Prominent crypto influencer Ben Armstrong, known online as Bitboy Crypto, has offered a ray of hope for XRP holders.
In a recent interview with Fox News, Armstrong suggested that a settlement in the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) could be imminent, potentially paving the way for a significant price increase for XRP.
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The SEC filed a lawsuit against Ripple in December 2020, alleging that the sale of XRP constituted an unregistered securities offering. This classification has undoubtedly impacted XRP’s price performance.
Some investors remain uncertain despite a court ruling last year that non-institutional XRP sales were not securities offerings. This represents the damage caused by the protracted lawsuit between the regulator and Ripple.
Bitboy Anticipates Settlement and Subsequent Price Rise
Armstrong, citing unnamed sources familiar with the case, believes a settlement between Ripple and the SEC is on the horizon. He argues that a settlement would effectively remove the uncertainty hanging over XRP investors, potentially leading to a surge in its price. Armstrong suggests that the XRP price could experience a substantial increase, particularly if the settlement coincides with a broader bull market.
Potential Timeline for Resolution
The legal proceedings are nearing their final stages. Both parties have submitted relevant briefs regarding potential remedies in the case and are waiting for the judge. May 20 marks the deadline for filing counter-arguments on motions to seal certain court documents.
Following this, the court will issue a decision on the sealing motions. Once this occurs, both parties have 14 days to file redacted versions of the documents for public viewing.
Many experts believe the final court verdict at the district court level will come before the end of 2024. This verdict would signify a definitive conclusion to the lawsuit. However, an appeal remains a possibility.
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A settlement between Ripple and the SEC would likely have a significant positive impact on the XRP market. The coming months are likely to be crucial for XRP with the potential for a settlement in the SEC lawsuit looming
If Bitboy’s prediction proves accurate, a price surge for XRP could be on the horizon, fueled by increased clarity and renewed investor optimism.
Ripple and XRP recently received praise from an ex-Federal Reserve official for their role in shaping cryptocurrency regulation in the U.S. by challenging the SEC’s claims. A settlement will cement XRP’s status as a pivotal member of the crypto market and send it to unprecedented heights.
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