Ripple’s Lawsuit: New Developments Could Have a Huge Impact
The Ripple lawsuit by the SEC is awaiting a summary judgment from the court. Recent developments suggest that the case may take a new turn, which could significantly impact the final ruling.
It was surprising to me that the SEC’s own expert conceded that since mid-2018 onwards that Bitcoin and Ethereum price movement can explain as much as 90% of XRP’s price movement./1 pic.twitter.com/0ZA33On6EO
— bill morgan (@Belisarius2020) April 7, 2023
Should the expert’s assumption hold true, it could suggest that Ripple is allowing the price of XRP to be affected indirectly by Bitcoin and Ethereum’s price fluctuations.
The SEC is presenting evidence to support this assertion by arguing that Ripple’s price statements impact XRP’s value. The SEC accuses Ripple of selling XRP tokens as unregistered securities. Ripple is defending itself by urging the unsealing of Hinman speech documents.
Based on recent remarks by lawyers, it is speculated that the case outcome may result in a fine for Ripple and require the company to continue operating its business.
The ruling may also influence the listing of digital assets on various trading platforms. The date for the summary judgment is yet to be confirmed.
The outcome is expected to impact the value of XRP and the crypto sector as a whole. XRP is currently trading at $0.51, with weekly gains of around 1%.