Garlinghouse said Ripple promised to fight hard to get clearly-stated rules for the entire crypto industry in the US. Around 70,000 XRP holders involved in the case believe the price will skyrocket, even exceeding its previous all-time high.
The legal battle between the US Securities and Exchange Commission (SEC) and Ripple is ending, according to Stuart Alderoty. The legal counsel said the FinTech company submitted its final filing in the case, seeking a ruling in its favor.
Alderoty also stated that the company is proud to defend the entire crypto industry in court. Before that, Brad Garlinghouse and Chris Larsen, the CEO and co-founder of Ripple, supported a motion for summary judgment.
Ripple argued that the SEC should drop its opposition to proceeding to summary judgment, as the latter has no evidence. Therefore, they cannot determine whether XRP was a bid or sale of an investment contract and why it is a security.
In response to the comment from Alderoty, Garlinghouse congratulated the Ripple team on reaching the final stage of the case. They promised they would fight hard to obtain clearly-stated rules for the crypto industry in the United States.
Ripple Receives Support from the Crypto Community
During that two-year legal battle, Ripple received tremendous support from the community. For example, crypto companies like Coinbase have filed a dozen amicus briefs. In addition, around 70,000 XRP holders have filed a brief to defend the company.
Ripple has also scored minor victories, such as gaining access to the e-mails of William Hinman, a former director of the SEC.
Several analysts have argued that the outcome of that case will significantly influence the entire crypto industry.
The Price of XRP Might Skyrocket When the Case Ends
The case, which lasted from December 2020 to 2022, keeps the native token of Ripple, XRP, undervalued. The SEC has claimed that it is a security, seriously damaging investor confidence. For that reason, all sales, including secondary ones on exchanges, have amounted to unregistered security offerings.
XRP is trading at around USD 0.39 and has accumulated a 1.11% gain over the last 24 hours. That is equivalent to an 89.7% drop in the price from its all-time high in 2018.
However, XRP holders have gotten involved in the case as third-party friends in the court. They believe the price will skyrocket, exceeding its all-time high, when the suit is over.
In short, the result of the legal battle between Ripple and the SEC might determine the future of the crypto industry. If clearly-stated rules emerged, the companies that operate with cryptocurrencies would know what to do to avoid sanctions. In addition, that would allow them to protect the interests of their clients if they have to declare bankruptcy.
Investors should investigate XRP or any other cryptocurrency before buying it to know its all-time high, behavior, and possible future prices. However, it is only a matter of time before seeing where the market will take that crypto asset.
By Alexander Salazar