The SEC-Ripple lawsuit saw new developments over the last few days. Judge Analisa Torres has denied the fintech company and the SEC’s joint motion for an indicative ruling. The motion aimed to reduce the fine to $50 million in the settlement. Judge Torres said that the March settlement should exempt Ripple from following the court’s permanent injunction. According to X user “Vet,” who is an XRPL dUNL validator, the lawsuit now only involves the fintech company and has nothing to do with XRP.
Will XRP Rally Given The New Revelations?
One of the most substantial barriers to XRP’s price during the 2021 rally was the SEC-Ripple lawsuit. The lack of clarity significantly hindered investor confidence. If XRP is no longer a subject in the ongoing suit, the asset could rally if market conditions permit, despite Ripple being involved in the litigation.
XRP has had quite a bullish start to the year. The asset breached the $3 mark in January for the first time in seven years. The rally was likely due to the fintech company’s partial win in the SEC suit.
XRP also has a few spot ETF applications with the SEC. There is a high probability that the financial watchdog will approve at least one XRP ETF sometime this year. The SEC is now helmed by a pro-crypto candidate, Paul Atkins. Many anticipate lenient regulations under Atkins’ leadership.
Also Read: Will The US Govt. Start Buying Ripple (XRP) For Its Reserve?
Ripple has had quite the adoption curve over the last few years. Banks around the world have partnered with the company to utilize the XRP Ledger for cross-border payments. More clarity from the SEC could lead to a similar pattern emerging in the US.
How XRP weathers the ongoing storm is yet to be seen. If conditions improve, XRP could reclaim the $3 mark very soon.