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SEC Fears Exposure in Its Legal Battle Against Ripple! Everything You Need to Know!

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The legal battle between Ripple V/S the SEC is continuing with no ends meet. Meanwhile, Brad Garlinghouse CEO of Ripple labs mentions that a settlement is likely to occur. On one condition that the regulator is expected to clearly define the regulatory status of XRP. This is justifiable, as a firm wanting to know SEC’s stance on the coin is definitely valid.

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On the contrary, there does seem lack of clarity in the regulating agency’s system. This comes to light referring to the documents shared by James K. Filan. Who is a defence lawyer, and a former federal prosecutor. 

Referring to the documents we can understand that. The SEC has filed an objection to Ripple’s request that the three additional documents be reviewed on camera. On the basis of a privilege log by the SEC after August 31st, 2021. Over telephonic conference, including the email chain. To be precise, SEC intends that the review of the information may not be done by the judge.

Meanwhile, SEC has sent an email to a third party. The agency wants them to analyze the digital asset using the factors in Bill Hinman’s speech. Regarding, the Ethereum free pass from the speech of June 2018. However, the views in his speech were his personal opinion. In addition, enthusiasts believe, the SEC is not clarifying what sufficient decentralization is.

Also Read: XRP Price Trend Reversal – XRP Eyeing $2.54 With 160% Upswing in Q4!

Analysts Expect, XRP Price to Hit the $10 Mark!

 While the market remains in the clutches of bears, analysts pin high hopes on XRP. Analysts and traders expect the XRP price to hit the $10 mark. The platform does hold the potential to achieve the target. But it is to be seen when it is achieved. 

The coin at press time is trading at $0.920, falling short of its ATH by a greater margin. The digital coin ranks 6th on the market charts in terms of market cap. Netizens believe XRP to be one of the underrated coins among the top 10. XRP has reportedly bounced off its moving average of $0.88 in the past few days. Hinting at bulls being the saviours, we can expect a target in the range of $1.4 to $1.5 for the short term.

xrpchart
Source: www.coingecko.com

Meanwhile, corrections have been made to the statement made by Ripple’s board of directors. That XRP being positioned as a bridge for cross-border payments is one of the purposes. And not the primary one. Consecutively, the settlement period is lower than FIAT, volatility affects lesser when compared with FIAT. 

Summing up, the innovative technology that XRP could offer is On-demand liquidity. Which solves the pre-funded account. This might unlock a lot of liquidity and capital that could possibly allow the price to surge. 

Similarly, expectations of possible partnerships with DAG are making rounds. On the other hand, netizens believe the XRP ledger to be arguably more decentralized than its counterparts. Netizens also want SEC to hold a firm base. And not pick random winners and losers out of the blue. Collectively, the factors can propel XRP to surge towards the $10 mark, probably in Q1 of 2022.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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