In a recent interview, Ripple CEO Brad Garlinghouse said that the years-long US Securities and Exchange Commission (SEC) lawsuit will end “very soon,” as XRP surges. As a settlement nears, traders have responded to every development regarding the asset’s price. Now, its increase can be attributed to an end nearing for the legal battle.
The token is currently rallying toward the $0.62 mark. Over the last 24 hours, XRP has increased more than 5%, according to CoinMarketCap. Those increases have proven to be consistent, with the crypto up more than 26% in the last 30 days. Increased activity seems to point to a market inspired by Garlinghouse’s proclamation.
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Ripple CEO Says SEC Lawsuit is Nearing an End as XRP Responds.
Last week, XRP faced a 7% daily drop after the SEC canceled a closed-door meeting with Ripple. The development pointed toward an increased correlation between the legal battle and the cryptocurrency. That has only proven to be the case more so today.
In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse said the SEC lawsuit would end “very soon,” with XRP surging as a result. Although he had no specific timetable for a settlement, he did ensure that one was certainly on the way. Garlinghouse noted that there is one final aspect that must be ruled on before a conclusion is set to take place
The company celebrated the anniversary of a monumental court victory for Ripple. A year ago this month, Judge Torres ruled in favor of XRP’s security status in the ongoing legal battle. Now, the market and Ripple, are awaiting a final ruling to end the years-long issue.
Also Read: Ripple Back Up as Bullish Momentum Continues XRPs 24% Rally
In the meantime, the price is expected to continue surging. If a bullish sentiment can remain in the market, XRP could be set to reach a multi-month high of $0.66. Yet, with price increases, selling pressure could begin to manifest if no settlement is reached in the coming weeks.
Earlier this year, Garlinghouse predicted the case would conclude by the end of summer. Then, he forecasted a settlement in August or September. If that timeline is still present, XRP could take a downturn toward the $0.56 level. However, that is highly unlikely. Especially considering how talks between both sides have ramped up in recent weeks.