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Ripple Labs token XRP hit its highest level in three months
XRP, Ripple’s native token yesterday returned to the highest it has touched in the last three months supported by a wave of purchases as it nears a verdict on a lawsuit filed by the SEC.
The SEC (Securities and Exchange Commission) is the regulatory body responsible for, among other things, verifying the legitimacy of financial instruments.
The token’s performance brought it to $0.431.
Since the start of the year, XRP has recovered 18% from these bear market lows, and the trend shows no signs of stopping given the approach and especially the optimism on the part of parties involved.
A week ago Brad Garlinghouse, CEO of Ripple Labs spoke positively of a lawsuit filed by US regulators against the company he leads.
Following his words, the rush to buy tokens by many investors was not long in coming, and liquidity soon returned, along with volume.
On the microphone of CNBC, Brad Garlinghouse speaking on the sidelines of the World Economic Forum in Davos.
In Switzerland, the CEO expressed optimism about the positive outcome of the related judge’s ruling SEC – Ripple case.
“We are optimistic that this will definitely be resolved in 2023, and possibly in the first half. So we’ll see how it goes from here. But I feel very good about where we are in terms of law and facts.”
Ripple has always firmly maintained the view that XRP is not security.
As for the conclusion of the legal battle, both sides in the case submitted their defense to US Courts in December.
Following the filing of the defence, both Ripple Labs and the SEC filed a petition with the Court for the outcome to be approved by a summary decision.
That this case will be over in a few months (indicative at the end of summer) is highly anticipated, both because of the technical timing of the case itself and because of the historical significance of the verdict, which, in such a chaotic state, is still pending. times in finance and crypto world, highly anticipated.
According to Brad Garlinghouse, Ripple Labs and US regulators will not reach a consensual agreement, and a decision will be left to a judge.
According to the CEO, the decision will favor Ripple and usher in DAS in the crypto world.
“We’ve always said we want to deliver, but that requires one thing that’s very important, and that is, going forward, it’s clear that XRP is not security. The SEC and Gary Gensler have publicly stated that they view almost all cryptocurrencies as security. So that leaves very little room in the Venn diagram for adjustments.”
On the importance of the current suit, he added:
“Something I hear over and over here at Davos is how important this is, not just for Ripple, but, really, for the entire cryptocurrency industry in the US.”
Ripple Labs is an American company but the US is not the company’s only target audience.
Garlinghouse made it clear how important it was for them to continue communicating with authorities in both the US and foreign territories.
On CNBC, Garlinghouse continued:
“Right from the start, I think it was very clear that the facts were on our side, that the law was on our side, and I think as you can see in this game, as you can see in the court documents, the judges are definitely listening. our argument.”
An intraday high of $0.431 was made yesterday after Sunday’s low of $0.3979 put XRP at its highest level since last November 8.
Ripple’s rise in value continued and gained strength as the resistance set at US$0.41 was broken.
Currently crypto is lateralizing but the trend remains bullish in the medium term.
Attention to XRP remains high among investors and insiders in general although it has decreased slightly after this sudden increase.
The feeling some analysts have is that those who should be investing have already done so and now they are waiting for news about the lawsuit or even a better decision.
Meanwhile, the 14-day RSI (Relative Strength Index) is at 68.64 and close to the upper limit of 69.00.
While waiting for the judge’s verdict which promises to be historic for the entire crypto world, insiders and investors are looking forward to a bull run supported by increasingly persistent rumors of a decision in Ripple’s favour.
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