XRP Price Prediction – Can XRP Reach $50 if it Wins the SEC Lawsuit?
XRP price wallows in the red as bulls attempt to keep the token above $0.45. The money remittance token was rejected at $0.47 following an earlier attempt to break out. XRP price will likely consolidate at $0.45 before trying another move up.
XRP price has lost much of its month-long upward momentum, making it brush shoulders with $0.55 twice before falling back down again. The small wins Ripple Labs has been bagging in court has improved sentiment among the XRP Army.
Even though the price corrected to $0.42, investors and experts are looking forward to XRP reclaiming its all-time high at $3.40 and blasting to $50 in the long term if there is a positive outcome from the lawsuit.
A win against the SEC (Securities and Exchange Commission) is crucial for this to happen. The SEC filed a lawsuit against Ripple Labs, the company behind the XRP token, and its top executives in December 2020.
The regulator alleged that Ripple sold unregistered securities (XRP), violating the Securities law. Almost two years after the filing, the court is yet to provide a ruling which some believe will impact the entire cryptocurrency industry. In other words, the court will determine what constitutes a security, setting precedence for other cryptos in the future.
Two firms, I-Remit and TapJets, were recently allowed by the US District Judge Analisa Torres to act as amicus curiae in the Ripple Vs. SEC lawsuit. The judge ruled that both have until the end of October to file their amicus brief.
Moreover, the contents of the highly contested Hinman speech will now be accessible against the SEC's wishes. Ripple has argued that the documents containing a speech by Willian Hinman, a former SEC commissioner, are essential to the case and must be considered.
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