The cryptocurrency market has been closely watching the SEC vs. Ripple case unfold, as its outcome has potential implications for XRP prices. Despite this, XRP has managed to end the week positively, gaining nearly 2 percent in the last 24 hours. This positive movement comes as a relief after XRP lost almost 8 percent in the last 7 days, further solidifying the speculation of its price volatility being closely tied to the ongoing litigation between Ripple and the U.S. Securities and Exchange Commission (SEC).
Ripple’s fortunes, in recent months, have seen it rally to become the fifth-ranked cryptocurrency by market cap, thanks in part to a string of minor victories in its favor. However, according to the court’s scheduling order, its proceedings will have a significantly lower influence on trading prices until early 2024. This is due to the ongoing discovery process that the SEC and Ripple must undergo, with remedies-related discovery needing completion by February 12, 2024. The effects of this discovery process on the case and the token’s price will be anticipated until the SEC files its brief concerning remedies by March 13, 2024.
Amidst this legal drama, there is lingering speculation of a possible settlement between the SEC and Ripple. Reports have hinted that the SEC is eyeing an astounding $770 million settlement, but legal experts, including amicus curiae attorney John E. Deaton, believe that this amount is likely to change once meaningful talks between the parties are initiated. A settlement valued below $20 million would represent a major legal victory for Ripple in its lawsuit against the SEC.
Looking towards the future, XRP investors are projecting positive outcomes for the digital asset should Ripple secure a favorable judgment or settlement. An anticipated development is Ripple going public through an initial public offering (IPO), which CEO Brad Garlinghouse has hinted at in the past. This move is expected to garner high interest, providing legal clarity to the digital asset while potentially attracting institutional investors. Furthermore, talk of an XRP exchange-traded fund (ETF) continues to generate excitement amidst discussions of its approval. Despite speculation that BlackRock filed for an XRP ETF, these claims have been refuted by the asset manager.
As the cryptocurrency landscape continues to evolve, it is important to consider the depth and breadth of these developments. It is clear that the outcome of the SEC vs. Ripple case and the potential for a settlement, along with the prospects of an IPO and XRP ETF, are intricately entwined with XRP’s future. As these events unfold, market participants will be closely watching for any signs that could influence the digital asset’s trajectory.
Amidst these ongoing developments, it is important for readers to conduct their own research before taking any actions related to cryptocurrencies. As such, Crypto News Flash does not endorse or assume responsibility for the accuracy, quality, advertising, products, or other materials presented in this content. The organization also disclaims any responsibility for potential damages or losses resulting from the use of or reliance on any information contained herein.