XRP Price Prediction – Can XRP Reach $1 This Week as Lawsuit Deadline Nears
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The end of the SEC Ripple legal saga seems to be close. According to recent developments, presiding Judge Analisa Torres has mandated the top US regulator to accede to the demands of the embattled crypto company. Following the regulator’s 2020 subpoena, the price action of the XRP token has drastically underperformed.
Could the push for a summary judgment aid or harm the Ripple blockchain? Is there a possibility of the XRP token retouching the $1 price peg this week?
Turn Over the Documents
Last Monday, Federal Judge Analisa Torres ordered the Securities and Exchange Commission (SEC) to comply with Judge Sarah Netburn’s court orders to deliver the Hinman document requested by the defendant, Ripple.
According to the Ripple counsel, the document is critical evidence in establishing its argument, as it captures a speech by former SEC director William Hinman stating that Ethereum is not a ‘security.’
The Ripple team had previously requested access to the document to prove that, just like Ethereum, XRP is not a security as the government agency claims. However, the SEC objected, stating that the document was irrelevant to the case and asserted the attorney-client privilege that protects internal speech communications.
JUST ADDED to our Document Library:
— CryptoLaw (@CryptoLawUS) September 28, 2022
✅THE HINMAN CALENDAR (REDACTED), produced by the @SECGov's FOIA office to @StuYoungXRP (1/17) 👇https://t.co/Cf6vezXOJZ
The new ruling by Judge Torres puts the SEC in a tight spot as it tries to enforce regulatory oversight in the burgeoning crypto industry. Ripple executives have continued to state that the SEC was overreaching in its efforts and was not putting things in their proper perspective.
Popular crypto lawyer Jeremy Hogan believes this could further strengthen Ripple’s position.
Judge Torres agreed with Judge Netburn on EVERY single issue related to the HINMAN EMAILS.
— Jeremy Hogan (@attorneyjeremy1) September 29, 2022
Relevance: Check
Attorney-Client Privilege: Check
DPP: Check
Some days I'm proud of this profession. 🙂#TurnOverTheEmails https://t.co/KoGrgm953S
Others have noted that Ripple’s stance could help other crypto projects in the future when the regulator comes knocking.
This is why the crypto market should be thankful @Ripple is fighting this case. If you add up the legal fees Ripple has paid to finally get a ruling from Judge Torres it is likely $2-3 million and they still don’t have the documents. Next step: SEC asks to certify or Mandamus. https://t.co/yXiUAoGNJA
— John E Deaton (@JohnEDeaton1) September 29, 2022
No Jury Needed
There has been a drawn-out legal dispute between the SEC and Ripple, and both parties want to put it behind them. The SEC stated that the $1.3 billion investment Ripple raised during its initial coin offering (ICO) event was unregulated, leading to the dispute.
In the last few weeks, Ripple and the SEC have applied for a summary judgment in a bid not to go to trial. Should the case be resolved soon and in favor of XRP, the digital asset could see a price surge as it would be relisted on several top US crypto exchanges. Also, the company can reignite its North American ties with remittance companies and further strengthen its hold on the cross-border industry.
A potential win could see XRP hit the $1 price peg in the coming days.
Ripple Winning Elsewhere
The Ripple blockchain has continued to show its dynamism despite its problems. According to a recent tweet, French fashion house Balmain recently launched its first non-fungible token (NFT) membership on MintNFT – an NFT platform operating on the XRP Ledger (XRPL).
Congrats to French fashion house @Balmain for launching an industry-first NFT membership with @MINTNFT, powered on the #XRPLedger 🙌 https://t.co/Esyi40mchM
— Ripple (@Ripple) September 28, 2022
This is a huge win for the carbon-free protocol, which has recently started paying close attention to the digital collectible ecosystem.
TAMA Upending the Crypto Status Quo
A crypto asset that has gained the attention of several investors in the last couple of weeks is TAMA – the native token of the Tamadoge ecosystem.
According to its website, Tamadoge is a meme coin and utility NFT project that allows players to raise digital pets in the form of dogs and battle one another for experience points. The project also features a virtual reality experience through its Tamaverse offering.
The TAMA token recently debuted on the popular centralized exchange OKX and has already broken records. It recorded a 600% increase after surging from its listing price of $0.018 to $0.08 in the first week of full trading. At press time, TAMA has surpassed $77 million in trading volumes in one week of trading.
