XRP, the native coin of the Ripple blockchain, has been making a decent recovery recently, and many of its most ardent proponents are keen to see the price rise higher. Some analysts are forecasting that the price could rise as high as 4x from its current position.
Ripple making progress in the SEC court case
Over the course of the last few years, Ripple Labs has been embroiled in an ongoing court case with the SEC over whether or not the sale of XRP constituted the sale of an unregistered and unlicensed security.
There are, of course, many companies, coins and tokens that choose to launch this way, but as one of the largest and one of the earliest, XRP is the coin that has arguably come under more pressure than any other throughout the last few years.
The court case has been extremely important, since the verdict of the court case has the potential to set some significant precedents for the cryptocurrency industry.
The verdict of the court case will go some way to establish the rights and limitations that there ought to be when it comes to issuing ICOs and token sales.
Brad Garlinghouse, the current CEO of Ripple Labs, has aired his frustrations over the seeming lack of good faith from the SEC with regard to the case.
In an interview with the CEO of Messari, Ryan Selkis, he explained the extent to which Ripple has been battling with the SEC:
“Now I do think the SEC has been a bit of a bully in the whole industry. We will spend – and I’ve publicly already shared this – well into the over $100 million defending ourselves against the SEC. And there are not a lot of projects that can actually afford. I mean the companies that can afford to do that, it’s not a long list […] so I do think it’s not just important for Ripple, it’s important for the industry that somebody kind of stand up to this.”
He went on to explain that he doesn’t have faith in the current way that cryptocurrencies are being treated as securities by the SEC.
The current legislation that establishes the rules for what constitutes a security and what doesn’t is now over 70 years old, and many believe that the legislation ought to be updated – the world of cryptocurrencies is simply so far removed from what previous generations of regulators were expected to contend with.
However, the idea that the SEC is simply bullying organisations and applying laws and regulation against some companies but not against others is something that he believes ought to be concerning for everyone:
“This is a federal government agency that works for us. It’s part of the government, we should feel outraged, like the idea that now everything under Gary Gensler’s view is a security is crazy talk.”
Nevertheless, Ripple has been making a lot of progress in their court case, and this has been reflected in the price, as the community comes to recognise that the SEC’s case against XRP is rather weaker than it may have seemed at first.
One of the features that the SEC was claiming made XRP and “investment contract” has come under extreme scrutiny in the last few days, as Ripple lawyers have made the case that holders of XRP are not entering into an investment contract because they have no investor rights or protections.
Today’s filings make it clear the SEC isn’t interested in applying the law. They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress. https://t.co/ooPPle3QjI
— Brad Garlinghouse (@bgarlinghouse) September 17, 2022
Ripple continues to establish more partnerships, boosting confidence in XRP price
This week there was the announcement that I-Remit, a remittances company based in the Philippines, will be partnering with Ripple to improve their treasury management services for overseas payments, Ripple has made a series of other partnerships recently.
This news comes after a series of other partnerships that Ripple Labs has managed to successfully execute.
These partnerships have been varied, which reflects the variety of ways that Ripple’s extremely fast blockchain can allow new companies to onboard and use the blockchain in variety of different ways.
Partners include Amazon Web Services, Santander, the Canadian Imperial Bank of Commerce, Siam Commercial Bank, and many others.
Other types of partnership, which are less commercially focused, include the recent announcement that Ripple will be partnering with a San Francisco-based company called Btrax to improve education and adoption in Japan when it comes to Web3 and integrating Web3 into one’s business.
XRP price continues to rise
Over the past two weeks, XRP has been one of the most bullish cryptocurrencies, and in the last week alone has gained 47% in value.
This is a clear reflection of the community’s continued confidence in the asset and the continued use of the blockchain going forward.
The XRP Marines appear more bullish than ever, having been emboldened by optimism from what is known of the court case.
If the XRP price can break the resistance at $0.50, the XRP will have broken out of a bearish trend and, pending a confirmation, could be off to the races.
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