Investor Alert: XRP Reacts to SEC Case Verdict and Ripple Appeal
- The recent settlement deal between the US SEC and Terraform Labs has sent shockwaves to the Ripple community ahead of the case verdict.
- Ripple has continued with its XRPL development plan outside the United States to ensure mass adoption of XRP ahead.
The legal battle between the United States Securities and Exchange Commission (SEC) and Ripple Labs, a top-tier blockchain payment company, over the sales of XRP to fund its operations has continued to attract different opinions. The crypto regulatory void created by the US Congress’s failure to enact clear laws has empowered the agency to interpret decades-old laws with the nascent technology.
However, the recent approval of spot Ethereum exchange-traded funds (ETFs) in the United States and Hong Kong has increased the chances of clear regulations for the altcoin industry. Moreover, Ripple CEO Brad Garlinghouse is confident that it is only a matter of time before other spot ETFs led by Solana, Dogecoin, and XRP are approved in the United States.
Ripple v. SEC Lawsuit Approaches the End
As Crypto News Flash previously reported, the Ripple vs SEC case has already moved into the trial stage, when presiding Judge Sarah Netburn signed a fresh scheduling order that concentrated on the request for remedies and the entry of final judgment.
The recent settlement between the US SEC and Terraform Labs together with the distressed former CEO Do Kwon has given the Ripple community the perspective at hand. Notably, the US SEC agreed on a settlement deal worth $4.47 billion, with an additional fine to Kwon of about $204 million to facilitate the bankruptcy resettlement plans.
According to Ripple’s Chief Legal Officer, Stuart Alderoty, the US SEC has been chasing headlines instead of good policy. Meanwhile, Ripple is still fighting for the court to seal its credential financial documents in a motion filed by the US SEC to uncover XRP sales in the past two years.
XRPL Development Unstoppable
The ongoing legal headwinds in the United States have not deterred Ripple from expanding its products and services to global markets. Earlier on Thursday, June 13, 2024, Ripple and Acharx, a UK-regulated digital asset exchange, announced the extension of their collaboration that was initiated through Metaco to enhance the adoption of RWA on XRPL.
Very excited about this linkup with @Ripple and @ArchaxEx – financial institutions are increasingly tokenizing their RWAs on layer 1s like XRPL through regulated entities like Archax, and I only expect this to grow exponentially in the future. https://t.co/79K8INZrWH
— Brad Garlinghouse (@bgarlinghouse) June 13, 2024
The announcement follows a strategic acquisition of Standard Custody by Ripple to complement the Metaco products in the United States. Already, the Ripple development team has rolled out an EVM-compatible sidechain for XRPL to enhance DeFi development.
Meanwhile, Ripple has announced the upcoming stablecoin dubbed Rippe USD (RLUSD), which is backed by the US dollar on the XRPL and Ethereum network.
What Next for XRP Price Action
Amid the ongoing crypto correction that has seen Bitcoin price drop below $68k, XRP price has continued to attempt to reclaim the 50 weekly Moving Average (MA) as a support level. If the XRP price dips further from the current level, the altcoin will be aiming for a support level of around 31 cents.
On the other hand, a rebound from the current level will send the XRP price soaring toward its all-time high in the subsequent quarters. The altcoin price has dropped 8 percent in the past week to trade around 48 cents on Thursday.
