Two years ago, the U.S. Securities and Exchange Commission brought a surprise to crypto communities when a prominent provider of cryptocurrency solutions for business was sued.
Ripple was brought before the SEC by cryptocurrency experts. This led to what is now the most closely followed legal case in crypto.
The SEC’s lawsuit accusing Ripple of breaking securities laws has devolved into a lengthy legal dispute, with the future of cryptocurrency regulation potentially at risk.
The case, which was filed in December 2020, revolves around the Commission’s claim that Ripple refused to register approximately $1.4 billion worth of XRP, its native coin, as securities.
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Image: MetaCrunch
Crypto Community is Positive About XRP
Despite Ripple’s current legal battle and adverse market conditions, the XRP Community remains positive about the XRP Price as the development unfolds.
Six months following the filing of the SEC’s litigation against Ripple and its executives, the price of XRP plummeted from $0.7 to $0.2. The case was progressing, however, Ripple’s worth increased.
Monday’s Coingecko stats show that XRP is trading at $0.327, a 1.5 percent increase over the previous week. The 24 hour trading volume for XRP was $1,116,622,856
Can XRP Reach $35,000? Or, $50K Even?
Valhil Capital CEO Jimmy Vallee estimates that XRP could reach $35,000. Some believe the price could go beyond $50,000.
The excitement surrounding XRP is also due to the increase in XRPL-related use cases. Peersyst Technology announced that the first Colombian National Land Registry was created using the XRPL Blockchain.
XRP was one cryptocurrency investor who is anticipating a solid run in this bear market.
As a result of the increased interest in Central Bank Digital Currency (CBDC), Ripple has prepared itself to be recognized through the private ledgers and inexpensive cross-border transfers it enables via its project Ripplenet, consequently boosting the price and sentiment of XRP.
In other developments, the largest bank in Morocco, Attijariwafa Bank, has partnered with the company to promote seamless XRP token payments for its customers.
Total market capital for XRP at $16 Billion according to the Daily Chart | Source: TradingView.com
You can either hold onto long positions, or profit!
Interest parties may open long positions while they wait. They can expect that XRP’s price will climb above $0.387 and sweep liquidity first.
When the initial goal has been achieved, market participants are faced with two choices: either they can hold onto their positions and retest the level at $0.439 to make profits or stay in the game.
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XRP is now recovering from its December 2020 crisis, with a positive long-term forecast. Analysts believe that cryptocurrency could surpass its present record high of $3.84 this year.
But, it will be possible only if the many psychological hurdles it has created over the years are overcome.
Featured image taken from TradingView.com, chart by The Positivity blog
