. HSBC Holdings and Nationwide Building Society joined major UK banks in banning purchases of bitcoin and other cryptocurrencies via credit card following a recent regulatory crackdown. The final judgment also appointed Holland & Knight, LLP, as Distribution Agent for the Fair Fund to, among other things, oversee the administration and distribution of the Fair Fund to harmed investors and Miller Kaplan Arase LLP as Tax Administrator to fulfill the tax obligations of the Fair Fund. Cronos Price Prediction: CRO holders need to exercise caution as bears take the wheel, Polkadot price could crash 20% amidst Silvergate FUD and crypto market uncertainty, Cardano price to rebound from fresh monthly low as 2023 rally unwinds further. Instead, with key. Please read our privacy policy and legal disclaimer. Nothing herein shall be construed as financial, legal, or tax advice. But what about other crypto projects? These cookies track visitors across websites and collect information to provide customized ads. This cookie is set by GDPR Cookie Consent plugin. Potentially, this thing could last all the way to the end . We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. "The lawsuit has gone exceedingly well, and much better . 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Stuart Alderoty, the Chief Legal Officer of Ripple said that a summary judgment is expected any day now. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. With time, crypto enthusiasts have become numb to the battle. By press time, XRP was trading at $0.37. If all the XRP is burnt, it could be the best buying opportunity in the space. The company is trying to defend itself from a class action lawsuit by early investors, who claim to have been offered XRP with promises of future gains. These cookies ensure basic functionalities and security features of the website, anonymously. If the Court decisions favor Ripple Labs, we could expect the XRP token and most other cryptocurrencies to be treated as currencies, not securities, in future regulations. Crypto would not be subject to federal securities laws in the U.S. Policymakers worldwide might follow this decision, providing more flexible terms for crypto regulations across the globe. In the latest development in the legal battle between XRP investors and Ripple, the company has filed a new motion to dismiss the class-action lawsuit entirely. XRP bulls consider the November 2022 level of $0.41 key for the altcoin and the bulls could push the asset to its target, once it begins recovery. But opting out of some of these cookies may affect your browsing experience. A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies.