Only Ripple and Employee’s of Ripple Can Sell XRP Illegally’
The latest hearing on the SEC’s lawsuit against Ripple managed to catch many headlines, which indicates possible good days coming in for Ripple. Jeremy Hogan, partner of Hogan and Hogan, an American-British law firm was one of the attendees of the hearing.
In his youtube video, stating the current hearing as a ‘bombshell dropping discovery hearing’ Hogan shed light on important points discussed.
As promised, stayed up late to shoot the video on today's bombshell dropping discovery hearing. Enjoy and I am going to sleep! https://t.co/CcEQoM0TKe
— Jeremy Hogan (@attorneyjeremy) March 20, 2021
Hogan in the video stressed two major points that were the spotlight on the entire hearing. The first event was a small discussion about the cryptos specifically XRP in between Magistrate Judge Netburn and Ripple’s lawyer, Matthew Solomon.
During the hearing, the Judge interrupted Mr Solomon to say,
“ My Understanding About XRP Is Not Only Does It Have A Currency Value But It Has A Utility And That Utility Distinguishes It From Bitcoin And Ethereum,”
No doubt, Mr Solomon disagreed, yet it was pretty clear that the Judge also has done some research about XRP. And the second most important statement coming from the SEC Attorney raised many eyebrows.
About halfway through the case, Judge sceptically made a remark to the SEC Attorney. She asked whether everyone who sold XRP, sold them illegally? To this, the SEC’s lawyer replied on record,
“No, Under Section4, Only Ripple And Affiliates Of Ripple Can Have Sold XRP Illegally,”
Therefore, the SEC made it very clear, other than Ripple and its employees, no individual, exchanges or any other platform violate SEC guidelines by selling XRP. It’s a pretty huge statement that can relist XRP on all the exchanges in the US.
Also Read: XRP Price Poised for a Bull Run With 60% Chances for a Breakout
Will XRP Price Explode After Ripple-SEC Lawsuit?
With any positive events within the crypto space, the price is all set to explode. The XRP price had steeped to the lowest levels as a lawsuit was filed by the SEC. However, the price recovered to some extent, yet probably due to some FUD, the price is not receiving the required boost.
However, post to the latest SEC-Ripple hearing, it was pretty clear the Ripple’s case is becoming stronger and stronger each day. And hence a positive impact may also be incoming for the XRP price.
Currently, XRP price appears to be poised to hit the target at yearly highs above $0.8. The steep decline at the beginning of the year 2021 came in as SEC filed a lawsuit. Further, the price recovered to some extent. Despite major drops, the price did not visit the lower levels around $0.23 again.
At the time of writing, the XRP price is $0.4784 with a 3.07% jump, attempting very hard to hit $0.5 levels. However, the volume doesn’t support the bull run. And hence more and more whales are required to jump in to propel the price above the targets.
Collectively, the Ripple-SEC standoff may continue for more months, yet the outcome is expected to be favouring Ripple. Once the stand-off is settled, the XRP price may propel above $1 and many expect a two-digit value for XRP too.