XRP Price Forecast as Lawsuit Resolution Nears - Can XRP Reach $10 in 2023?
Amid a broader pullback in the cryptocurrency market on Wednesday as hotter-than-expected UK inflation data triggers jitters about sticky inflation across major global economies that might prevent central bank from being able to cut interest rates in the coming quarters, XRP has been falling.
The cryptocurrency, which powers the decentralized, payments/liquidity-focused XRP Ledger which was created by US fintech firm Ripple back in 2012, was last trading just to the south of the $0.4550 level, having dipped close to 2.5% on the day.
Despite the bearish price action being witnessed on Wednesday, recent developments in the XRP vs Ripple lawsuit, as well as the cryptocurrency’s current technical set-up, mean that price forecasts remain upbeat.
The SEC sued Ripple back in December 2020 over raising more than $1 billion in funds via an unregistered security sale of XRP tokens.
Ripple denies that XRP is a security and the US fintech firm is about to secure evidence that the SEC previously used to agree with this argument.
The judge presiding over the lawsuit last week denied an SEC motion to seal documents relating to a speech made by former SEC Chairman Hinman.
In that speech, made back in 2018, Hinman said neither Bitcoin nor Ethereum were securities.
And experts think that internal SEC documents relating to this speech are likely to show dissenting opinions within the SEC regarding whether other cryptocurrencies like XRP are also securities.
Pro-XRP lawyer John Deaton, a former federal prosecutor and the founder of CryptoLaw, remarked that “we know that some senior officials at the SEC discussed that there was a reasonable basis to conclude XRP was not a security”.
“If SEC staff believed XRP was not a security, it’s reasonable for
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