XRP continues to dominate headlines as the top 10 ranked project battles the SEC to vindicate itself and the entire industry.
The financial payments giant is involved in a lawsuit with the SEC for operating an unlicensed securities offering. However, it currently has the upper hand. Experts believe a potential lawsuit win could have long-term bullish implications for the entire industry and help XRP hit $5 following the outcome.
2-Year Battle Continues: SEC vs. XRP
The United States Securities and Exchange Commission (SEC) sued Ripple in December 2020 for operating an unlicensed securities offering for the XRP token. The SEC claimed that Ripple and its executives should have registered their operation with the regulators and, as a result, they illegally conducted a seven-year-long $1.3 billion unregistered sale for its token XRP, which they deem a security for Ripple Labs.
My hot take – after two years of litigation, the SEC is unable to identify any contract for investment (that’s what the statute requires); and cannot satisfy a single prong of the Supreme Court’s Howey test. Everything else is just noise.
— Stuart Alderoty (@s_alderoty) September 17, 2022
As the case nears the two-year mark, Ripple continues to defend the lawsuit for the entire industry using an argument revolving around previous comments made by an SEC employee – suggesting that Ethereum and Bitcoin were not securities.
The comments in question came from William Hinman, a previous Corporation Finance Division Director for the SEC, in a speech transcript made via email in 2018. In the speech, Hinman commented that Ethereum and Bitcoin were “sufficiently decentralized” and were not securities.
The SEC objected to the documents being used in the court case, claiming they were irrelevant to the lawsuit. However, Ripple continued to use this angle as a cornerstone for its legal strategy. On September 29th, a US District Court Judge ruled for the emails to be released – allowing them to be used for Ripple’s defense.
What happens if XRP wins?
The primary outcome of a favorable ruling for Ripple will be that XRP will go on an epic bull run. Many experts believe it will surge well past $1 in the weeks following the result, and others think it will surge well past its previous all-time high price of $3.84.
In an interview at DC Fintech Week, Brad Galinghouse, CEO of Ripple Labs, stated that he believes the lawsuit will conclude in the first half of 2023. Furthermore, the CEO didn’t hold any punches in providing his opinion on the ongoing case. In a recent Tweet, Garlinghouse stated that the SEC lawsuit is all about power and not allegiance to the law;
My outrage has grown as the litigation has unfolded.
There is no recourse, there is no consequence to those that brought this lawsuit. The SEC’s pursuit of a policy objective isn’t about “a faithful allegiance to the law”. It’s about power.
— Brad Garlinghouse (@bgarlinghouse) October 15, 2022
The long-term implications will uplift Ripple and the entire industry. For the longest time, developers and project CEOs have operated in the crypto industry with the unknown fear of overarching regulation incoming. This creates an industry of uncertainty and results in less innovation, development, and progress.
A favorable ruling will remove any barriers developers have to continue working and pushing their projects forward – without worrying about the SEC coming after them later.
For XRP, the growth would be tremendous. But could it push XRP above $5?
XRP Price Prediction: Can XRP Surge to $5 After?
It is still unknown if the contents of this document will have any ruling in the judge’s overall decision. Still, the news sent XRP into a bullish wave as the cryptocurrency surged over 75% from the September lows to reach as high as $0.53 in October. The cryptocurrency has since dropped below $0.5 as the court case continues.
With XRP currently trading beneath $0.5, it would have to surge by over 10x to reach the $5 level. Interestingly, XRP was one of the only top-50 ranked cryptocurrency projects that did not soar to a new all-time high price during the 2020/21 bull run;
It failed to come close to the $3.84 all-time high price set during the 2018 bull run. As a result, many experts believe that XRP has much “left in the tank” and will significantly recoil higher after the battle with the SEC has concluded.
Other Tokens That Will Surge If XRP Win: QNT, SHIB, & IMPT
It won’t just be XRP that will benefit from a favorable ruling in the court case. There are lots of cryptocurrencies on the sidelines that will likely continue to explode if XRP manages to defeat the SEC.
QNT is one of the top contenders to keep surging following a favorable ruling. QNT has been parabolic lately after surging over 120% from the September lows to the climb above $200. A favorable ruling will help QNT continue this epic bull run that has been bucking the bearish industry trend.
Shiba Inu is another token that will likely explode following a favorable ruling. The second-highest ranked memecoin has been under much pressure to deliver utility to its user base. A favorable ruling will help them continue their developmental progress to release its upcoming metaverse.
Lastly, if XRP wins against the SEC, upcoming projects currently in a presale will likely explode higher with the knowledge that the SEC won’t be planning on coming after them. For example, one project that is currently making waves in the industry is IMPT.
The eco-friendly NFT-based carbon credit marketplace is gathering much momentum as it gains the attention of environmentally conscious investors. The project helping to push crypto in a more sustainable direction managed to raise $5 million in under two weeks from launching its presale to the public.
LET’S GOOO #IMPT CREW!!
HUGE MILESTONE ACCOMPLISHED!!
$5 MILLION USD RAISED SO FAR
Hurry! Presale Stage 1 Will Run Out Soon!
BUY $IMPT NOW! https://t.co/oD1IG3PF0S pic.twitter.com/qoz8jZVc9x
— IMPT.io (@IMPT_token) October 17, 2022
The platform allows individuals, businesses, and crypto projects to reduce carbon footprints by providing them straightforward access to the carbon credit market. Furthermore, the platform also offers a shopping platform that allows shoppers to earn carbon credits while doing regular everyday shopping.
Did you know that carbon credits can be used to offset your carbon footprint?
The #IMPT.io platform allows you to earn carbon credits and protect the environment while doing your regular shopping!
Get Involved Today! https://t.co/AWTussQ50l#climatecrisis #actnow
— IMPT.io (@IMPT_token) October 17, 2022
Overall, IMPT has all the makings of a groundbreaking project that will undoubtedly flourish in 2023 if the SEC backs off from pursuing litigation in the crypto industry.
