News View Non-AMP

Ripple CLO Calls for End to 4-Year SEC Battle: XRP To Soar to $3!

Published by
Mustafa Mulla

The legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) which began in December 2020 with the arrival of Joe Biden as US president has now continued for 4 long years. Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, is calling for its end and urging the incoming Donald Trump administration to conclude this legal battle.

Alderoty’s Request to End the “Lawless Lawsuit”

The Ripple lawsuit, which began over accusations of raising $1.3 billion by selling XRP as unregistered securities, marks its fourth anniversary. Meanwhile, Alderoty took to X to demand an end to what he described as a “lawless lawsuit.” 

In July 2023, Judge Analisa Torres ruled that XRP did not violate securities laws, and other judges in the case criticized the SEC for acting “arbitrarily and capriciously,” further damaging its reputation.

Alderoty urged the incoming administration to address the confusion caused by former SEC official William “Bill” Hinman, whose statements on crypto regulations have created conflict in the industry. 

He even believes that with a crypto-friendly SEC chair like Paul Atkins, there’s a chance to rebuild confidence and bring the clarity the industry desperately needs.

Despite the ongoing challenges, Ripple has made significant strides in its legal battles. The SEC is set to file its opening brief by January 15, just before Gary Gensler steps down as SEC Chair

The agency is appealing a previous ruling that favored Ripple, particularly regarding XRP’s distribution and sales.

Separately, a class action lawsuit against Ripple, its subsidiary XRP II, and CEO Brad Garlinghouse is nearing resolution. A district court recently ruled in Ripple’s favor, and both parties have agreed to expedite the final judgment.

Impact On XRP Price

Overall the lawsuit has impacted the XRP price strongly as it plunged from its ATH of $3.38 to $0.15. Amid so many challenges, XRP price has made an almost 500% jump in the past month and now currently sitting at $2.18.

Meanwhile, some analysts suggest that if XRP stays above the 26 EMA, it could attract more buyers, pushing the price to $2.40. Increased transaction volume may confirm a recovery, with the potential for a rise to $2.60 and $3.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Recent Posts

Stablecoins Associated with First Digital Trust (FDT) Temporarily Depegs as Justin Sun Warns of Company’s Insolvency

In a surprising turn of events, Justin Sun, a prominent figure within the Tron (TRX)…

April 2, 2025

Trump Tariffs Live: Bitcoin Price Rallies To $87000 On ‘Liberation Day’

Cryptocurrency markets are experiencing fluctuations as traders brace for President Donald Trump's "Liberation Day" announcement,…

April 2, 2025

Grayscale Announces Launch of Two New Bitcoin ETFs: Here’s What They Are

Grayscale, a leading crypto asset manager, has introduced two new Bitcoin ETFs, offering a fresh…

April 2, 2025

Remember This Name! Remittix Presale Becomes the Top Predicted of 2025 as Project Raises Almost $15M in Record Time

In a year marked by conservatism and a sentiment shift in crypto, one name is…

April 2, 2025

Has Elon Musk Forgotten About Dogecoin (DOGE)?

Particularly for Dogecoin (DOGE), Elon Musk, the billionaire entrepreneur CEO of Tesla and SpaceX, has…

April 2, 2025

Shiba Inu Drops 9%, but RUVI AI’s (RUVI) Token Might Be the Meme Coin Killer as Investors Rush to Claim their Bonus

The cryptocurrency market is no stranger to ups and downs, and this week, Shiba Inu…

April 2, 2025