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.
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.
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.
Ripple's recent legal victory against the SEC has brought much-needed regulatory clarity to the cryptocurrency industry, but XRP's price has since declined due to bearish market sentiment and short-term holders offloading their holdings.
The U.S. Securities and Exchange Commission (SEC) has revealed that the trial for the case against Ripple Labs is scheduled for April 2024, while three attorneys from the SEC's legal team have left the case, leading to speculation about their motivations.
Ripple and the SEC are expected to hold further negotiations in the second quarter of 2024, potentially after the Bitcoin halving, as the legal battle between the two parties continues. This could have implications for the price action of XRP.
### 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.
Ripple has objected to the SEC's motion to file an interlocutory appeal, arguing that the SEC failed to establish the conditions necessary for approval; meanwhile, Ripple's XRP token has seen a strong start to the month with high on-chain metrics.
A court ruling that declared Ripple's XRP token not a security offering may signal a shift in the US legal system's approach to cryptocurrency regulation and ongoing SEC lawsuits.
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's XRP drops over 5% in the past 24 hours, falling below $0.50, as the SEC appeals a judge's decision in the legal fight against Ripple.
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 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 trading volume of XRP, a cryptocurrency, has surged since the start of 2023, surpassing other altcoins, following a court decision declaring it not an unregistered security, resulting in its relisting on major US exchanges; however, XRP's price has decreased from its peak in mid-July.
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.
