The legal battle between the SEC and Ripple will soon celebrate its second anniversary. And it looks like the story is finally coming to an end. Indeed, the case could end within a few weeks, perhaps before November 15 of this year. What impact will the decision have on the price of XRP?
A resolution expected no later than November 15
The litigation between the SEC (the American regulator) and the company Ripple began in December 2020. This is a case that is being scrutinized by the entire cryptocurrency sector . For nearly two years, the two parties have been advancing their arguments to defend their case. It would seem that all the elements are now gathered to allow the judge to decide .
This is why Ripple and the SEC requested a “summary judgment” on September 13, a procedure that would allow the case to be expedited . The case should therefore be arbitrated by a judge without going to trial.
The SEC does not appear to want to delay the matter further by filing new motions. For its part, Ripple claims to be willing to reach an agreement with the SEC provided that this agreement clearly establishes that XRP is not a security.
Arbitration now seems closer than ever. It remains to be seen when? According to Ripple CEO Brad Garlinghouse, the answer should come in the first half of next year .
According to attorney Jeremy Hogan, resolution is even closer. Asked on Twitter about a possible resolution date, Jeremy Hogan replied : “An agreement could be reached at any time until she [Judge Analisa Torres] rules, but I think it is more likely before the 15th . November . »
What impact on the price of XRP?
Naturally, the outcome of the litigation between Ripple and the SEC can be expected to have a strong impact on the price of the XRP token . Indeed, the price of XRP has been particularly volatile depending on the news of the lawsuit .
At the start of the trial in 2020, XRP was trading around €0.42. At the time of writing this article, the price of XRP is moving around €0.51.
The latest twists of the case appeared to show Ripple in a position of strength. Of course, “small” victories in the trial are no guarantee of its outcome. But recent figures seem to indicate a return of market confidence . Indeed, the course evolved as follows:
- + 9% over the last 24 hours;
- + 48% over the last 30 days;
- +36% over the last 60 days.
The arbitration of the file will have an impact not only on XRP, but also on many other cryptocurrencies . Remember that other assets are currently in the sights of the SEC, starting with the giant Ethereum and Hydrogen .
Regardless of the outcome, resolving the Ripple vs. SEC case will at least have the merit of bringing clarity to the industry . Indeed, the charges against Ripple and its XRP token are applicable to other crypto assets. As Brad Garlinghouse told CNBC recently , “We think the whole industry needs the clarity we’re looking for.”