XRP Sluggish In Last 7 Days As Ripple Vs. SEC Case Drags On

Christian Encila

3 years ago

3 mins read

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As new details of the Ripple vs. SEC lawsuit emerged, the price of XRP felt sluggish in the last week. As of this writing, the price of XRP fluctuates at $0.32903, a 7.80 percent decrease from its latest high of $0.35874 on September 7.

This price decrease is not surprising given the magnitude of the ongoing court showdown between Ripple and the SEC.

Multiple exchanges have delisted the currency since 2021, further depressing its value.

There has been $1.2 billion worth of XRP traded in the last 24 hours. Trading started at $0.3439 for the XRP/USD pair on Saturday, reaching a high of $0.3576 and a low of $0.3438.

XRP Future To Be Determined By Ongoing Court War

Since its inception, Ripple Labs’ XRP has been the native coin of the XRP Ledger, and its market value has kept it in the top 10 of all cryptocurrencies almost every day.

While the US Securities and Exchange Commission has been trying to exert its authority over the cryptocurrency market, Ripple has stated that the SEC is not being fair.

Image: Coinpedia

The SEC sued Ripple in December 2020 for more than US$1.38 billion, claiming that the issuance of XRP constituted an unregistered securities offering.

The SEC also charged Chris Larsen, the executive chairman of Ripple, and Brad Garlinghouse, the CEO, with aiding and abetting the company’s infractions.

Meanwhile, the Chamber of Digital Commerce, a cryptocurrency industry association, has requested to join the case between Ripple Labs and the SEC as an amicus curiae (Latin for “friend of the court”).

Chamber Of Digital Commerce To The Rescue?

The CDC is a nonprofit group that campaigns for widespread use of cryptocurrencies like Bitcoin and Ethereum in the financial sector. It’s not the first time something like this has happened.

In March of 2020, the chamber participated in the Telegram vs. SEC case. Telegram was also sued by the SEC for the same thing Ripple is now being sued for, and they prevailed despite the CDC getting involved.

Telegram lost the case versus the SEC and was forced to pay back investors over $1.2 billion plus a penalty of $18.9 million.

According to renowned attorney Jeremy Hogan, the XRP community could anticipate the same argument the Chamber used during the Telegram affair.

The What Ifs And Buts

Recent sources also indicate that the parties may reach a settlement later this month or year. This is considered as the strongest possible outcome for XRP holders.

However, if Ripple loses the lawsuit, this might spell trouble for XRP holders.

Using the U.S. Securities Act as a precedent, this litigation will define the crypto field over the next few years.

A victory for Ripple might further legitimize cryptocurrency usage.

Nonetheless, if the SEC wins, Ripple may be compelled to do the same as Telegram in 2021.

XRP total market cap at $17.09 billion on the daily chart | Source: TradingView.com

Featured image The Daily Hodl, Chart: TradingView.com

(The analysis represents the author's personal views and should not be construed as investment advice.)

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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