Ripple is making “good progress” in its legal feud with the US SEC, CEO Brad Garlinghouse said. The Ripple boss expects the case to likely conclude next year.
Ripple is making significant progress in its ongoing lawsuit with the US Securities and Exchange Commission (SEC), CEO Brad Garlinghouse told CNBC. According to him, the case may be resolved as early as next year.
Late last year, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, accusing the company of conducting an unregistered ICO worth $1.3 billion. The agency claims that XRP belongs to the category of securities.
Ripple predicts favorable SEC dispute resolution in 2022
In an interview with CNBC, Brad Garlinghouse revealed that Ripple is making great strides in its litigation with the US regulator.
“Despite the slow litigation with the SEC, we see good progress. The judge asks good questions, realizing that it's not just about Ripple. Any decision will have broad implications for the entire cryptocurrency industry,” Garlinghouse said, hoping to close the case next year.
He also named countries leading the way in developing crypto asset regulation: the United Arab Emirates, Japan, Singapore, and Switzerland. This month, the Monetary Authority of Singapore (MAS) said it would not ban cryptocurrencies. The department expressed its readiness to study digital assets, blockchain, and smart contracts.
According to Garlinghouse, other countries that are not yet engaged in adopting legislation for the digital asset industry, or have imposed a ban on it, should take an example from these states.
It was recently revealed that Indian banks are sending out emails to customers warning of the risks of investing in cryptocurrencies. However, Garlinghouse believes that the industry is developing in a positive way, as international regulators began to actively work out the regulatory framework for the supervision of cryptocurrencies.
Speaking at the DC Fintech Week virtual conference on Thursday, October 21, Garlinghouse said that Ethereum had been granted a regulatory green light that enabled it to surpass his company’s XRP token.
“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”
XRP was the second largest crypto asset by market capitalization in late December 2017. It has currently slipped to seventh place while Ethereum has held the second spot ever since.
XRPUSD price outlook
The price of the XRPUSD pair showed signs of recovery last Friday (November 19, 2021), moving higher by as much as 6% and closing nearly 5% higher on the day. However, at the time of writing, the XRPUSD price today is $1.03, down 0.66% in the last 24 hours.
Regardless of the bearish outlook, if the XRPUSD price manages to stay above the $1 psychological level, according to an AtoZMarkets analyst, there is a chance of recovery. A daily close above the 50% Fibonacci retracement level at $1.24 will invalidate the bearish thesis.
A flip of the $1.45 level into a support floor, however, will open the path to $2.
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