- XRP remains resilient in the ongoing legal battle with the U.S. Securities And Exchange Commission (SEC), attracting traders and speculators.
- If XRP emerges victorious in court, other tokens targeted by SEC might follow a similar trajectory and experience a surge.
While the majority of the crypto market grapples with setbacks, XRP appears to stand firm, maintaining a positive trade in the face of higher timeframes. The epicenter of this financial storm is the ongoing litigation between Ripple, the payment company, and the U.S. Securities and Exchange Commission (SEC), which has only grown in significance due to the increased regulatory scrutiny on the emerging sector. This lawsuit, initiated two years ago, has been a magnet for speculators and traders hoping to leverage its potential outcome.
As the SEC broadens its legal action against prominent crypto exchanges such as Binance and Coinbase, a favorable outcome for XRP might positively affect other tokens. That is, a judicial win for XRP could set a precedent, prompting similar growth trajectories for other tokens. At the moment, XRP trades at $0.52, witnessing a minor 2% decline in the last 24 hours. However, the token managed a 3% profit in the previous week, even as other major coins, including Binance Coin (BNB), Cardano (ADA), and Solana (SOL), faced steep corrections.
The legal actions initiated by the SEC have put several cryptocurrencies, including BNB and ADA, under intense scrutiny. These cryptocurrencies could potentially be classified as securities within the United States, temporarily incapacitating most crypto exchanges from offering them. Following these legal actions, these digital assets have been experiencing a downturn, with further short-term declines anticipated.
Analyzing this unique scenario, anonymous analyst Daan Crypto suggests that the tokens targeted by the SEC could potentially bounce back, presenting traders with risk-tolerant attitudes an opportunity for profit. The analyst recommends traders to focus on Bitcoin and other “dinosaur coins” like Litecoin, which have already established a clearer legal status.
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When the Ripple vs SEC case concludes, it’s highly likely that XRP and other altcoins could witness a rally. If Ripple triumphs, a massive surge in practically every altcoin branded as security by the SEC could be expected.
Meanwhile, Ripple’s CEO Brad Garlinghouse has claimed that the SEC’s recent lawsuits will not distract the crypto industry from what he describes as the “FTX debacle.” He criticizes SEC Chair Gary Gensler’s actions, alleging they conflict with his professed pro-innovation stance. Despite the current turmoil surrounding SEC’s legal actions against top crypto firms, Garlinghouse argues that Gensler’s proclaimed support for innovation is inconsistent with his actions.
He further states that these lawsuits against crypto firms are merely a smokescreen to cover SEC’s failure in handling the FTX crash, which caused shockwaves beyond the crypto industry.
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