The expectations of the XRP community as the Ripple litigation draws to a close have been disclosed by an XRP fan who goes by the Twitter handle @stedas.
He wrote in a tweet: “The XRP community is anxiously anticipating three key events:1) The Ripple v. SEC dispute has been resolved: XRP is not a securities 2) Reaching or breaking XRP’s previous all-time high and beginning a new phase of price discovery. 3) Gary Gensler losing his job.
Resolution of Ripple lawsuit
The U.S. Securities and Exchange Commission (SEC) filed a complaint against Ripple in December 2020 on the grounds that the business and its officials had offered XRP as unregistered securities.
The notion is refuted by Ripple, which maintains that XRP is not an investment contract because it is employed in its business to facilitate international transactions between banks and other financial institutions.
The judge’s verdict is now expected after the summary judgement briefings were finished last year. By the time the SEC action is done, Ripple will have spent $200 million defending itself, according to CEO Brad Garlinghouse.
Various timeline projections for the lawsuit’s conclusion have been made. While the timeline will depend on the court, Ripple says it anticipates a settlement this year. The general public anticipates a positive conclusion for Ripple, with XRP not being classified as a security.
XRP reaching new all-time highs
In a few of months, XRP surged approximately 49,500%, reaching all-time highs of $3.18 in January 2018. At the time, XRP accomplished a remarkable achievement when it quickly increased its market valuation by millions more, temporarily overtaking Bitcoin as the second-largest cryptocurrency by market capitalization.
Although XRP is presently the sixth-largest cryptocurrency at the time of writing, its price is still too low in comparison to other significant cryptocurrencies. At the moment, XRP costs $0.50.
XRP has dropped around 87% in price from its peak levels. The XRP community anticipates a recovery in the XRP price; CryptoLaw founder John Deaton says that if XRP approaches $2, FOMO may begin to set in.
Intriguing part
Given how many enforcement actions SEC head Gary Gensler has undertaken since taking office, his resignation would be a relief to the majority of stakeholders in the cryptocurrency business.
Recent sources claim that a new measure has been submitted that will remove Gensler from his position, however more information on this has not yet surfaced.
