How will Ripple’s latest legal battle affect XRP’s price?
The post How will Ripple’s latest legal battle affect XRP’s price? appeared on BitcoinEthereumNews.com.
Did Ripple CEO Brad Garlinghouse mislead investors? Judge sets SEC’s case against Ripple for trial Market sentiment remains optimistic over XRP’s future Ripple Labs has repeatedly hit the headlines over its legal battles with the Securities and Exchange Commission (SEC) over the years. It’s in the news again after a judge in California ruled that a civil securities lawsuit against the blockchain firm will go to trial, allowing a jury to decide if Ripple CEO Brad Garlinghouse made misleading statements in 2017. According to reports, the court denied in part Ripple’s counterclaims, with the defendants hoping for a full dismissal of the case. Is XRP a security? The court’s decision to proceed to trial leaves a big question on the classification of XRP as a security. Especially since Judge Phyllis Hamilton showed a willingness to to not follow the legal opinion of Judge Analisa Torres in New York. Ripple’s legal battles and market speculation As expected, this development has spurred rumours that XRP’s price may soon be adversely affected on the charts. In fact, there is good precedent for the same too. Consider this – Back in December 2020, the SEC charged Ripple execs Garlinghouse and Larsen over securities violations involving XRP transactions. The charges claimed the the two executives conducted a $1.3B unregistered securities offering. After charges were brought against Ripple, XRP was hit by a drastic price decline, with the altcoin falling by as much as +40%. However, after the charges were dropped on 20 October 2023, the crypto appreciated again. Simply put, Ripple’s legal proceedings and XRP’s legal status have a significant impact on market sentiment and XRP’s price action. Hence, it’s worth looking at what to expect now. Source: Coinglass Despite Ripple’s legal woes, XRP’s market sentiment has remained optimistic. AMBCrypto’s analysis of Open Interest data…
Filed under: News - @ June 22, 2024 12:14 pm