Today’s closed court session in the SEC vs Ripple case is focused on administrative matters. However, according to observers, Ripple’s position remains strong, and the possibility of the claim rejection is growing.
The XRP token is still under pressure. Significantly, that XRP is the only top cryptocurrency that has not yet updated its all-time high since the 2018 hype. Recently, the company’s lawyers, by a court decision, got access to internal SEC documents. With this info they will possibly prove that the Securities and Exchange Commission, before accusing Ripple of selling unregistered securities, had recognized XRP as a cryptocurrency, the same as bitcoin and Ethereum.
For its part, the SEC is trying to get data from foreign partners of Ripple and then convince the judge to recognize XRP as a security. Ripple CEO Brad Garlinghouse has already noted with indignation that nowhere in the world cryptocurrencies are considered securities. The top manager expressed regret that there is still legal uncertainty regarding cryptocurrencies in the United States. This creates threats for investors.
As for the investors themselves, they are also trying to support Ripple and have received permission from the court to participate in the case as a third party. The SEC refuses to fight on two fronts and threatens to open new cases against these investors. According to the SEC, “allowing intervention could set a dangerous precedent in future SEC enforcement cases, opening the floodgates to investors who seek to inject themselves into enforcement actions”. It’s not an idle threat, the Commission can really make a decision against whom to institute the proceeding.
However, analysts tend to see a light at the end of the tunnel in this case. Veteran trader Peter Brandt has agreed to change his mind about XRP. Earlier, he claimed this cryptocurrency a scam. Now he admits that he was wrong, he was convinced by young traders who invest in crypto assets, including XRP. Veteran pays tribute to colleagues from Generations Y and Z:
– I need to express my greatest respect and awe for the Ys and Zs who are embracing investing, trading and cryptos in a remarkable way.
Brand believes that XRP could update its all-time high soon, but it will face a major correction later.