- Lawyers closely monitoring the Ripple vs SEC case have highlighted that the case is under Judge Torres’ hands and likely to go to a verdict instead of a settlement.
- Ripple just received 1 billion XRPs from the escrow account in its monthly programmatic release and sales.
As the world ushered in the 23rd year of the 21st century, predictions in the cryptocurrency market – particularly on Ripple vs SEC lawsuit and XRP price- have made wild dreams. Popular crypto blogger Ben Armstrong, the creator of BitBoy crypto made wild predictions on the ongoing Ripple vs SEC case. According to Armstrong, SEC chairman Gary Gensler will be forced to resign from the agency. Additionally, Armstrong is highly convinced the Ripple vs SEC lawsuit will end.
Nonetheless, not all are convinced Ripple will win the lawsuit, as evident from the comments section. Furthermore, the LBRY case, which saw the underlying token classified as a security, has significantly shifted momentum in the industry. The possibility of XRP getting classified as a security in the United States has significantly risen with the LBRY case.
However, Armstrong has predicted the case will end in 2023 and is in favor of Ripple.
2023: The year the $XRP case ends and the Ripple curse is broken.
Also the year @GaryGensler is forced to resign from the @SECGov
— Ben Armstrong (@Bitboy_Crypto) January 1, 2023
Notably, lawyers closely monitoring the Ripple vs SEC case have highlighted that the case is under Judge Torres’ hands and likely to go on a verdict instead of a settlement.
The bigger picture on Ripple market outlook
The Ripple future outlook is largely pegged to the SEC case outcome. Moreover, the case outcome will determine the future of a $19 billion XRP market and also other DeFi tokens likely to be classified as securities. Nevertheless, the company is building its payment ecosystem to encompass both financial institutions and central banks, particularly in stablecoins and CBDCs.
Furthermore, the company is reportedly working with several central banks – including the Royal Monetary Authority (RMA) of Bhutan and the Republic of Palau – in developing highly interoperable CBDCs.
The company is also onboarding financial institutions to tap its Ripplenet network. As such, the future of Ripple and its payment services is green from several perspectives.
Meanwhile, John E Deaton, the founder of crypto-laws.us, thinks the Hinman emails will be a huge game changer in the Ripple vs SEC case. However, Judge Torres has implied that the Hinman emails, drafts, and comments are relevant only for purposes of cross-examination or impeachment.
“In sum, unfortunately, I think a settlement w/Ripple is not in Gensler’s mindset. I don’t believe he’s going to settle and publicly agree that ongoing and future XRP sales, including in the secondary market, are non-securities. And Ripple won’t settle unless the SEC so agrees,” Deaton noted.
In sum, I believe the SEC has accepted that the emails will eventually become public.
In fact, in @bgarlinghouse’s tweet he said when the truth is eventually known we will be shocked. 👇
It is my opinion now that the Ripple case will not settle because of the Hinman emails. https://t.co/4Kipt2TJic
— John E Deaton (@JohnEDeaton1) January 1, 2023
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Side notes
According to recent market data, XRP exchanged around $0.344704 on Monday, up approximately 1.6 percent in the past 24 hours. The XRP fully diluted valuation stands at about $34,459,076,040, while the digital asset dropped approximately 60 percent last year.
