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- Ripple CEO Brad Garlinghouse expresses willingness to take legal battle with SEC to the Supreme Court.
- Ripple has already spent over $150 million on its defense against SEC’s allegations regarding XRP token issuance.
Brad Garlinghouse, the CEO of Ripple, has signaled the company’s readiness to escalate its legal dispute with the U.S. Securities and Exchange Commission (SEC) over the status of the XRP cryptocurrency token to the Supreme Court. This decision comes as Ripple has already expended more than $150 million on its legal defense against the SEC’s allegations.
Gary Gensler and the #SEC get dissed again as #Ripple CEO Brad Garlinghouse drops a bombshell in Dubai: ‘In my opinion, the SEC has lost sight of its mission to protect investors.’
The future looks bright for #XRP! 🚀🚀🚀 pic.twitter.com/fNeJ5e40tk
— Collin Brown (@CollinBrownXRP) November 11, 2023
The SEC initiated the lawsuit against Ripple in 2020, alleging that the company violated its regulations by selling XRP without registering it as a security. This legal battle has captured the attention of the cryptocurrency community due to its potential implications for the SEC’s jurisdiction over the crypto market.
Ripple CEO Highlights Victories Amid Ongoing Legal Battle
In a recent interview at the DC Fintech Week event, Brad Garlinghouse expressed his eagerness to see the Supreme Court’s perspective on the matter, saying,
We’d love to see the Vegas odds on how that would go.
He emphasized Ripple’s commitment to the case but did not rule out the possibility of settling it in the future.
In a recent development, the SEC has requested the court to drop certain parts of its litigation against Ripple co-founder Christian Larsen and Brad Garlinghouse. However, the SEC may still pursue an appeal against the judge’s ruling from July, which determined that sales of XRP to retail investors did not constitute investment contracts.
The SEC uses a legal test established in a 1946 Supreme Court case to determine whether an asset falls under its securities regulations. Many crypto advocates argue that numerous digital assets, including XRP, do not meet this standard. They contend that the SEC or Congress should create updated regulations that consider the unique characteristics of cryptocurrencies.
Notably, Ripple is not the only cryptocurrency company engaged in high-stakes legal battles with the SEC. Coinbase Global Inc. is also facing legal scrutiny from the regulatory agency, with allegations that it operated an unregistered exchange, brokerage, and clearing agency.
While SEC Chair Gary Gensler expressed pride in the agency’s enforcement work in the crypto space, the industry remains uncertain about the regulatory landscape. The ongoing legal battles between crypto companies and the SEC underscore the need for clear and updated regulations in the rapidly evolving cryptocurrency market.
XRP Price Outlook
As the legal battle between Ripple and the SEC unfolds, XRP’s price has been closely monitored by investors. At the time of writing, XRP is trading at $0.6609. Recent developments in the case, including Ripple CEO Brad Garlinghouse’s optimism about a potential Supreme Court appeal, have generated interest and uncertainty within the crypto community.
XRP’s price action on the weekly chart indicates bullish signals, with the cryptocurrency holding above the 50-day and 200-day exponential moving averages (EMAs). If XRP manages to climb back to $0.68, it could test the $0.7047 resistance level.
However, a dip below the $0.65 handle could put pressure on XRP, potentially leading to a test of the $0.6354 support level. The 14-day Relative Strength Index (RSI) reading suggests that XRP may return to $0.68 before entering overbought territory.
The outcome of the SEC v Ripple case and any potential appeals could significantly impact XRP’s price trajectory. Investors will continue to closely monitor legal developments alongside market factors to gain insights into XRP’s future performance.
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