The token of Ripple Labs, XRP reaches the highest levels in three months
XRP, Ripple’s native token yesterday returned to the highs it has touched in the past three months buoyed by a wave of buying due to the approaching verdict on the lawsuit filed by the SEC.
The SEC (Securities and Exchange Commission) is the regulatory body that is responsible for, among other things, verifying the lawfulness of financial instruments.
The token’s performance took it to $0.431.
Since the beginning of the year, XRP has recovered 18% from the lows of this bear market, and the trend shows no signs of stopping given the approach and especially the optimism of the parties involved.
A week ago Brad Garlinghouse, CEO of Ripple Labs spoke positively on the lawsuit filed by the US regulator against the company he leads.
Following his words, the rush to buy the token by many investors was not long in coming, and the liquidity returned promptly, along with the volumes.
At the microphones of CNBC, Brad Garlinghouse spoke on the sidelines of the World Economic Forum in Davos.
In Switzerland, the CEO expressed optimism about a positive outcome of the judge’s ruling regarding the SEC – Ripple case.
“We are optimistic that this will definitely be resolved in 2023, and possibly in the first half. So we’ll see how it plays out from here. But I feel very good about where we are with respect to the law and the facts.”
Ripple has always maintained firmly the view that XRP is not a security.
As for the conclusion of the legal tussle both sides in the case delivered their pleadings to the US Court in December.
Following the delivery of the pleadings, both Ripple Labs and the SEC petitioned the Court about an outcome sanctioned by summary judgment.
That the case will draw to a close within a few months (indicatively by the end of the summer) is highly anticipated, both because of the technical timing of the case itself and because of the historic significance of the ruling, which, in such tumultuous times in finance and the crypto world, is highly anticipated.
According to Brad Garlinghouse, Ripple Labs and the US regulator will not reach a consensual agreement, and it will be up to the judge to make a ruling.
According to the CEO, the ruling will take Ripple’s side and usher in a watershed in the crypto world.
“We’ve always said we’d like to oblige, but it requires one very important thing, and that is that, going forward, it is clear that XRP is not a security. The SEC and Gary Gensler have openly stated that they view almost all cryptocurrencies as a security. And so that leaves very little room in the Venn diagram for adjustment.”
Concerning the importance of the current lawsuit, he added:
“Something I’ve heard over and over here in Davos is how important this is, not just to Ripple, but also, really, to the entire cryptocurrency industry in the US.”
Ripple Labs is an American company but the US is not the only target audience for the company.
Garlinghouse explained how important it is that they continue to be in communications with authorities both in the US and in foreign territories.
On CNBC, Garlinghouse continued:
“From the beginning, I thought it was very clear that the facts were on our side, that the law was on our side, and I think as you’ve seen this game, as you’ve seen the court documents, the judge certainly is listening. our arguments.”
The intraday high of $0.431 made yesterday after Sunday’s low at $0.3979 puts XRP at its highest since last 8 November.
The rise in Ripple’s value continued and gained strength as resistance set at US$0.41 was broken.
Currently the crypto is lateralizing but the trend remains bullish in the medium term.
Attention on XRP remains high among investors and insiders in general even though it has declined slightly after this sudden rise.
The feeling among some analysts is that those who had to enter the investment have already done so and now they are waiting for new news on the lawsuit or even better the ruling.
The 14-day RSI (Relative Strength Index) is at 68.64 in the meantime and is approaching the ceiling of 69.00.
While waiting for the judge’s ruling that promises to be historic for the entire crypto world, insiders and investors are looking forward to the bull run that is buoyed by the increasingly persistent rumors of a ruling in Ripple’s favor.
