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XRP Community Awaits Three Events; Here's Interesting Part

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Thu, 22/06/2023 - 16:00
XRP Community Awaits Three Events; Here's Interesting Part
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An XRP enthusiast who goes by the Twitter handle @stedas has revealed the expectations of the XRP community as the Ripple lawsuit nears an end.

In a tweet, he stated: "The XRP community is eagerly waiting for three significant events:1) Resolution of the Ripple vs SEC case: XRP is not a security 2) XRP reaching its previous ATH or breaking ATH and entering into a new price discovery phase 3) Gary Gensler getting fired."

Resolution of Ripple lawsuit

In December 2020, the U.S. Securities and Exchange Commission (SEC) initiated a lawsuit against Ripple, alleging the company and its executives sold XRP as unregistered securities.

Ripple contests the claim and argues that XRP is used in its business to allow cross-border transactions between banks and other financial institutions and should not be viewed as an investment contract.

Related

The briefings for summary judgment were completed in the past year, and now the judge's decision is awaited. Ripple will have spent $200 million defending itself in the SEC lawsuit by the time it is over, as CEO Brad Garlinghouse stated.

There have been various predictions on the time frame for the resolution of the lawsuit. Ripple says it expects a resolution this year, although the timing is up to the court to decide. The community expects a favorable outcome for Ripple, with XRP deemed not to be a security.

XRP reaching new all-time highs

After rallying nearly 49,500% in the space of months, XRP rose to all-time highs of $3.18 in January 2018. At the time, XRP achieved a monumental feat as it rapidly gained millions more in market capitalization, briefly becoming the second largest cryptocurrency by market capitalization after Bitcoin.

At the time of writing, XRP currently ranks as the sixth largest cryptocurrency, but its price remains undervalued compared to other major cryptocurrencies. XRP currently goes for $0.50.

At its present price, XRP is down nearly 87% from its all-time highs. The XRP community predicts a comeback for the XRP price; CryptoLaw founder John Deaton predicts that FOMO might set in if XRP reaches $2.

Intriguing part

SEC chair Gary Gensler's leaving office would be an answer to the prayers of most stakeholders in the crypto sector, given the number of enforcement actions he has pursued since assuming office.

Related

Recent reports indicate that a new bill has been introduced that will see Gensler removed from his role, though further details are yet to emerge on this.

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