The XRP price prediction remains neutral as investors remain uncertain about the ongoing Ripple vs. SEC battle. Since both Ripple and the SEC have filed requests for summary judgment, it has been widely assumed that they have entered the final stages of their legal battle and that a resolution is just a matter of months away.
If confirmed, this hypothesis will significantly boost the XRP price, possibly pushing it over the current all-time high of $3.40 in the coming months. Let’s take a quick look at the Ripple vs. SEC lawsuit.
Ripple Lawsuit: John Deaton Explains Key Issue as SEC Delays Hinman Documents
On September 29, District Judge Torres rejected the SEC’s objections and ordered the agency to hand over the Hinman records. Judge Torres’ order regarding the Hinman documents claims that the SEC missed the October 13 deadline to file its application for reconsideration of Judge Torres’ order. According to the latest information, this has not yet been submitted.
Earlier, James K. Filan had hinted that the SEC could utilize various procedural maneuvers to further postpone the publication of the Hinman documents. The SEC might ask Judge Torres to certify an appeal of the verdict if it chooses to forego the petition for reconsideration, which was due on October 13.
Jeremy Hogan claims that the deadline to file an appeal of a judge’s judgment is 60 days after receiving notice of the decision. Alternatively, the SEC could file a petition for a writ of mandamus with the Court of Appeals.
According to Filan, the SEC may pursue one or more of these strategies, adding another two or three months to the process. Although the XRP community hasn’t given up hope, they are still waiting for the Hinman documents to be made public.
Ripple Criticizes the SEC’s Amicus Brief
The private charter plane firm TapJets and the payment provider I-Remit have recently requested to file amicus papers in favor of Ripple. They defended the blockchain firm by saying it is essential to their operations. But the SEC urged the judge to rule against them.
If the SEC cannot evaluate the veracity of such claims then it had no business bringing this litigation in the first place.”
Commission members claimed the letters were irrelevant to the pending litigation.
In response, Ripple emphasized the significance of the briefs in shedding light on whether or not investors had high hopes for XRP earnings.
On 11 October, however, Judge Torres granted the motions of TapJets and I-Remit to file these briefs. The deadline for the corporations to submit this documentation was three days.
Cardano Founder Charles Hoskinson Shares his Stance
The Cardano blockchain and cryptocurrency creator, Charles Hoskinson, has taken to Twitter to discuss the matter. He stated that XRP is not a security because, like other layer-1 protocols, it does not meet the requirements of the Howey test.
As Hoskinson pointed out, applying securities standards to assets with millions of unaffiliated investors and users around the globe would be ludicrous.
XRP Price & Tokenomics
The current XRP price is $0.483, and the 24-hour trading volume is $764 million. CoinMarketCap now ranks #6 with a live market cap of $24 billion. It has a total quantity of 100,000,000,000 XRP coins and a circulating supply of 49,964,184,162 XRP coins.
As the regal battle between the SEC and Ripples nears its conclusion, the XRP coin is gaining traction, and investors appear to be bracing for an upward movement.
On a daily timeframe, the XRP/USD pair is trading sideways, finding immediate support near $0.469. The upward trendline is extending immediate support at the $0.412 level, indicating the possibility of an uptrend. Furthermore, the 50-day moving average keeps XRP above the $0.412 level.
On the upside, XRP may encounter resistance near $0.520 and $0.557. A further break of the $0.557 level, on the other hand, could expose XRP to the $0.616 level.
XRP may not reach $10 anytime soon, but there is a strong possibility that after the court case is resolved, the price of XRP has the potential to rise above its all-time high of $3.40.
New Crypto Presales
A settlement in Ripple may not occur until the second quarter of next year, so traders hoping to make a quick profit may be disappointed. Presales and new altcoins are one area where more speculative traders can make a large profit quickly, even during the bearish crypto market.
We’ve been watching the IMPT token presale, a new cryptocurrency that has recently raised more than $4.8 million.