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Since the start of this year, speculations around the potential settlement of the lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple Labs have remained volatile. As pro-crypto lawyer Bill Morgan projected on X, this uncertainty in the lawsuit's resolution might constantly negatively impact the XRP price.
XRP price in crosshairs
Since the U.S. SEC lawsuit was initiated in December 2020, it has mostly impacted Ripple Labs’ business and the price of XRP. However, as Bill Morgan noted, "The continuing uncertainty about the end or continuation of SEC v Ripple appeal will eventually increasingly exert a negative pressure on XRP price."
Gamza KhanzadaevAt the time of writing, the price of XRP is down 1.67% in 24 hours to $2.29. While XRP has seen a major breakout over the past few months, proponents believe it is trading below its projected expectations.
Many believe XRP would be the second-largest digital currency if the lawsuit had not suppressed its price. With a potential resolution in sight, top community members are holding their breath to see how high the coin will go.
While many anticipate this price action, others in the ecosystem have warned of tempered expectations, as any lawsuit-induced rally may be short-lived.
Ripple lawsuit end imminent
Since taking office in January, new interim U.S. SEC President Mark Uyeda has spearheaded a massive shift in enforcement action. Per his policy shift, the SEC has ended its lawsuit against the Coinbase exchange.
Godfrey BenjaminOther top crypto firms in the regulator’s crosshairs have also seen an end to their respective legal battles. These include Uniswap, Robinhood Crypto and Kraken, among others. In line with these trend, experts have projected that an end to the Ripple and SEC brawl is imminent.
However, the timeline remains unknown. A recent report hinted that both the SEC and Ripple lawyers are ironing out the details of the settlement so future crackdowns will not occur.
Vladislav Sopov
Dan Burgin