- The Ripple and XRP community have continued to slam the US SEC for its harsh regulations by enforcement, especially outside its jurisdiction.
- The upcoming US general elections will be a major turning point for the mass adoption of crypto in the United States, which will be a relief for XRP holders.
Ripple Labs-backed XRP price registered a relief rebound on Thursday and Friday after being trapped in a bearish trend for nine days. The large-cap altcoin, with a fully diluted valuation of about $47.7 billion and a daily traded average volume of around $732 million, has been approaching the apex of its multi-year triangular consolidation.
With the ongoing bullish crypto macro outlook, it is safe to assume that the XRP price is on the verge of a major bullish uproar, which will be triggered by the settlement between Ripple and the US SEC. As Crypto News Flash previously reported, the settlement plan between the US SEC and Ripple has gained more momentum amid the approaching end of the current administration.
Notably, the US SEC filed a motion to the presiding Judge requesting that Ripple be fined around $102 million for violating securities laws. The US SEC has continued to argue that XRP sales in crypto exchanges violate securities laws despite last year’s ruling that indicated otherwise.
Ripple Fights SEC’s Rogue Moves
The US SEC, led by Chair Gary Gensler, has been accused of overstepping its powers by attempting to crack down on the crypto industry by regulating via enforcement. According to Ripple’s Chief Legal Officer, Stuart Alderoty, Gensler has failed the American people by not providing clear crypto regulations.
Moreover, the court found the US SEC to have unlawfully overstepped its mandate to regulate the crypto industry, among other sectors. For instance, in the SEC vs. National Association of Manufacturers lawsuit, the court argued that the agency, under Gensler’s command, unlawfully rescinded a rule on proxy advisory firms without adhering to the Administrative Procedure Act.
Another court slams the SEC. This time for unlawfully rescinding a rule on proxy advisory firms without adhering to the Administrative Procedure Act. The court explains that Gensler personally directed this illegal move.
National Association of Manufacturers v. SEC. pic.twitter.com/NrXrV4x7OG
— Stuart Alderoty (@s_alderoty) June 27, 2024
Earlier this month, a California judge dismissed all the allegations suggesting that Ripple violated federal securities laws. Meanwhile, the New York ruling that XRP is not security remains in effect, but the contentious issue is institutional sales and the huge escrow holdings.
The recent move by the US SEC to drop investigations against Ethereum has increased the chances of a similar move on XRP. However, the huge escrow holdings by Ripple could negatively impact the final ruling.
Development Plans
The XRP global community anticipates a spot ETF filing soon following the approval of spot Ether ETFs and the recent application of Solana ETF. The Ripple core development team has been busy building the necessary infrastructure to enable the mass adoption of XRP and its cross-border payment products.
Ripple has already launched the XRPL EVM Sidechain to enable seamless web3 development with the Ethereum ecosystem. Meanwhile, Ripple anticipates launching its US dollar-backed stablecoin later this year.
What’s Next for XRP?
Amid the ongoing crypto correction, XRP price on the weekly time frame has been attempting to establish a local bottom of around 47 cents. The altcoin has surged around 3 percent in the past two days to trade around $0.476 on Friday during the New York session.
From a technical standpoint, the XRP price must consistently close above 50 cents in the coming weeks to avoid a capitulation below 40 cents.
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