Investors surely haven’t been expecting Ripple’s (CCC:XRP-USD) court battle with the U.S. Securities and Exchange Commission (SEC) to go on this long. The lawsuit, initiated in December of 2020, seemed like it would’ve been a shoo-in for the Ripple network. Since then, though, it’s been a turbulent battle, and one that’s kept the XRP coin held down. But, could recent news finally signal the incoming closure of this case? And what might that mean for XRP price predictions?
Depending on how you look at it, the SEC’s lawsuit levied against Ripple sees a crypto project taken to task over willful skirting of U.S. trading laws. But from the other side of the debate, it represents a gap in the government’s understanding of cryptocurrency and an unwillingness to learn before litigation. Either way, it’s a major moment in the history of crypto legislature; it will set a precedent over whether or not a cryptocurrency is a security.
Crypto bulls have been long awaiting an end to this trial. Since April of 2021, Ripple executives have been motioning for a dismissal of the case. And as InvestorPlace contributor Joel Baglole reports today, the end could finally be upon us. We’ve seen plenty of legal experts speculating on the case and its details, and attorney John Deaton is unconvinced the SEC can hold out much longer with its weak evidence.
These takes pile on top of recent news that Judge Analisa Torres is issuing several orders. These include the unsealing of several previously inaccessible documents sent to Ripple CEO Brad Garlinghouse and founder Chris Larsen. Torres is also granting Ripple permission to respond to an SEC memorandum. Crypto legal experts are calling the news very bullish; attorney Jeremy Hogan believes the process will be greatly expedited after this news.
XRP Price Predictions Heat Up With a Lawsuit End Hopefully in Sight
With news of the lawsuit’s gears turning, there’s lots of interest in the XRP coin. Today, the coin is gaining 18% as investors digest the news, reaching a price of about 80 cents. Trading volume is also rocketing upward; over $3.4 billion in XRP is trading hands today, a near 250% increase over yesterday.
With all of that said, investors are quite excited about Ripple’s price prospects. But, just how high might XRP go? Let’s take a look at some XRP price predictions and see what analysts are thinking:
- CoinPriceForecast expects Ripple to shoot through the $1 mark this year, lawsuit victory or not. The site is predicting a year-end value of $1.07 for XRP.
- Digitalcoin makes a similar prediction, targeting a $1.09 price for XRP to end 2022.
- Wallet Investor is a bit more bullish in its 12-month XRP prediction. The site targets a February 2023 price of $1.23 for the coin.
- Gov Capital’s one-year forecast is similar, expecting XRP to trade at $1.29 by February of next year.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
credit to@investorplace
