The cross-border remittance firm has expansion plans once Ripple puts the lawsuit behind it. Cryptoasset investing is highly volatile and unregulated in some EU countries. When the lawsuit against Ripple was filed by the SEC in late December 2020, the XRP price plummeted a staggering -72% in one week, from $0.60 to $0.17. 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. The pattern element in the name contains the unique identity number of the account or website it relates to. According to a Bitcoinist report, CBDCs are a key focus for the payment giant in 2023 and Brooks Entwistle, Managing Director of APAC reaffirmed this stating that Ripple is a solution provider to which central banks and authorities can turn. With Ri The cookie is used to store the user consent for the cookies in the category "Other. According to the crypto analyst, the lawsuit between Ripple Labs and the SEC, which was filed in December of 2020 on allegations that XRP was sold as an unregistered security, could ultimately provide regulatory clarity for the token while the rest of the space ends up in limbo. And sooner or later, it will, leaving XRP will little where else to go but up.Visit IMPT Now. The cookie is used to store the user consent for the cookies in the category "Performance". Outcome of SEC v. The post XRP Lawsuit: A Huge Win Secured appeared first on The Motley Fool Canada. You should do your own thorough research before making any investment decisions. Japanese banks to trial stablecoin payment system, Binance adds support for African currencies: Liberia, Sierra Leone, Gambia, Mauritania, Cape Verde, InvestCloud launches front-to-back single solution for advisors and wealth managers, Step launches stock investing for teens and young adults. The Ripple lawsuit also consists of compliance with ISO 20022 for supporting international banking. Nothing herein shall be construed as financial, legal, or tax advice. If Ripple wins the case, exchange listing skepticism will be disregarded, and more XRP liquidity transfers will start in the US market. Japanese banks to trial stablecoin payment system, Binance adds support for African currencies: Liberia, Sierra Leone, Gambia, Mauritania, Cape Verde, InvestCloud launches front-to-back single solution for advisors and wealth managers, Step launches stock investing for teens and young adults. Ripple has said they would move HQ and continue business outside of US. One of the dumber plays youll see in baseball happened earlier this year between the Chicago Cubs and the Pittsburgh Pirates. This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website. According to Ripple Labs, the XRP token is not a security. CryptoNewsZ predicts that XRP could rise to as high as $0.68 in 2025. In that case, it will likely set a precedent for how other cryptocurrencies like Ethereum are regulated. The SEC alleges that Ripple conducted an unregistered $1.3 billion securities offering and named CEO Brad Garlinghouse and co-founder Chris Larsen in its legal action. So if regulations won't happen til 1st quarter of '25 & Ripple wins/settles lawsuit before then giving $XRP the only asset with clarity, what would happen to the . Proponents of cryptocurrencies insist that Ripple Labs has done nothing wrong. The SEC created a fund from the money it seized and offered Veri holders a buyback if they sold the tokens back to the SEC at a set price. The author has not received compensation for writing this article, other than from FXStreet. Inexplicably, the first baseman bought it and chaos erupted. In terms of money, its quite obvious what would happen if they win. This website uses cookies to improve your experience while you navigate through the website. 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. In December 2020, the SEC sued Ripple, accusing it of failing to register roughly $1.4 billion worth of its . 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. It is not clear what will happen to the price of Ripple after the lawsuit. XRP tokens are distributed to companies and financial institutions such as Santander, the Commonwealth Bank of Australia, or MoneyGram to create fast transactions through the Ripple network and avoid high conversion fees. It has been in the news recently due to its legal battle with the U.S. Securities and Exchange Commission (SEC). Ripple meanwhile contends . 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 cookie is used to store the user consent for the cookies in the category "Performance". Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Bitcoin (BTC) price edges closer to the lower limit of its bullish structure after Thursdays market sell-off. Currently, XRP is changing hands at $ 0.29. I know the SEC offered a buyback of the Veri token but I do not know the specifics. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . The lawsuit, which was filed in federal district court in Manhattan, accuses Ripple and its two co-founders of raising over $1.3 billion through "an unregistered, ongoing securities offering for digital assets.". It is very difficult to win a motion to strike; more than likely, Ripple will have the opportunity to present evidence and argue the fair notice defense throughout most or all of the case. The lawsuit, filed on 22 December 2020, alleges that Ripple raised over $1.3 billion through illegitimate means. The lawsuit dropped by the SEC on Ripple has alleged for two years that Ripple and its executives, Brad Garlinghouse and Christian Larsen, offered XRP in the form of unregistered securities.. Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. Regardless, this is a time for investors to exercise caution as BTC scrambles to find its footing. 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. Supporters of the Ripple lawsuit are already hyped to win the case against the SEC lawsuit with the long delay in showing evidence from the SEC side. All Rights Reserved. FXStreet and the author do not provide personalized recommendations. What will happen if XRP wins the SEC lawsuit? But the main thing that it does is that it is creating a new way of transferring money around the world. Two words might well decide the regulatory future of cryptocurrency. This question has been asked many times by the thousands of XRP holders who await a conclusion to the SEC v. Ripple lawsuit, but no answer has been able to satisfy the inquiring minds. It requires two things: 1) favorable rulings for Ripple on fair notice & on the deliberative process privilege; and an Altcoin Bull Market Chart with an upwards trend causing #XRP to surpass its all time high (for example, hitting $5 dollars or higher). John Deaton explained why the worry. The latest development in the proceedings has nearly 13 documents being pulled out of public view. The outcome of the SEC vs Ripple case will have far-reaching consequences on the cryptocurrency industry as a whole. This apparent contradiction likely means that today's dive is a blip in a larger, longer-term pattern of upwards movement. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. If Ripple wins the lawsuit, it will not have to pay out an additional 1.3 billion dollars, allowing it to continue working on projects. With the ever-evolving cryptocurrency market, Ripple has emerged as one of the most popular digital tokens in the space. These cookies ensure basic functionalities and security features of the website, anonymously. XRP: Going from Long to Short. These factors point towards a higher possibility that Ripple will win the legal battle. Ripple continues to be locked in a court case trying to establish the status of XRP. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Why NFTs now? "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. What will happen to the dozens of banks? John Deaton, attorney for the approximately 65,000 XRP Holders accepted as Amicus Curiae in the SEC v. Ripple lawsuit, has shared his thoughts on what may come next for XRP. Security wise, I am unsure. 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.. Why stop at one when it successful addresses many. Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. And, now they are already behind Microstrategy citing there are issues with their accounting systems related to BTC. Of course, it may be unwise to expect XRP to shoot up to $3.40 overnight, especially with overarching market conditions being so unfavorable at the moment. If the above scenario happens, ironically, only #Bitcoin and #XRP would be safe. And assuming that this is a favorable one for Ripple (i.e. Can #ETH investors honestly say theyre not worried? XRP. RSI currently reads 36.12. It will almost certainly have a . Long before Ethereum was even a twinkle in Vitalik's eyes, Ripple was already one of the largest digital assets in the crypto market. According to Fintech commentators like Bloomberg, the case will be wrapped within the first half of 2023. On February 17, 2021, the Court issued an Orderapproving the Claims Process and Distribution Plan. 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. Although the situation looks grim, a turnaround into the US session could happen again with Cronos price back up around $0.08 near Fridays close. In terms of arriving at a reasonable prediction for the XRP price in the event of a good result, it's likely that, at the least, the altcoin will pass its 2018 record high of $3.40. The Ripple/SEC lawsuit: Filing ends Both the SEC and Ripple Labs, the company behind the ripple ( XRP) cryptocurrency, had until 30 November 2022 to submit a reply in support of their summary judgment motions, which were made public on 2 December 2022. 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 . With time, crypto enthusiasts have become numb to the battle. But Bez expertly baited the first baseman, running instead back to home plate. Ripple . The app allowsusers to research more than 1000 stocks and ETFs, curate a portfolio based on risk rankings assigned to each security, and buy fractional shares for as little as $1. Why Ariva World (ARV)? In addition, several legal experts including XRP-friendly attorney Jeremy Hogan have said a win on fair notice could save the industry from the SEC. Pay the SEC fine your costing investors were missing the bull run. XRP seven-day price chart. Like Bitcoin, the Ripple blockchain is a decentralized digital payment protocol. When the United States Securities and Exchange Commission filed legal action against Ripple Labs and its top-two executives in December, alleging that its XRP coin was in fact a security and that. The Commission also alleged that Middleton manipulated the price and volume of VERI on secondary digital-asset trading platforms during the VERI ICO.. Article printed from InvestorPlace Media, https://investorplace.com/2021/07/even-if-ripple-wins-its-sec-lawsuit-the-crypto-ballgame-isnt-over/. Theres a way for the Ripple case to end and all parties win. But in the end, it might not even matter. Nothing herein shall be construed as financial, legal, or tax advice. By press time, XRP was trading at $0.37. Get the latest crypto news delivered to your inbox daily. What Will Happen If Ripple Wins The Court Case? Unfortunately for blockchain proponents, the Ripple lawsuit may not be a one-and-done situation; that is, a win doesnt mean the SEC will forever ignore cryptocurrencies. Ripple is gearing up to assist central banks across 20 countries in their Central Bank Digital Currency (CBDC) rollout. 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. 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. Well, everything. Since the lawsuit, Ripple has signed 20 new customers outside the US. The SEC does not like losing lawsuits. Whats crazy ironic, is that, with Gensler at the helm, the lawsuit could ultimately give Ripple and XRP an advantage moving forward. Settle the case and flip the switch Brad. Howie Test gets an update. The SEC filed a case against Veritaseum and its owner Reginald Middleton in August 2019 alleging they fraudulently raised millions of dollars in virtual currency from the unregistered sales of securities called VERI based on a series of false and misleading statements to potential and actual investors, including misrepresentations about the potential profitability and viability of Veritaseums purported operations, the use of funds raised in the VERI ICO, and the amount of funds raised in the VERI ICO. The Ripple lawsuit is important because if the SEC wins their case, XRP will be treated as a security and not a currency in the United States. When the XRP token launched in 2012, no one expected this humble cryptocurrency to spark one of the most iconic legal battles in blockchain history the SEC vs Ripple lawsuit. Ripple could have exactly what it needs to win over the judges. Even though US citizens have limited opportunities to transact XRP on local exchanges, the token is not without support outside the US. Could you be next big winner? FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. This cookie is set by GDPR Cookie Consent plugin. Regardless of the XRP lawsuits result, cryptocurrency regulation needs to be clarified so the industry can progress. If the SEC wins the case, XRP (the native . 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. Let there be a new price action. Information on these pages contains forward-looking statements that involve risks and uncertainties. If the settlement includes a declaration that ongoing sales of #XRP are not securities, #XRP gets re-listed and clarity is established. With XRP being the token of contention, the case outcome will likely impact the asset's price. 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. This article is for information purposes only and should not be considered trading or investment advice. As seen in the chart above, the Relative Strength Index (RSI) is close to the oversold region. The SEC vs Ripple case is widely publicized, with regulators and policymakers worldwide waiting for a conclusive result. Although US equities were able to trigger a turnaround and close Thursday off with a net gain, someone in Asia clearly did not get the memo. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. 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". Ripple and other parties have since countered with claims that the SEC is biased in its assessment. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. In particular, the importance of a couple of rulings and a bull market to transform XRP into the only altcoin with regulatory clarity in the United States. For now, there is no official announcement on the court's position. John Deaton talks about the potential size of Ripple amid a future XRP bull run, capable of overshadowing the likes of Morgan Stanley and Goldman Sachs, and the implications of a Ripple win. 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 legislators getting into the mix, this seems like the early innings of a long ballgame. All in all, Ripple's prospects look good, even if it may not gain a summary judgment for another few months yet. This comes after Ripple co-founder Chris Larsen said that the company would keep its . document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()); Get the latest Crypto & Blockchain News in your inbox. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. If the court decides to rule in favor of Ripple and dismisses the lawsuit, the price of XRP could boost further. As for the rulings, Deaton mentions the fight over the Deliberative Process Privilege (DPP) and a summary judgment on the fair notice defense.
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