Ripple prevails over SEC, boosting XRP price; experts predict potential growth.
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What happened?
After years of legal battles and heated debates, the SEC vs. Ripple (XRP) case has finally reached its dramatic conclusion, with Ripple emerging victorious.
On August 7, US federal judge Analisa Torres ordered Ripple Labs to pay a $125 million penalty for selling its XRP token without proper registration—a mere fraction of the nearly $2 billion the SEC originally sought, which included $876.3 million in disgorgement, $198.2 million in prejudgment interest, and $876.3 million in civil penalties.
The Ripple vs. SEC saga began back in 2020 when the SEC accused Ripple of raising funds through unregistered sales of XRP, arguing that the digital token was a security.
The lawsuit, filed in December 2020, plunged Ripple into a fierce legal struggle that has captivated the crypto world ever since.
Judge Torres’s ruling on August 7 followed a key decision in July 2023, where she found that Ripple had violated federal securities laws through direct sales of XRP to institutional clients.
However, she also ruled that Ripple’s sales of XRP to retail clients through exchanges did not violate any securities laws. Importantly, the August 7 ruling clarified that Ripple’s actions did not involve fraud, which drastically influenced the final penalty.
In response to the favorable ruling, XRP’s price skyrocketed, forming what traders call a ‘god candle’ as it surged from around $0.50 before the ruling to a high of $0.6408. As of August 8, XRP is trading at approximately $0.61, reflecting a remarkable 20% increase in just 24 hours.
Ripple’s reaction
Ripple’s victory in the landmark case against the SEC has not only been a turning point for the company but also a defining moment for the entire crypto industry.
Brad Garlinghouse, Ripple’s CEO, expressed his relief and optimism in a series of statements. He highlighted the reduction in the SEC’s demand, noting:
The SEC asked for $2B, and the Court reduced their demand by 94%, recognizing that they had overplayed their hand.
Garlinghouse also criticized SEC Chair Gensler’s approach, claiming it was ‘detached from reality’ and driven by an agenda rather than facts.
Echoing Garlinghouse’s sentiments, Chris Larsen, Ripple’s Co-founder and Executive Chairman, also criticized the SEC’s prolonged campaign against the company.
Moreover, following the verdict, Ripple clarified that the court found no victims in the case, as none of the third parties involved lost any money.
Ripple expressed respect for the court’s decision and reassured stakeholders that they plan to pay the penalty using their healthy balance sheet.
Despite the celebration, it’s crucial to heed the cautious note from Fox reporter Eleanor Terrett. She warned that while this ruling marks the end of the Ripple case at the district court level, the possibility of an SEC appeal cannot be entirely ruled out.
Ripple price prediction: expert insights
As we look forward, experts have offered various predictions for Ripple (XRP) in the coming years. Here’s a breakdown by year.
Ripple price prediction 2024
Digitalcoinprice forecasts that in 2024, Ripple’s price could range from a minimum of $0.55 to a maximum of $1.34, with an average price of $1.29.
Coincodex is a bit more optimistic, projecting that by September 7, 2024, Ripple’s price might increase by 20.75% to about $0.74.
Ripple price prediction 2025
For 2025, Digitalcoinprice expects Ripple to continue its growth, with prices ranging between $1.31 and $1.58, and an average price of $1.50.
Coincodex also sees potential for growth, estimating that Ripple’s price could fluctuate between $0.38 and $1.92 during the year.
Ripple price prediction 2030
Looking towards 2030, the predictions become even more optimistic. Digitalcoinprice forecasts that Ripple could reach between $4.13 and $4.57, with an average price of $4.50.
Coincodex offers a more conservative estimate, predicting prices between $0.47 and $1.94.
When considering these XRP price predictions, it’s important to remember that they can often be inaccurate. The crypto market is highly volatile, with many factors influencing prices. Therefore, always conduct your own research and never invest more than you can afford to lose.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
