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SEC Vs XRP: Is SEC Trying to Scam Ripple?

SEC-VS-XRP-Is-SEC-trying-to-SCAM-Ripple

The “crypto” word remains to be one of the most talked-about topics in the world of digital finance. In fact, some virtual assets in the digital space perform so well that it catches the attention of the biggest countries worldwide. For instance, the U.S.Securities and Exchange Commission (SEC) assaulting the Ripple (XRP) crypto-asset against its operation in the U.S. Indeed, this issue about the U.S. SEC and Ripple is one of the hottest topics in the crypto space.

Furthermore, the tension between Ripple and the U.S. SEC is already high as both parties exchange their views about each other. In fact, these legal talks between XRP and SEC have been running since 2020. Do you think the U.S. SEC and XRP can finally agree to terms anytime soon? Let us find out in this SEC vs. XRP article, but before that, let’s learn more about the Ripple crypto.

What is Ripple (XRP) Cryptocurrency?

Ripple (XRP) is a virtual asset that uses blockchain to run its network. As a result, all data running in the Ripple network is protected with a high level of security and cannot be altered. On the other hand, Ripple aims to speed up the transferring of funds around the world. In addition, it seeks to eliminate the payment processing problems that people are encountering worldwide.

Aside from the speeding up of the global payment system, Ripple is also in spot trading. In other words, XRP can be traded in various centralized exchanges such as Binance. Best of all, some of these exchanges offer staling options where traders can stake XRP to earn rewards. Today, XRP trades at a decent price of $1.25, with a growth rate of +52.9% in the past 14 days.

Are you curious about the XRP price forecast this 2021? In the next part of the article, you will see the opinion of our analyst before we head towards our main topic.

Will XRP Reach $10?

Ripple is one of the potential cryptocurrencies this year. As a matter of fact, crypto has a market capitalization of over $57,239,561,351, according to CoinMarketCap.

Would this be enough for the crypto to sustain its bullish position until the end of the year even though the U.S. lawsuit allegation?  Are you already excited to know if Ripple can make it? So, what are you waiting for? Come and join me and together let us see the charts in this Ripple (XRP) Price Prediction 2021.

XRP/USDT Price Chart
XRP/USDT Price Chart (Source: TradingView

Looking at the chart above, we can see the Ascending Channel pattern of XRP. Moreover, Ripple gracefully maintained its uptrend position in the past 30 days. Today, Ripple trades at a decent price of $1.24 within the Arnaud Legoux Moving Averages (ALMA), an uptrend position. In addition, this trading price of crypto has had a growth rate of over 700% since the start of 2021.

If this bullish trend continues, Ripple may be able to break its $2.083 resistance level, a bullish signal. If it does, the crypto might reach the bullish price of $4.715 in no time and further advance its position. Best of all, XRP can even increase its trading position to $10 and above. Of course, this is most likely to happen if the bullish market continues to favor cryptocurrency.

However, if the bullish market turns against XRP, the crypto price may plummet. In short, the price of crypto could fall and break from its uptrend position. Consequently, XRP may experience a price decline of almost $0.9. In this case, the bulls must find a way to recover and regain their uptrend position. Otherwise, XRP price may fall further to $0.5 with a decline rate of over 60% from its current position.

Now that we already have an idea about the future price of XRP, let us head to the main topic.

Is the Ripple-SEC Lawsuit Over?

The shorter answer to this question is “No”. The Ripple-SEC lawsuit is not yet over. However, the lawsuit is still in progress as the crypto community, especially Ripple customers, keep counting days as to which the lawsuit will end.

Based on the current status of the ongoing Ripple lawsuit, the Judges in charge of the lawsuit have given an additional 60-days period purposely for fact recovery. Concerning this decision, this extension has rearranged the timeline of the lawsuit.

In particular, the Judge’s extension also includes the deadline to conduct a legitimate fact discovery. Moreover, the Judge’s ruling has also pushed the duration to finish fact discovery collection to August 31, 2021. Finally, despite the 60-days extension, Judge Sarah Netburn has also scheduled an expert discovery action time to October 15, 2021.

Ripple’s Actions Towards the US SEC Lawsuit Allegation

Following the US SEC lawsuit filing against Ripple in December, Ripple has never remained silent even a single day on the SEC’s allegation. With this said, Ripple keeps defending itself to the max to prove the SEC allegation wrong.

Regarding Ripple’s continuous action towards the SEC allegation, the company has held their evidence tight on the matter. Prior, Ripple first filed a FOIA request to SEC to acquire information from the commission related to Bitcoin (BTC) and Ethereum (ETH).

Ripple filed the letter mainly to obtain several different internal documents about the SEC stance as its claim Ripple is not securities. To defend his stance, Ripple even made an open emphasis specifically between Ethereum and its native token XRP.

The Ripple emphasis was precisely about ETH’s pre-mined phase and its initial sale or fundraising effort. However, Ripple made this comparison for the crypto industry to know that it is also a securities token like others. 

On the other hand, the never-ending fight between SEC and XRP, along with the new allegation of SEC against XRP, creates a real mess. As a result, people are now confused about whether the SEC is just scamming XRP or not. Nevertheless, we never know which one is true or not until it’s proven. This means we really have to wait for the final judgment of the authorities.

Will the Ripple-SEC Lawsuit End Before September This Year?

People are wondering about the end of the Ripple-SEC lawsuit but it seems the lawsuit never stops. As said above, the deadline of the expert recovery phase has been extended to October 15, 2021, by judge Sarah Netburn. This clearly shows that the lawsuit will still be in progress for two more months before it presumably ends.

The Crypto Community’s Opinion About the US SEC Lawsuit

There seems to be more anxiety among people in the crypto space due to the new timeframe given. Also, XRP holders never stop counting days when the lawsuit is going over. With this said, the XRP community is eagerly waiting to see Ripple victory against the US Securities and Exchange Commission (SEC).

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.