Ripple News: XRP Prices Affected by SEC Lawsuit, Q3 Report Confirms; Pro-XRP Lawyer Reacts
The post Ripple News: XRP Prices Affected by SEC Lawsuit, Q3 Report Confirms; Pro-XRP Lawyer Reacts appeared first on Coinpedia Fintech News
Ripple just released their quarterly report, showing strong interest in XRP as an investment. They reaffirmed that XRP is not a security, which is key for potential growth. Institutional interest is rising, with companies like Bitwise, Canary, and now 21Shares filing for XRP ETFs. Institutional investors are likely to focus on assets with regulatory clarity, and XRP is one of the few that fits the bill.
Also, Grayscale has opened its XRP trust to eligible investors, paving the way for a potential XRP ETF. The report also stated, “Ongoing headwinds from the SEC suggest that its lawsuit against Ripple is a key factor impacting XRP’s price.” Pro-XRP lawyer Bill Morgan reacted to this claim made by Ripple and wrote, “Not proven.”
The report also reflected on the trends in cryptocurrency markets, including the overall increase in market cap and interest in digital assets, indicating a positive sentiment heading into the next bull cycle.
Ripple Vs SEC Updates:
Despite progress, the SEC is still enforcing regulations, and companies like OpenSea and Immutable have received Wells notices. According to attorney James K. Filan, the SEC must file its appeal brief by the specified date, marking a critical moment in the case that began in December 2020. The SEC alleges that Ripple’s XRP sales constitute unregistered securities, while Ripple maintains that its sales on exchanges do not meet the criteria for investment contracts.
In a mixed ruling, Judge Analisa Torres determined that Ripple’s institutional sales were violations, leading to a $125 million penalty. However, she ruled that XRP sales on cryptocurrency exchanges are not considered investment contracts, prompting the SEC’s appeal.
Amid ongoing legal uncertainties, Ripple’s market performance has suffered, with analysts noting that the price of XRP has remained around $0.51, impacted by a sell-off from large investors, known as “whales.”