Main financial assets discussed: Ripple's native coin XRP, Bitcoin (BTC)
Top 3 key points:
1. Ripple's XRP has seen a surge in investor interest and inflows after the latest ruling in the SEC-Ripple case.
2. Ripple has been actively engaged in partnerships and collaborations, particularly in the development of central bank digital currencies (CBDCs).
3. Ripple is strategically positioned to play a key role in upcoming global payment innovations, particularly with its focus on cross-border payments and its compliance with industry and regulatory standards.
Recommended actions: **Hold** XRP in the portfolio. No recommendation for buying or selling is given.
Ripple CTO David Schwartz clarifies that while XRP Ledger began as a copy of Bitcoin in 2011, it has since evolved and relinquished some of its similarities, addressing flaws and establishing a more sustainable digital asset for payments.
Despite a recent crash, Ripple's largest token holders are accumulating massive amounts of XRP in anticipation of a potential bull market and the outcome of the SEC case.
There is speculation that a partnership between MoneyGram and Ripple may be reinstated, following Ripple's court ruling that XRP is not an illegal security and its return to Coinbase's listings after its legal win against the SEC.
XRP rallied on Sunday, avoiding dropping below $0.50 for the second consecutive day, while Ripple has until September 1 to respond to the SEC filing and the SEC has until September 8 to address any response. Capitol Hill is being watched for potential developments in US crypto regulation.
The global digital assets market, including cryptocurrencies like XRP, is projected to account for up to 10% of all assets by 2030, potentially reaching a valuation of over $14.5 trillion, driven by factors such as the growing adoption of cryptocurrencies, stablecoins, and central bank digital currencies, as well as regulatory certainty and institutional investor interest. Pro-XRP analysts suggest that XRP could become the next big thing in the financial market, with the potential for significant returns, especially considering Ripple's efforts to expand its use cases and accommodate tokenized assets.
Ripple Labs could have potentially avoided the SEC lawsuit if it had chosen the right law firm, according to attorney John Deaton.
Crypto analysts predict that the price of XRP may reach $0.60 after the SEC's change in strategy regarding Ripple Labs, with data suggesting that large XRP investors are preparing for a potential price rise.
XRP, one of the largest tokens by market cap, has lost a significant amount of value due to bearish sentiment in the market and the impact of Ripple Labs' court ruling with the SEC, reversing its gains from earlier this year.
The Securities and Exchange Commission's (SEC) chances of defeating Ripple in court are slim, as experts believe the court has thoroughly studied all arguments over the years and is unlikely to overturn its previous decision. If the SEC does succeed, it could have significant implications for the crypto market, leading to many companies relocating out of the United States and a decline in cryptocurrency prices.
Defendants Ripple Labs, Brad Garlinghouse, and Chris Larsen, along with the U.S. Securities and Exchange Commission (SEC), have indicated to the court that they will be unavailable for trial in Q2 2024, suggesting that the trial will likely take place after the Bitcoin halving; meanwhile, the XRP price has rebounded as the XRP community remains optimistic about the outcome of the trial.
XRP is gaining popularity in South Korea, particularly among Gen Z investors, and the coin's price is expected to rally by 55% due to investor preference and developments in the SEC vs. Ripple lawsuit.
Western Union is considering using Ripple's blockchain technology and XRP token to optimize capital and settle transactions, reflecting a growing trend of major financial institutions incorporating cryptocurrencies into their business.
Former SEC officials’ testimony could have classified XRP as a non-security, undermining the SEC’s allegations against Ripple CEO Brad Garlinghouse.
### Summary
Ripple (XRP) has seen a significant rise in price due to a bullish trend in the cryptocurrency market, positive news about partnerships, and its growing popularity in South Korea. Financial institutions are adopting Ripple's technology for cross-border payments, validating the utility of XRP. However, caution is advised as the market remains highly volatile, and XRP's future performance is uncertain.
Ripple attorneys are preparing for the SEC's appeal in the lawsuit, with a focus on the Howey Test and former SEC official William Hinman's speech, while XRP is at risk of closing September with losses based on historical trends and struggles to start an upward trend.
Lawyers representing Ripple in its lawsuit with the SEC argue that the regulator has not met the requirements to request an appeal in the case regarding the classification of XRP as a security for sales to retail investors.
A recent transfer of a large amount of Ripple's XRP token from Binance to an undisclosed wallet has sparked speculation about its potential impact on the token's price amid the ongoing legal battle between Ripple and the SEC.
Ripple argues that the SEC does not have sufficient grounds for an appeals court to intervene in their legal dispute, as there are no significant legal questions at hand and an appeal would not expedite the resolution of the case.
Ripple opposes the SEC's request for an immediate appeal in the recent lawsuit ruling, arguing that the appeal does not meet the necessary requirements and will only prolong litigation.
Large traders in the US drove buying demand of XRP after Ripple's court victory over the SEC, with Coinbase experiencing stronger levels of buying, according to digital asset research firm Kaiko.
The U.S. SEC is seeking an appeal in the Ripple Labs lawsuit, arguing that there are contentious legal issues surrounding the court's application of the law and the Howey Test that warrant a review. The SEC is requesting a stay on proceedings until the resolution of the appeal.
Ripple Labs' legal counsel accuses the SEC of hypocrisy for seeking an appeal in the recent XRP court ruling after claiming that the rules were clear and must be followed.
A federal judge ruled that Ripple's sales of the token XRP to retail purchasers were not unregistered sales of "securities," while another judge ruled that the stablecoin UST and the token LUNA were sold as "securities," setting the stage for the SEC's suit against Coinbase and creating legal uncertainty for the broader crypto industry.
Ripple (XRP) price consolidation may be followed by an imminent rally fueled by rumors of Blackrock's integration of XRP in its crypto expansion strategy, as indicated by on-chain data and trading sentiment.
Ripple CEO Brad Garlinghouse believes that XRP could become the next Bitcoin if it successfully addresses a multi-trillion-dollar problem and leverages its competitive edge in the regulated traditional finance sector.
The XRP price outlook is bullish as the asset tests the supply zone at $0.5174, with the possibility of a settlement in the SEC vs. Ripple lawsuit and Ripple CEO Brad Garlinghouse's criticism of the SEC and Chair Gary Gensler contributing to the altcoin's recovery.
Ripple's native token, XRP, has the potential to make investors millionaires if its price returns to its all-time high, with approximately 294,117.65 XRP needed to achieve $1 million. However, it is important to consider the volatility of the crypto market and to practice risk and money management.
The US District Court of New York has rejected the SEC's request to appeal the ruling that XRP is not a security for retail sales, stating that the SEC did not offer a convincing justification for an appeal.
A federal judge has rejected the U.S. Securities and Exchange Commission's bid to appeal its loss against Ripple, causing XRP's price to rally by 5%.
XRP prices rose after Ripple obtained a license to offer key services in Singapore and the SEC lost a bid to appeal the Ripple case, causing trading volumes to spike to $1.7 billion.
XRP, the native token of the Ripple protocol, is the best-performing asset among the top 50 cryptocurrencies, up nearly 4% in the past 24 hours and 6.2% over the week, fueled by a federal judge's decision and Ripple's acquisition of a payments license in Singapore.
The recent court order denying the SEC's interlocutory appeal against Ripple has divided crypto lawyers and commentators, with some considering it a win for Ripple, while others caution against excessive enthusiasm and point out that the SEC can still appeal the case after the trial.
A U.S. federal judge rejects the SEC's bid to appeal against Ripple, causing XRP's price to rally, while FTX founder Sam Bankman-Fried's trial continues with a dispute over the evidence, and a new data platform developed by the Bank for International Settlements could support future regulation of the crypto market.
A crypto analyst expresses bullish sentiment on XRP after a US court rejects the SEC's attempt to appeal a decision in Ripple's favor, stating that XRP sales did not violate securities laws, while also sharing bearish sentiments on Ethereum and bullish expectations for Bitcoin's support level.
The Ripple XRP price experienced a breakout from a descending resistance trendline on September 11, but is still trading below a key resistance area of $0.55, with a bullish outlook suggesting a potential breakout above that level leading to price increases of around 11% to 25%.
