The legal battle between the Securities and Exchange Commission (SEC) and Ripple will soon come to an end according to the belief of popular cryptocurrency YouTuber Ben Armstrong aka “BitBoy.”
The crypto influencer told Fox Business that the price of XRP is set for a massive breakout stemming from the SEC and Ripple reaching a settlement soon. He asserted that his “sources” are all saying that Ripple’s demands will be met soon.
“I believe XRP will be the most explosive coin in the next few months,” he said. “XRP will no longer be considered a security and all the suppression of this bull run due to the lawsuit will be over.”
BitBoy has previously stated that from his observations, the “case is moving quickly.” He also does not think that the fact that Coinbase’s Chief Executive Officer Brian Armstrong spoke about Ripple recently is a coincidence and strongly believes that Coinbase will soon relist XRP, leading to a massive price breakout.
Meanwhile, the lawsuit has been consistently tilting in favour of Ripple. The Ripple legal team previously stated that they were not considering a settlement in the case, but Ripple CEO Brad Garlinghouse has revealed some conditions under which they may consider Settlement. According to Garlinghouse, Ripple demands that the SEC clearly define the regulatory status of XRP.
“To the extent, we can find a constructive path forward with the SEC, we, of course, want to find that. There’s no scenario, though, that we’re going to settle unless there’s absolute certainty about what XRP is on a go-forward basis,” he said.
In the most recent ruling in the case, Judge Sarah Netburn has granted a ruling in favor of Ripple’s demand to seal evidence presented for in-camera review that could prove SEC distorted.
Ripple has also been recording a string of wins as in a previous ruling Judge Netburn compelled the SEC to respond to answer many of Ripple’s interrogatories that the commission has been adamantly refusing to respond to. Recall as well that the court recently ruled that Attorney John Deaton and members of the ‘XRP Army’ were to be granted amicus curiae – ‘friend of the court’ – status.
Despite Bitboy’s high optimism, not all Ripple proponents are hopeful of a settlement this year. According to Attorney Jeremy Hogan, who has been a key figure in the XRP community, unless a settlement is reached, the case is not likely to end until March next year.
“Absent a settlement, this case will not be decided until March 2022 at the earliest and possibly not even until late spring if the court decides not to rule on some of the pending motions until after the discovery deadline, which looks really possible,” the attorney said.
In the meantime, XRP’s price continues to struggle in the market. In the last month, while the market was highly bullish with some cryptocurrencies seeing triple-digit percentage increases, XRP was only up around 4%.