Ripple CLO Calls for Closure of SEC Lawsuit on 4th Anniversary

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As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies, I find myself closely following the intriguing saga between Ripple Labs and the SEC. My journey in this field began during the early days of Bitcoin, when blockchain technology was still a novelty. Over the years, I’ve seen countless twists and turns, but few have been as captivating as this legal battle between Ripple and the SEC.

In reference to the fourth year mark of the high-profile legal clash between Ripple Labs and the US Securities and Exchange Commission (SEC), Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, called for an end to this “unjustified lawsuit” in public.

Alderoty advocated for X, aiming to prompt the new Trump administration into addressing the perceived regulatory errors that have affected the cryptocurrency sector under the leadership of previous SEC official William “Bill” Hinman.

Last week, I expressed my viewpoint that the government should prioritize legislative efforts promoting innovation in the crypto space, rather than solidifying vague ideas reminiscent of the past administration’s “War on Crypto.” I emphasized the importance of thorough research and broad agreement before taking such steps. Now, fresh insights have emerged in line with my suggestions.

In a protracted legal dispute, Ripple – led by CEO Brad Garlinghouse and co-founder Chris Larsen – finds itself in a pricey court case. The Ripple CEO earlier predicted that the company may have expended around $200 million by the time the lawsuit ends. Apart from financial losses, this legal battle has significantly tarnished Ripple’s reputation, stirring doubts about the SEC’s aggressive regulatory policies and enforcement tactics.

The case remains pivotal as the SEC is set to file its opening brief by January 15, just days before Chair Gary Gensler steps down. The agency’s appeal against XRP-related distributions and sales by Ripple will be reviewed in the 2nd Circuit Court.

A Glimmer of Hope

The Trump presidency has ignited hope within the crypto community, as many anticipate that Ripple’s ongoing legal dispute may be resolved soon. Since Donald Trump won the election, the value of XRP, a digital currency, has significantly increased. Its market capitalization currently stands at over $126 billion, which is more than four times its original value.

In the future, experts in the field are optimistic that regulatory decisions will pave the way for the debut of an exchange-traded fund (ETF) based on XRP by 2025. Key financial managers, such as 21Shares and WisdomTree, have already submitted applications to the Securities and Exchange Commission (SEC) for XRP spot ETFs.

XRP Price Optimism

Regardless of the lingering legal issues, the value fluctuations of XRP have proven to be robust. Remarkably, Ripple’s native digital currency has experienced significant growth during the current bull market, increasing more than 250% over the past twelve months.

In simpler terms, after hitting a low of $2, XRP has managed to maintain a key support at around $2.21. Despite being 42% lower than its peak price of $3.84, the technical analysis suggests an optimistic ‘bull flag’ formation, potentially signaling a recovery ahead.

As a researcher, I’ve been closely watching the XRP market and following the insights of crypto analyst Ali Martinez. He suggests that if XRP can hold its current support at around $2.20, it may consolidate before attempting to break through the resistance at $2.70. However, he also warns that should this support fail, we could see a potential drop in price down to $1.96.

Enhancing the dynamics of the ecosystem, Ripple’s Chief Technology Officer, David Schwartz, has highlighted the usefulness of Ripple’s newly launched stablecoin, RLUSD. Designed to strengthen the XRP Ledger’s network, RLUSD is generating positive trading volume and placing XRP as a vital intermediary asset, thereby increasing market activity.

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2024-12-23 17:36