TL;DR
Earlier this week, the cryptocurrency community cheered after Ripple secured another landmark victory against its big enemy – the United States Securities and Exchange Commission. Specifically, the company’s CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – were cleared of all charges brought by the regulator.
This marked Ripple’s third win in a row against the watchdog. The SEC took the first punch in mid-July when Federal Judge Torres ruled that the firm’s programmatic XRP sales from years ago did not constitute an offer of investment contracts.
America’s securities regulator was unpleased with the court decision and formally appealed it. However, the magistrates rejected those intentions at the beginning of the month.
Despite Ripple’s winning streak, the lawsuit between the two entities is far from being entirely resolved. Ripple and the SEC are scheduled to face each other on a grand trial in April next year. The legal process should determine the outcome of the lengthy dispute and possibly affect the entire cryptocurrency industry.
A decisive win in favor of Ripple could infuse much enthusiasm in the space, prompt a bull run, or trigger the implementation of a comprehensive regulatory framework in the US. On the other hand, an eventual SEC victory could have a negative effect on the sector.
Somewhat expectedly, the price of Ripple’s native token – XRP – soared significantly shortly after the latest news. It spiked to almost $0.53 (per CoinGecko) for the first time in two weeks, while some analysts assumed that a further rally could be on the cards.
Previously, experts and even the AI-powered language model ChatGPT have suggested that a favorable outcome of the Ripple/SEC lawsuit could be a driving factor for a future XRP bull run.
Those willing to find out how the asset might perform in the remaining months of 2023 and check whether the market is at a turning point position could take a look at our dedicated video below:
