The XRP neighborhood is humming with excitement and enthusiasm on the world of digital money. Three significant occurrences are approaching that could have a significant impact on the future of XRP, the digital currency linked to Ripple.
These occurrences include the resolution of the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC), a potential increase in the price of XRP, and a potential change in the leadership of the SEC.
Decision in the lawsuit: XRP’s safety standing.
The ongoing legal conflict between Ripple and the SEC is at the center of the story. According to the SEC, Ripple and its officials sold XRP as unregistered securities in an improper manner. In contrast, Ripple contends that XRP shouldn’t be classified as a security because it plays a crucial role in promoting international trade. The outcome of the vote is highly anticipated by the XRP community because it might have significant effects on the future of the cryptocurrency.
With the company spending a stunning $200 million to fight the lawsuit, Ripple has maintained its defense against the SEC. The gravity of the lawsuit and its possible impact on the entire bitcoin trade are highlighted by the large investment.
Will the XRP Price Reach the $2 Goal?
Another event that has caught the attention of the XRP community is the potential for XRP to hit new record highs. Back in January 2018, XRP experienced a remarkable upswing that saw it reach a high of $3.18 and temporarily overtake Bitcoin as the second-largest cryptocurrency by market capitalization. However, XRP’s price has since dropped and is currently circling $0.50.
Despite this setback, the XRP community is still enthusiastic about a potential value recovery. A spike in investor enthusiasm may occur when XRP surpasses the $2 threshold, which many are anxiously anticipating. If XRP gets to reach $2, John Deaton, the founder of CryptoLaw, even forecasts a “worry of lacking out” (FOMO)-driven investor growth.
What’s going on?
The XRP community is also hoping for a change in the SEC’s management. The current SEC head, Gary Gensler, has developed a reputation for tough enforcement measures in the cryptocurrency industry. Current reports indicate, though specifics are still unknown, “that a new bill” could be introduced to remove Gensler from his position.
The prospective change in SEC administration is closely watched by the XRP community because it might signal a change in regulatory policy and have a significant impact on XRP and the larger cryptocurrency market.
In general, the XRP community is watching the Ripple case closely, hoping for a possible price increase, and keeping a close eye on any developments with the SEC’s management. These events have the capacity to shape XRP’s direction and have effects that far beyond its own market.