Ripple’s cross-border payments currency XRP has been holding above the psychological level of $0.40. Plus, confidence is growing in a Securities and Exchange Committee (SEC) victory.
The crypto community has been busy over the weekend, especially those who support fintech firm Ripple.
Crypto Law founder and XRP advocate John Deaton suggested that the judge presiding over the case could give the firm an outright victory. The comments were made on January 21, taking an earlier case as an example.
The argument revolved around the premise that the SEC did not stop Ripple from selling XRP after its lawmakers reviewed its documents.
Furthermore, Deaton returned on January 22, stating that he did not see “see sensible Crypto regulation being passed into law anytime soon,” adding that “the market will continue to receive guidance only through judicial results from the SEC’s Regulation by Enforcement policy.”
Ripple Support Grows
Industry experts are now calling for an investigation into the researchers. They ask that the SEC be investigated for misleading Congress and the markets.
The ‘Digital Asset Investor’ told his followers that “this is an unprecedented case where the SEC has literally actively harmed the XRP investors they claim to protect for over two years.”
Furthermore, Ripple’s general counsel Stuart Alderoty also took to Twitter over the weekend to quote a WSJ article criticizing the SEC, as follows:
“What a punchline: ‘The SEC not only has expanded its regulatory reach far beyond its legal authority; it has morphed from an umpire objectively enforcing the rule of law to an economic policy maker dictating how the economy will operate.’ (paywall).”
Late last week, Ripple CEO Brad Garlinghouse expressed confidence that the battle will end in the first half of 2023:
“”Optimistic this will certainly be resolved in 2023, in maybe the first half. I feel very good about where we are relative to the law and the facts.”
When asked about a deal, he added that “We’ve always said we’d love to do a deal, but it requires one very important thing, which is that going forward, it’s clear that XRP is not a security.”
Garlinghouse stressed that a negative result for the company will affect the entire crypto industry in the United States.
XRP prices have again broken through the psychological barrier of $0.40 and have been holding above it. Furthermore, it hit a two-month high of $0.415 on January 22.
At press time, XRP was trading at $0.406, after an 18% gain over the past two weeks.
The next resistance level for XRP is just above $0.45. However, it is still well below its January 2018 peak price of $3.40.
By Audy Castaneda