Ripple CEO Brad Garlinghouse said there is good progress in the SEC’s lawsuit against Ripple, despite the slow pace of justice.
He said this during an interview with CNBC, adding that he expects the case to be concluded in the coming year.
The implications of Ripple’s lawsuit with the SEC
Garlinghouse reveals that the judge is asking them “good questions,” and that he believes the judge is realizing that the SEC’s ongoing lawsuit is not limited to Ripple, but will have broader implications.
According to the SEC, the company and its executives allegedly sold XRP tokens in the past, raising $1.3 billion through an unregistered security offering. Ripple argues that XRP should not be considered a security.
In reality, the question is even more complex, because it is possible that the SEC could be right in sustaining that, in the past, XRP was sold as a security, but it is also possible that XRP is no longer a security. The facts contested against Ripple date back several years.
The price of XRP
The value of XRP skyrocketed at the end of 2017, when it went from $0.24 on December 10 to $3.40 on January 7, 2018, before falling back to $0.5 in April and $0.27 in September of the same year. During the financial market crash of March 2020, it even fell to $0.14, but in 2021 it climbed back up to its annual peak in mid-April, when the price returned above $1.8. Now it is back around $1.
Despite statements by its CEO, the price of XRP has hardly moved today, continuing to hover around $1.04, which is 70% below its all-time high in January 2018.
Movements over the past month have also been minimal, at -5%, while they remain significantly more substantial than last year (+69%).
Brad Garlinghouse on Dogecoin and Bitcoin
A curious thing is that Garlinghouse also stated that he is not convinced that Dogecoin is good for the crypto market, and he stated that the rise in inflation is doing Bitcoin good.
The curious thing is that until recently he had never had particularly good words for Bitcoin, actually claiming that XRP was better, as well as the fact that DOGE’s success this year is reminiscent in some ways of XRP’s success in late 2017.
However, he is right in saying that Dogecoin is a project born purely as a joke, with inflationary dynamics that would make him reluctant to keep it in his wallet.