In preparation for the big day tomorrow, Ripple CEO Brad Garlinghouse hails how their win is a win for crypto, highlighting the significance of the company’s partial victory against the U.S. Securities and Exchange Commission (SEC). Ripple is a live example for all the similar cases and a hope that if contested well, they have fair chances of winning.
Conversely, how can we ignore the price factor behind Ripple’s win? Currently, the 5th largest currency, XRP, targets a return above $0.50 as the Ripple Proper Party approaches. Ripple’s recent choices have made the firm a top crypto contender after Bitcoin. Let’s see what unfolds next for Ripple and XRP.
Standing Up to SEC’s Tactics
Garlinghouse doesn’t mince words when critiquing the SEC’s tactics, labeling their settlements as bullying rather than genuine legal victories. While speaking at the Messari panel, he cheered companies like Grayscale and Coinbase for their unwavering resistance to such tactics, mentioning how important it is to stand up to such entities.
Reflecting on Ripple’s legal battle, Garlinghouse recalls that when the company was sued in December 2020, some in the industry viewed Ripple and XRP as distinct due to their decentralized nature. However, Garlinghouse maintained that it attacked the entire crypto sector, a perspective he believes has gained broader recognition.
Now, the judgment is out, and XRP is not a security; the next thing hitting the community is XRP’s price action. When and how it will regain its lost charm is the big question.
Awaiting The Ripple Proper Party
The upcoming Ripple Proper Party, slated for September 29 in New York City, holds considerable significance for the XRP community. This event is surely meant to rebuild the positive sentiment within the community, building on the legal victory secured on July 13. The key question on everyone’s mind is whether there will be an IPO announcement or a settlement revelation during the event- even though Deaton has already denied this.
Read More: No Settlement or IPO Announcement at the Ripple Proper Party, Says John Deaton
XRP Price Analysis
XRP’s recent period of consolidation indicates cautious market sentiment, likely due to a lack of substantial updates on the Ripple vs. SEC case. Presently valued around $0.5029, XRP must maintain support above the $0.50 level to mitigate the risk of slipping below the lower trendline of the symmetrical triangle. It depends on whether XRP bulls would break above this pattern, potentially propelling it toward the $0.54 mark.
Also Read: “The SEC Can’t Continue to Punish Crypto”: Coinbase CEO Slams Gary Gensler
However, surmounting the resistance at $0.5254 would be a noteworthy milestone, setting the stage for further upward movement.
