The Cyprus Securities and Exchange Commission (CySEC) has expanded its list of trading service providers with the addition of seven new names.
- During the previous three days, XRP has defied a bearish trend in the cryptocurrency market.
- Updates from the Ripple v. SEC case have helped to keep the price of XRP stable despite news of Silvergate Bank’s intention to liquidate.
- Technical indicators are now pointing upward, suggesting that XRP may eventually recover to $0.45.
Due to the growing optimism around the Ripple v. SEC case, XRP has seen its value rise this week while other significant cryptocurrencies have been losing value all week as a result of the announcement that Silvergate Bank intends to close its doors.
It is interesting that XRP has recently outpaced numerous other significant cryptocurrencies during the previous week. XRP has increased by 5% over the past week, whereas other popular currencies including Bitcoin, Ethereum, Cardano, and Solana all had drops of 6.7%, 5.3%, 9%, and 15%, respectively.
XRP’s recent increases have been significantly fueled by favourable sentiment towards the current SEC vs. Ripple lawsuit, however this trend can be ascribed to a variety of variables, including technical indications.
Remarks from the Ripple CEO Increase XRP Price
Following the court judgements on Monday, investors are eagerly following the Ripple v. SEC case. The SEC’s applications to exclude expert witness testimony were refused, giving the Defendants (Ripple) a stronger position. Presiding Judge Torres granted and denied motions from both parties.
Brad Garlinghouse, CEO of Ripple, has been quite outspoken on the SEC’s position on cryptocurrencies, saying:
“Chair Gensler continues to hammer on the idea that businesses only need to come in and register, but the reality is that there is neither the infrastructure in place for a registered token to trade nor any clarity as to what these tokens are.”
The CEO of Ripple went on to say that he is not entirely against regulation and says that other countries that have tried to create clear regulatory frameworks for cryptocurrencies might serve as examples for the United States.
“Regulate if you want to, then regulate. Put forth the effort to create a structure and establish guidelines, as so many other G20 nations already are. What’s preventing the US when the 27 EU members can agree on a set of regulations with MiCA?
The court’s rulings on the Hinman Papers are being eagerly watched by enthusiasts because they might have a big influence on XRP and the larger digital asset market.
In anticipation of a settlement if the SEC’s request is refused, ripple supporters and the market at large are awaiting a decision on the move to redact specific material.
On the other hand
- Brad Garlinghouse, the CEO of ripple, said he expects for a resolution in the current Ripple v. SEC dispute before the end of the year in an interview with Bloomberg on Friday, March 3rd.
- The Defendants’ position has been strengthened by recent court decisions in the Ripple v. SEC case, but the lawsuit’s conclusion is still up in the air.
- The Ripple v. SEC lawsuit has sparked a public discussion concerning the XRP token’s nature, with some experts arguing that they shouldn’t be classified as securities under US law.
Why It’s Important
Positive news surrounding the Ripple v. SEC lawsuit can be credited for XRP’s recent success in a negative crypto market. Investors appear to be hopeful about the result of the ongoing legal dispute since XRP has experienced a gain in value while other significant cryptocurrencies have been losing value.
Find out what the SEC v. Ripple case could mean for the future of the cryptocurrency industry:
Could one lawsuit between the SEC and Ripple decide the future of the cryptocurrency industry?
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