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- The Ripple v. SEC case is concluding with Ripple hosting a victory party at the end of the month to celebrate its win against the SEC.
- The XRP community is looking forward to a major announcement during the party with many speculating on an IPO or SEC settlement.
All signs point to Ripple’s legal troubles coming to an end. The American technology company that develops the Ripple payment protocol, has in the last three years been entangled in a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC accuses the company of issuing unregistered securities in the form of XRP tokens.
In mid-July, US District Judge Analisa Torres concluded the long-standing legal dispute by officially ruling that Ripple’s XRP is not a security. However, the SEC filed a request for interlocutory appeal and the judge granted the request. Ripple argued that it was not necessary to accuse the SEC of attempting to fast-track the appeal process. Furthermore, Ripple highlighted that the Court’s decision is governed by a predominant legal question and that the SEC failed to demonstrate a considerable ground for a difference in opinion.
Since the start of the month, XRP has witnessed an uptick in both on-chain transactions and institutional and retail demand. Since the start of the month, whales and institutional investors have added more than 30 million XRP to their wallets.
Read More: Whales and Speculators Boost XRP Amid Bullish Sentiment: $0.55 Next?
It remains clear to Ripple and those in support of XRP that the company will come out as the winner. Hence, the company is hosting a victory party. Hosted in New York on September 29th, this is set to be the grand party to celebrate its victory against the US Securities and Exchange Commission.
As confirmed by Ripple CTO David Schwartz, Ripple could make a major announcement during the event. The XRP community hopes the announcement which could be the SEC settlement or plans for an IPO will drive XRP prices to possibly a new all-time high.
During the weekend, Ripple confirmed the acquisition of blockchain infrastructure firm Fortress Trust. Ripple confirmed that the new firm offered technology and licensing; critical infrastructure to address the growing enterprise crypto market that compliments Ripple’s business and product roadmap.
The new acquisition is a demonstration of the team’s commitment to grow and make the project a success. With its legal trouble behind it, XRP is on its way to redemption. Investors expect XRP to reach $3.40, which was recorded over 5 years to be achieved in the near future.
At the time of press, XRP risks breaching key support and is exchanging for $0.5003.
