The legal battle between the U.S SEC and Ripple is finding no tracks crisscrossing each other. As the claims made by the regulating authority remain irrational. And with the judgment prolonging further, has left XRP holders in a state of misery. Meanwhile, the XRP price is heading towards a northward trajectory. Following fellow cryptos in the space.
The Battle For Recognition
The longstanding demand of Ripple and XRP holders awaits clarification. The next hearing is delayed until the 14th of January, 2022. Which is the deadline for expert discovery. In addition, no argument dates have been set regarding the motions to dismiss or the motion to strike. Moreover, no further telephonic conferences have been scheduled to discuss any outstanding discovery disputes.
It is a known fact that the SEC has sued Ripple, Garlinghouse, and Chris Larsen for $1.3 billion allegings XRP is unregistered security. Which sources suggest the claims to be outrageous, absurd, and inconsistent. Consecutively, XRP holders sued the SEC asking it to amend the complaint. And only allege XRP is security when Ripple sells XRP.
The lawyer emphasizes that the questions of the masses remain unanswered. To why the SEC allowed Ripple to buy a stake in Moneygram, knowing that the purchases would be in XRP. And that, Moneygram then sells the assets to Coinbase, which sells to individuals.
Another concern remains as to why didn’t SEC order the co-founder of Stellar Development Foundation to cease the sale of XRP. On the other hand, an email exchange between Join’s Ito and Jeffrey Epstein further hints at their financial transactions.
XRP Holders Embrace the Digital Coin’s Comeback!
The digital asset at press time is trading at $1.26 with gains of around 7.2%. While the market cap is at about $59,185,715,129. The trading volume around the clock hovers around $5,793,984,290. Cryptoproponent enlightens that $1,000 invested in XRP would now value at over $4,500. This justifies the claims made by enthusiasts that XRP is following the trends of the market, and not to Ripple’s legal proceedings.
Collectively, Ripple’s CEO calls for the U.S Congress to play a leading role in clarifying the regulatory situation around cryptos. When asked about their views on stable coin regulations. On the other hand, a small percentage of investors hold XRP in a retirement account.
These holders are barred from selling, trading, or converting their XRP. While the digital coin turns immune to the legal hearings, a significant number of investors are left stranded. The legal battle subsiding is of utmost importance to smaller investors.