Ripple SEC Lawsuit: Agency Reiterates “Digital Assets Securities” As XRP Eyes $2

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As a seasoned crypto investor with over a decade of experience navigating the volatile and ever-evolving world of digital assets, I find myself intrigued by the ongoing saga between Ripple and the SEC. The latest development, with the SEC reiterating its stance on “digital asset securities,” while seemingly antagonistic to the XRP community, is a testament to the complex nature of this industry.

Ripple SEC Dispute: In the ongoing legal battle, the U.S. Securities and Exchange Commission (SEC) has signaled its intent to persist in labeling XRP as a “digital asset security” during the appeal process in the Second Circuit Court. This development arises as the price of XRP soars past $1 and aims for $2, fueled by speculation around Gary Gensler’s potential resignation and the resolution of the XRP lawsuit under Donald Trump’s presidency.

US SEC To Target Digital Asset Securities In Ripple Lawsuit

Last week in his 56th Annual Institute speech, SEC Chair Gary Gensler emphasized that Bitcoin does not fall under the category of a security. Moreover, his remarks implied a continued focus on XRP as a security, since he didn’t include it in the same grouping as “Bitcoin, ether, and stablecoins.

Instead, our attention has shifted towards roughly 10,000 other digital assets, several of which have been classified as securities by various courts. To put it in perspective, excluding bitcoin, ether, and stablecoins, the remaining market is estimated to be around $600 billion in size.

Lawyer James Murphy, more commonly known as MetaLawMan, criticized the US Securities and Exchange Commission (SEC) on Wednesday for continuing to use the term “digital asset securities.” The SEC, led by Gary Gensler, is reportedly disregarding a court order regarding the status of XRP in the Ripple lawsuit with the SEC. Additionally, the agency has failed to adhere to its recent apology for using the term “crypto asset securities” in past legal actions.

Here we go again “digital asset securities.”
Unbelievable.

— MetaLawMan (@MetaLawMan) November 20, 2024

The regulatory body has contested the decision made in favor of Ripple regarding the XRP sales, the distribution of XRP to employees and others within the company, as well as the XRP sales made by CEO Brad Garlinghouse and Executive Chairman Chris Larsen on exchanges.

Will XRP Lawsuit Get Dismissed?

The crypto community called for the dismissal of the long-running Ripple SEC lawsuit and resignation of SEC Chair Gary Gensler. Also, Ripple CEO Brad Garlinghouse said he is expecting a resolution or end of the SEC lawsuit after Trump’s win.

David Schwartz, the CTO of Ripple, made it clear that the company’s legal responsibilities are towards its shareholders, not the holders of XRP. Although Ripple can strive for clarity in the legal status of XRP and digital assets, the value of these assets is not influenced by the company’s actions alone. The ongoing lawsuit involving XRP is expected to either be dismissed or settled for approximately $125 million.

XRP Price Rally to $2

According to lawyer Bill Morgan, it’s clear that the value of XRP isn’t affected by Ripple’s actions, as long-term investors have demonstrated. Interestingly, hints from Gensler about resignation and a possible end to the Ripple SEC lawsuit seem to have sparked an XRP price surge, pushing it up to $1.

At present, the price of XRP is stabilizing near a Fibonacci retracement level of approximately 0.702. If positive momentum builds up, this could initiate a potential rise towards $1.6 to $2. The optimistic atmosphere within the XRP community and President Trump’s cryptocurrency policies are expected to keep crypto markets buoyant overall.

Popular analyst CredibleCrypto thinks XRP will probably going to make new ATH “a lot quicker than most are expecting.” XRP/ETH just reclaimed and retested a 4-year long-range in the monthly chart, which signals a 250% higher target.

In the past day, XRP’s price surged by more than 1%, and over the past week, it skyrocketed approximately 60%. Currently, XRP is being traded at $1.13. The lowest point in the last 24 hours was $1.07, while the highest was $1.15. This price fluctuation suggests a growing curiosity among traders, as evidenced by a 7% increase in trading volume over the same period.

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2024-11-21 16:40