The price of XRP has felt slow in recent weeks as new information emerged from the Ripple vs. SEC suit. As this writing is being written, the price for XRP fluctuates between $0.32903 and $0.35874, a 7.80% decrease from September’s high of $0.35874
Given the size of ongoing court battle between Ripple & the SEC, this price drop isn’t surprising.
Multiply delisted the currency by exchanges since 2021. This further depressed its value.
In the past 24 hours, XRP has been traded for $1.2 billion. On Saturday, trading began at $0.3439. The XRP/USD pairing reached its highest of $0.3576 and lowest of $0.3438.
XRP Future to be Determined by Ongoing Court War
Since its inception, Ripple Labs’ XRP has been the native coin of the XRP Ledger, and its market value has kept it in the top 10 of all cryptocurrencies almost every day.
Ripple claims that although the US Securities and Exchange Commission attempted to assert its control over cryptocurrency markets, Ripple said the SEC wasn’t being fair.
Photo by Coinpedia
Ripple was sued in December 2020 by the SEC, for more than US$1.38 Billion. The SEC claimed that the issuance XRP constituted unregistered securities offerings.
The SEC also charged Chris Larsen, the executive chairman of Ripple, and Brad Garlinghouse, the CEO, with aiding and abetting the company’s infractions.
Meanwhile, the Chamber of Digital Commerce, a cryptocurrency industry association, has requested to join the case between Ripple Labs and the SEC as an amicus curiae (Latin for “friend of the court”).
The Chamber of Digital Commerce to the Rescue
The CDC, a non-profit organization that promotes widespread adoption of cryptocurrencies such as Bitcoin and Ethereum within the financial industry is called “The CDC”. It’s not the first time something like this has happened.
The chamber was involved in Telegram vs. SEC. Telegram was sued by SEC also for similar reasons as Ripple, but they won despite being involved in the CDC case.
Telegram was unable to win the SEC case and had to repay investors more than $1.2 billion, plus an $18.9million penalty.
Jeremy Hogan says the XRP could use the same argument that was used by the Chamber during the Telegram scandal.
The What Ifs and Buts
Sources suggest that settlement talks may take place in the latter part of this month, or even later in the year. This settlement is the best possible for XRP holders.
However, Ripple losing the case could spell trouble for XRP owners.
This litigation, which will be based on the U.S. Securities Act for precedent, will set the stage for the future of crypto.
Ripple could win a victory that will legitimize cryptocurrency usage.
Ripple might be forced to match Telegram 2021 if Telegram is victorious in the SEC.
Market cap for XRP is $17.09B on the daily chart -- Source: TradingView.com| Source: TradingView.com Featured Image: The Daily Hodl Chart: TradingView.com (The author is sharing his personal opinions and the analysis should not necessarily be taken as investment advice.