It is increasingly likely that Ripple (XRP-USD) will win in its ongoing lawsuit with the US Securities and Exchange Commission (SEC). This means that the important price threshold of $1 is in sight again.
The last time XRP traded above $1 was in November 2021. This was before the SEC filed a lawsuit against Ripple in December 2021. The lawsuit claims that XRP is a security and not a commodity and therefore Ripple conducted an unregistered securities sale during its initial coin offering (ICO).
Back to the trial soon to end
Ripple has remained firm in its assertion that it will be vindictive. This seems increasingly likely as the presiding judge, Sarah Netburn, rejected a recent and important SEC motion. This motion related to a series of emails and a speech by former SEC Director William Hinman that have yet to be published.
Early indications are that the emails and speech contain damning evidence against the SEC for allegedly selectively enforcing regulations in the cryptocurrency industry. In other words, the SEC may have maliciously targeted Ripple. And because Judge Netburn denied the SEC’s request, the SEC will now have to release the emails and speeches for public scrutiny.
The important thing to know here is that this news could lead to a victory for Ripple soon. The defense attorney representing 65,000 XRP holders had previously said he believed the SEC would turn over the emails and speeches if forced to before the motion was denied.
This lawyer, John Deaton, thinks the SEC is likely to settle the case in 60-90 days or less now that it will be obliged to publish the documents.
The impact on the price of XRP in the future?
For optimistic investors, this means it’s time to pull the trigger for XRP. As noted, an SEC settlement is not imminent, but remains likely in the coming months. The idea is that XRP will rise rapidly if and when the settlement is announced. It seems more likely than ever.