As the legal battle between Ripple and the SEC reaches its final stages in the coming months, the market has displayed a positive response towards XRP, resulting in a significant rise in its value. The management of Ripple is confident and optimistic in their case, based on the law and current facts.
Ripple CEO Remains Confident In The Face Of SEC Lawsuit
The CEO of Ripple, Brad Garlinghouse, has expressed a positive outlook regarding the lawsuit that the U.S. Securities and Exchange Commission (SEC) has initiated against the company. The SEC is accusing Ripple of selling XRP, its cryptocurrency, without registering it as a securities offering.
Garlinghouse has communicated that he is confident that Ripple has a solid defense and that the outcome of the lawsuit will have a big impact on the cryptocurrency industry as a whole. In an interview with CNBC, he expected that a decision from the judge in the case will be made certainly in 2023. However, it is acknowledged that the timing of a judge’s decision is not within anyone’s control. He also expresses optimism that closure will be reached in the coming single-digit number of months.
Ripple CTO Defends XRP as a Commodity
Ripple CTO, David Schwartz has spoken out about the ongoing legal battle between Ripple and SEC regarding the classification of XRP as a security or a commodity. He stated in a tweet that XRP is a raw good that is traded in commerce and each XRP is equivalent to any other XRP. This is a classic definition of a commodity. He added that XRP does not derive its value from any other party’s legal obligations to XRP holders.
David Schwartz also pointed out the inconsistency of the government’s characterization of digital assets, citing a recent lawsuit by the U.S. Commodity Futures Trading Commission (CFTC) against crypto investor Avraham Eisenberg, where certain digital assets were referred to as commodities.
XRP On the Rise As Legal Battle With SEC Nears Conclusion
As the global crypto market cap has reclaimed the $1 trillion mark, signaling a reversal of the losses caused by FTX. This is a significant milestone for the cryptocurrency industry, as it demonstrates a resurgence in the market after a period of volatility and once again gaining momentum.
Another anticipation awaits the crypto community as XRP, the cryptocurrency at the center of the ongoing legal battle between Ripple and SEC, has seen a significant increase in value as the conclusion of the lawsuit approaches. According to CoinMarketCap, the total market cap of the sixth largest cryptocurrency has exceeded $20 billion for the first time in over two months, since the impact of FTX on the market. As of the time of reporting, the trading price of XRP is $0.4052 and has increased by over 19% since the beginning of the year 2023.