SEC’s Lawsuit Against Ripple Drawing to an End; Finder Release Price Prediction
With only two months left to mark a two-year running period, the US Securities and Exchange Commission's (SEC) lawsuit against Ripple Labs and its founders is expected to be in its end phase. Ripple CEO Brad Garlinghouse expects the case to end in the first few months of 2023.
Taking the progression of the lawsuit and other factors into account, the ruling on the case is expected to go in favor of the defendants. Despite the ongoing crypto meltdown, XRP has been of the best-performing large-cap digital assets this year, with speculators projecting a massive rally if the case does, in fact, get ruled in Ripple’s favor.
Meanwhile, defense attorney James K. Filan recently revealed that there were some critical dates coming in October and over the rest of the year, adding that these dates are critical to the lawsuit and could be potential “makers or breakers.”
Filan’s Important Dates for Ripple
According to Filan, the first of such dates is October 18, when all parties are expected to submit their opposition to summary judgment motions-related documents temporarily under seal. Two days later, on October 20, everyone gets together to discuss the redactions each party wants to be made to the opposition briefs. Only the preliminary redactions requested by the parties during the meet and confer will be made to the opposition briefs, which will be filed publicly on the 24th of this month. With these and other sealed and redacted files that will be made public, the XRP community will have a greater understanding of the case.
November and December are highlighted with three and two critical days, respectively. On November 15, parties will submit temporary sealed summary judgment reply briefs. More important dates are November 21, December 9, and December 22.
Finder Publishes Price Prediction Survey Results
In other news, popular research organization Finder recently shared price predictions for XRP. The research, which featured 55 experts handpicked by Finder, is based on whether Ripple Labs wins the lawsuit against the SEC.
For instance, the poll estimates that by the end of 2025, XRP may increase to $3.81 per unit if Ripple Labs wins the lawsuit. However, if Ripple Labs loses the case, according to Finder's panel of experts, XRP would only be valued at $0.98 by 2025, and 48% believe it might go below $0.50.
Also, 43% of Finder's cryptocurrency and fintech specialists believe Ripple Labs will migrate to another country if the ruling on the case is unfavorable. However, 26% of the panelists believe Ripple is unlikely to move to a new jurisdiction, while 31% of the experts were uncertain about the outcome of an unfavorable ruling for the defendant.
XRP Falls Following NFP Data
Expectations for a price recovery past the $0.5500 resistance threshold for XRP were dashed last week following higher-than-expected NFP numbers, which indicated that the US Federal Reserve would likely continue with its aggressive tightening policy.
With the renewed bearish outlook, hopes of a continuation of September’s rally seem bleak. Nonetheless, XRP will likely continue to trade along the June tripwire, albeit under the $0.5500 mark.
However, a sustained fall below the $0.4600 - $0.4400 support zone could spell trouble for the already struggling cryptocurrency.
XRP Statistics Data
XRP Current Price: $0.4720
XRP Market Cap: $23.6B
XRP Circulating Supply: 49.9B
XRP Total Supply: 99.9B
XRP Market Ranking: #6
This article should not be taken as a piece of financial advice. It is essential to conduct your research before making investment decisions.