XRP Has Refused to Let Go Despite SECs Shockwaves Ripples XRP did not start the year well after the US Securities and Exchange Commission (SEC) took the company to court. The financial market regulator charged Ripples executives with selling unregistered securities totaling $1.3 billion. However, Ripple has been making a strong case against the SEC. After the case was filed, the token slumped to $0.2, but in April 2021, it reached $1.00.
However, Ripple’s impressive growth was again disrupted in the May market meltdown, pushing the token back below $1.00. XRP is now fighting to maintain its price levels at around $1.00. At the time of making this video, XRP was trading at $0.9461. Today we will be talking about XRPs Unrelenting comeback even under SECs Shockwaves.
Could this Coin be aiming at conquering the $2 Mark? Take your seat as we walk you through behind the scene happenings. The Never Letting SEC, The U.S. Securities and Exchange Commission is asking Magistrate Judge Sarah Netburn for a time extension to answer Ripple’s recent motion to compel the production of documents related to Bitcoin, Ethereum, and XRP until June 11.
The company’s lawyers filed a motion last week accusing the SEC of refusing to turn over its external communications despite the court’s orders. The Court has ordered the SEC to “search all of the relevant repositories for documents and discovery” for communications between the SEC and external third parties relating to XRP, bitcoin or ether. After the SEC resisted, the Court reaffirmed that “the SEC must produce communications with third-parties, including external agencies and market participant.”
As reported by U.Today, Ripple scored its first major victory in discovery fights on April 6 by getting access to the SEC’s documents that show the agency’s internal views on the aforementioned cryptocurrency assets. On May 6, the judge upheld her ruling but clarified that Ripple would not be able to obtain the personal emails of SEC staff.
The agency is also seeking to extend discovery in the case to resolve the remaining issues after asking for the court’s permission to conduct additional depositions. However, despite all the SECs pushovers, XRP has adapted shockwaves to counter any devastating price wash-down. Here follows some XPRs Price Analysis, Analysing XRPs price, the coin has moved past the support level of $0.90, as seen in the chart below.
XRP is likely to gain momentum this week, and this may not only push it past $1.00, but it could even reach $1.20. However, this will still be below the major resistance price of $1.30. For Ripple to break past the $1.00 mark, it needs support from the broader crypto market. However, if it maintains its value above $0.90, it may prevent a major selloff that could pressure the price lower.
What could be the Reason for XRPs Major Gains? Its Unique Market Position Ripple also has a unique market position, given that its business model does not primarily mainly revolve around decentralized finance focused on individual consumers and investors, but rather in transforming traditional financial markets by providing services to corporate entities, particularly in cross border transactions.
Its Wide Acceptance or Adoption by Many Financial Institutions Key to XRPs long-term success is the adoption of RippleNet by financial institutions XRP is the liquidity token of the RippleNet value transfer system, designed with large cross-border payments in mind, such as those made by firms between their various multinational entities or third parties. Its Preliminary Wins against SEC One of the major factors helping XRPs price gains is the major wins by Ripple against the SEC.
A few weeks back, the firm won a lawsuit that prohibited the SEC from accessing the legal communications of the company. That win alone propelled XRPs prices by around 13%, and the coin approached $1.00. Last week, the firm filed a motion that requested the SEC to submit documents that had been previously requested. The documents will help to establish why the SEC classifies XRP as security and not as a currency or commodity as it does with bitcoin and Ethereum.
The Announcement of Ripple going Public by the CEO, Brad More positive tailwinds came from a recent interview during the CoinDesk Consensus 2021 conference, Ripples CEO, Brad Garlinghouse, announced a high likelihood of the company going public.
However, he added that the listing would only happen after the case with the SEC was resolved. The news pushed the XRP price 14% higher. Therefore, the XRP token is expected to withstand strong future market turmoil, especially if it achieves the critical role of being used as a bridging currency for CBDCs, as detailed in the Ripple whitepaper.
What Happens to XRP in Coming Days? According to the recent long-term forecast, the Ripple price will hit $2 by the end of 2021, $6 by the end of 2022, and $15 by the end of 2025. Ripple XRP will rise to $25 in 2027, $45 in 2030, and $60 in 2032. As the market-wide bull run seems to be slowing down, what’s next for the price of Ripple XRP?
This popular crypto is currently the world’s fourth-largest by market cap, after being displaced by the impressive growth of Binance Coin (BNB). At the time of writing, the price of one XRP is $1.62 and the asset has a market capitalization rate of $73,888,804,578. Back in March, the price was just $0.4371 so it has grown by almost $1.2 in under two months.
This growth will be an encouraging prospect to investors after a significantly bearish period. So, what’s next for the price of Ripple XRP? If you’re wondering is Ripple a good investment, you’re in the right place. We’re taking a look at some of the updated Ripple price predictions to find out whether this major asset is making a long-awaited recovery.
Ripple XRP is one of the world’s major cryptocurrencies and one of the most intriguing. Unlike Bitcoin, Ethereum, and other big names, it doesn’t market itself on its decentralisation. Instead, the crypto is closely aligned with a number of banks, investment firms, and businesses around the globe.
This may seem counterproductive when many traders believe that cryptocurrency’s biggest selling point is its freedom from external companies. However, crypto experts are increasingly claiming that it could be the key factor behind Ripple’s success. Although the world of cryptocurrency can be notoriously difficult to predict, some believe that Ripple XRPs unique market position means it could escape some of the turbulence which could potentially shake the industry in the next few years.
Another good thing is that some investors do not believe that the bearish trend is anything to worry about. The renowned analyst Ronin from TradingView believes that the price of Ripple XRP is currently following a wave pattern, which would mean that once the price has hit $1.90 it will start to reclimb.
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