Ripple (CCC:XRP) just can’t stop winning when it comes to its SEC lawsuit. The latest updates appear positive for the crypto company and its XRP token. As a result, Ripple (XRP) price predictions are up now in preparation of a celebratory upswing.
Back in December, the SEC brought Ripple to court over regulatory concerns. Ripple operates by executing contracts between users. The users convert their fiat currency to XRP tokens, of which there is a finite amount, before sending to the receiver. There, the receiver can convert XRP to whatever fiat they wish. The SEC’s suit claims that XRP is not a digital currency, but rather a security. Therefore, sales of XRP by the company were unregistered transactions of securities, a violation of SEC regulations.
As bulls see it, Ripple has been slam-dunking the SEC in this court case, particularly over the last two months. Magistrate Judge Sarah Netburn has helped as well. She has stated in court that she disagrees with the SEC over XRP being a security. She has also allowed Ripple access to SEC communications in order to find how the committee defines a security internally. Most recently, she has denied the SEC access to the financial records of Ripple’s founders.
With these updates, the XRP token has shot up in value. Now, Ripple’s executives are filing for the case’s dismissal. Its lawyers are arguing that the in-question transactions of XRP occur on foreign exchanges, giving the SEC no ground to stand on. The filing is joined in chorus by a number of pundits who advise the SEC to withdraw and “avoid the embarrassment.”
Lastly, while the latest Ripple lawsuit news is favorable for XRP, there is another catalyst to watch. The upcoming Coinbase IPO is pushing investors to rally behind a variety of cryptocurrencies today.
Ripple (XRP) Price Predictions as Lawsuit Winds Down
With the SEC lawsuit looking favorable for Ripple, crypto fans are anticipating some strong gains for XRP. Let’s take a look at some Ripple (XRP) price predictions:
- InvestingCube is anticipating a large upswing of XRP if it can break the $2 resistance mark.
- FXStreet is wondering when the currency will see a correction. However, with continued bullish swings carried on the back of the lawsuit, XRP could see another upswing toward the $2 mark. Longer-term speculation points toward a price of $5.60.
- PrimeXBT predicts a near-term rise of up to $4.
- LongForecast predicts prices as high as $3.48 by December.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.