Investors were not anticipating Ripple’s (CCC:XRP-USD) legal fight with the Securities and Exchange Commission (SEC) to go as long as it has. The case, which was filed in December of 2020, seemed to be a foregone conclusion for the Ripple network. But it’s been a tumultuous struggle since then, one that’s kept the XRP currency under check. Is recent news, however, an indication that the case is finally coming to an end? What does this signify for XRP price forecasts?
Depending on how you look at it, the SEC’s action against Ripple involves a crypto project being held accountable for blatantly violating US trading regulations. However, it demonstrates a gap in the government’s grasp of cryptocurrencies and a reluctance to learn before filing a lawsuit on the opposite side of the issue. In any case, it’s a watershed moment in crypto legislation, since it will establish a precedent for determining whether or not a cryptocurrency is a security.
The crypto bulls have been waiting for this trial to conclude for a long time. Ripple management have been requesting that the lawsuit be dismissed since April of 2021. As InvestorPlace writer Joel Baglole points out today, the end may be near. We’ve seen a lot of legal experts speculate on the case and its facts, and attorney John Deaton isn’t certain the SEC will be able to hold out much longer with its shoddy evidence.
These developments come on the heels of recent reports that Judge Analisa Torres is issuing a slew of orders. Several previously unavailable papers written to Ripple CEO Brad Garlinghouse and founder Chris Larsen have been unsealed. Torres is also allowing Ripple to reply to a Securities and Exchange Commission memorandum. The revelation has been hailed as highly optimistic by crypto legal specialists; attorney Jeremy Hogan thinks the process will be considerably accelerated as a result of this news.
With a Lawsuit Ending Hopefully in Sight, XRP Price Predictions are Heating Up.
The XRP currency is generating a lot of attention as the news of the case spreads. As investors absorb the news, the currency is up 18% today, hitting a price of about 80 cents. Trading volume is also surging, with over $3.4 billion worth of XRP changing hands today, up over 250 percent from yesterday.
Despite this, investors remain optimistic about Ripple’s price potential. But how high might XRP rise? Let’s take a peek at some XRP price forecasts to see what experts are saying:
- Ripple is expected to break past the $1 threshold this year, lawsuit or no lawsuit, according to CoinPriceForecast. XRP is expected to conclude the year with a value of $1.07, according to the site.
- In a same vein, Digitalcoin forecasts a $1.09 price for XRP by the end of 2022.
- In its 12-month XRP forecast, Wallet Investor is a little more positive. The site predicts a $1.23 price for the currency in February 2023.
- Gov Capital predicts XRP will trade at $1.29 by February of next year, based on a one-year estimate.
Brenden Rearick does not hold any positions (direct or indirect) in the securities referenced in this article as of the date of publishing.