The entire crypto community is eagerly awaiting the outcome of Ripple’s lawsuit against the SEC. Indeed, if the verdict is favorable for the fintech company, the price of its $XRP crypto will experience an exceptional surge. This is the substance of the allegations made by Bill Morgan, a legal expert on this case. As a reminder, the dispute between the Securities and Exchange Commission (SEC) and Ripple is based on accusations of illicit sales of unregistered securities in the form of XRP tokens by the company.
Bill morgan, legal expert, makes predictions on $XRP
In March 2021, the SEC sued fintech company LBRY over LBCs, the native token of its ecosystem. Indeed, the LBRY team sold unregistered securities in the form of bitcoins on secondary exchanges. At the hearing in New Hampshire, the judge ruled that LBCs are actually securities only at the time of direct sale. This decision fueled speculation on the $LBC and caused its price to rise.
It is therefore in relation to this case that Bill Morgan claimed that the price of the $XRP token could explode on the rise if the SEC lawsuit against Ripple is concluded with a positive result.
However, $XRP was removed from some cryptocurrency platforms such as Coinbase and crypto.com after the regulator filed a lawsuit.
No settlement possible between Ripple and the SEC
Moreover, for Brad Garlinghouse, CEO of Ripple, it is unlikely that his company will find common ground with the SEC by then.
Additionally, as part of the regulator’s lawsuit against Ripple and two of its executives, the CEO claims to have raised more than $1.3 billion through an ongoing unregistered digital asset securities offering.
Garlinghouse also maintained that the fintech company is fighting tooth and nail to defend the interests of all players in the crypto industry.
Also, Blockchain AssociationCoinbase, SpendTheBits, and several other cryptocurrency companies have sought permission to file a friend’s file in federal court in connection with the case.
Finally, for Jeremy Hogan, American legal counsel and strong supporter of $XRP, the legal contest between the SEC and Ripple could soon come to an end. And this with enticing fallout for $XRP which will suffer an unprecedented supply shock. We still remember the explosion in the price of this crypto when the two parties involved requested a deferred judgment.
Conclusion
Whatever the verdict of this lawsuit, the crypto $XRP will be the first to feel the impact of this case. For many users, the future of cryptocurrency would depend on this fateful lawsuit. Moreover, Ripple does not seem affected by this affair when it announces the development of its stablecoin.
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