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XRP Community Debates: Can It Reach $10? SEC Veteran Joins Debate

Mon, 09/04/2023 - 14:49
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Gamza Khanzadaev
SEC veteran Marc Fagel decodes Ripple case as community argues whether XRP can hit $10
XRP Community Debates: Can It Reach $10? SEC Veteran Joins Debate
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XRP enthusiasts find themselves in a passionate debate over the potential price surge of their beloved digital asset. The focal point of this heated discussion revolves around a critical question: can XRP reach the coveted $10 mark? While optimism runs high within the XRP community, a seasoned SEC veteran has added a dose of regulatory reality to the conversation.

XRP Community Awaits This Airdrop as XRP Burning Takes Center Stage

In a recent crypto analysis tweet, one enthusiast pointed out the previous cycle's impressive 900% surge, suggesting that a similar pattern could propel XRP to the $15 milestone. Another enthusiast countered this argument, emphasizing the need to consider potential selling pressures once XRP approaches the $5 mark and above.

The debate took an intriguing twist when the XRP supporter stressed the importance of regulatory clarity, claiming that the token had received legal affirmation as a nonsecurity asset. However, a dissenting voice quickly emerged, asserting that while XRP may have legal clarity, it lacks the broader regulatory consensus required in the financial world.

Ripple Sells Tens of Millions of XRP at a Loss – Price Drops After Recent Rise

Amid the back-and-forth, an unexpected voice joined the conversation. Marc Fagel, a former SEC director and retired attorney with 28 years of enforcement and securities litigation expertise, weighed in. Fagel's assessment painted a nuanced picture, indicating that the court had ruled both in favor of Ripple and the SEC. While the court acknowledged that Ripple had illegally raised over $700 million through unregistered security sales, it also ruled that the company's sales of XRP through intermediaries did not violate the law.

As XRP enthusiasts dream of soaring to new heights, they must grapple with both potential regulatory hurdles and broader market dynamics shaping their coin's trajectory. Only time will tell if XRP can break the $10 barrier and beyond.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.