Ripple CEO Brad Garlinghouse believes that Ripple’s lawsuit against the US Securities and Exchange Commission (SEC) will only last a few weeks. He sees an imminent acquittal and is extremely optimistic about the future of the XRP coin. Will the decision actually come in the next few weeks or does the Ripple CEO just want to spread false optimism?
Why is Ripple (XRP)’s lawsuit against the SEC taking so long?
Ripple company has been in a legal dispute with the American stock exchange supervisory authority SEC for more than 2.5 years. Ripple and its founders are said to have engaged in illegal securities trading. The verdict is finally expected in 2023. In recent years, the process has damaged the price of the XRP coin so much that it has not even come close to reaching its all-time high from early 2018.
The process has been lengthened in recent years due to the corona pandemic. Furthermore, the complicated American legal system is not exactly known for efficiency. In addition, there is the confusion of the American authorities, which affects the process. The head of the SEC, Gary Gensler, is often criticized for contradicting statements.
Judge Torres recently postponed the decision due to the increasing regulation of crypto exchanges as a result of the FTX crisis. Some Ripple fans were already hoping for a decision in April 2023.
What does the Ripple CEO say about the possible verdict?
Ripple CEO Brad Garlinghouse now sees the process coming to an end soon and a verdict being announced in the next few weeks:
This optimism has been there for the last few weeks. So the rumors arose that the verdict should come in April. In general, Garlinghouse tries to exude optimism at all times to keep the community happy.
Is the optimism exaggerated?
The optimism of the Ripple CEO fits into the communication from Ripple in recent weeks. One tries again and again to discredit the SEC and criticizes its actions. Avoidably exculpatory documents are placed in the foreground. Furthermore, the date of the verdict is always expected relatively soon.
This strategy makes sense on the part of the company in order to keep the XRP course stable or to let it grow. Opposite arguments can be heard on the SEC side. However, a prompt pronouncement of judgment is now very realistic.
How is the XRP price developing during this development?
In the last 5 years, the XRP price has not been able to reach the all-time high of early 2018. The obvious reason is the legal battle that prevented the big XRP bull run in late 2021.
In 2023, the XRP price was able to rise in the first few weeks but lagged behind many altcoins. After hopes of an imminent verdict rose in March and early April, the XRP price rose sharply again within a short bull run. In the second quarter of 2023, the XRP price is moving in a very positive direction.
Will the XRP price rise above $1 on an acquittal?
The verdict will decide a lot. In the event of an acquittal, the rise in the XRP price to a value of over 1 dollar is again very realistic. In the coming bull market, 2 or even 3 dollars are possible again. In the event of a guilty verdict, however, there is a risk of the course falling again by 40-50%, depending on how the entire crypto market is moving as well.
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Source: https://cryptoticker.io/en/ripple-lawsuit-decision-soon-excessive-optimism-or-reality/