Ripple Case Could Be in Final Stretch, XRP Investors Nervously Await
- The XRP price is back below $0.45 as it continues to oscillate around this level.
- The SEC’s case against Ripple could finally be winding down.
- Ripple CEO Brad Garlinghouse has expansion on his mind.
XRP investors are treading cautiously given the uncertainty around the cryptocurrency market and legal overhang from Ripple. The No. 6 cryptocurrency has dipped below $0.45 once again as it continues to oscillate around this level.
There could be a catalyst in the near term that has the potential to send XRP back to its 2023 highs of nearly $0.60, assuming those gains are not built in. Ripple chief Brad Garlinghouse has updated the cryptocurrency community on the court case, suggesting that a ruling could be right around the corner.
Legal Battle Winds Down
Ripple’s Garlinghouse sees a light at the end of the tunnel in the U.S. SEC’s case against Ripple. He believes the company has the wind at its back and said that the court’s decision should come down in a matter of weeks, not months.
Garlinghouse pointed to the court’s recent decision to block the regulator’s attempt to redact comments from a former SEC official that contradicts its argument.
Those comments surrounded Ether, the second-biggest cryptocurrency, not meeting the criteria of a security. Meanwhile, the basis of the SEC’s case against Ripple is that the company allegedly sold unregistered securities through its issuance of XRP.
In a display of defiance, Garlinghouse is looking ahead. The Ripple chief has ambitious plans for his blockchain-based cross-border payments company. Despite the ongoing legal battle with the SEC, Ripple is planning an expansion.
During the Dubai Fintech Summit, Garlinghouse shared how his company’s aspirations reach beyond being a liquidity and cross-border payments play.
He expects Ripple will expand its footprint into other blockchain use cases, either organically or via M&A. For example, Ripple could be looking to get a foothold in compliance or custody. Ripple has earmarked up to $1 billion sitting on its balance sheet for this expansion.