Brad Garlinghouse was once again the guest in an interview for the global news agency. This time it took place on March 2. The CEO of the company behind the XRP token gave an update on the predicted closure of the case with the SEC. He also stressed its importance for the entire cryptocurrency sector.
XRP will soon be freed from the burden of the SEC
The Securities and Exchange Commission (SEC), has been trying for more than two years to prove in court that XRP, during its ICO phase, was distributed as an unregistered security. Despite the extended length of the proceedings, a decision on the case is still pending. Ripple’s lawyers, standing by XRP, defend the token and point out the differences between digital assets and any other assets. In their view, the traditional asset evaluation system does not apply here. In doing so, they give a number of predictions about the timing of the eventual end of the dispute. Among them, the most frequently heard is John Deaton, who acts as a representative of XRP hodlers. He expected until recently that the case could end as early as March of this year. In doing so, he had no doubt that Ripple would win. A completely different view, however, is held by SEC representatives, who stand firmly by their position.
During an interview with Bloomberg, Garlinghouse stressed that the dispute is very long, but at the same time takes as little time as possible. He also pointed out that it should have been conducted in a very deliberate manner, as its outcome has the right to affect the entire cryptocurrency market. In his words:
“So I think people realized that the SEC bringing the case against Ripple was not really a case about Ripple or about XRP. It was really about how the SEC was playing offense and attacking the entire industry…. Now it’s widely understood.”
Moving toward the merits, however, he stated what XRP hodlers are by far most interested in:
“The litigation has been fully briefed in federal court, and we are indeed looking forward to a decision, which will certainly come in 2023.”
XRP continues to consolidate
Despite the improving news regarding the trial, which seems to be coming to an end, XRP continues to be unresponsive. The price is consolidating in a wide band, between $0.35 and $0.40, with clear, equally wide resistance ahead.
The XRP, on the other hand, is much more interesting in relation to Bitcoin. Here, too, a broad consolidation of more than two years is underway. However, the token’s price has reached an upward trend line, coinciding with horizontal support, and there are many indications that it is preparing for a rebound.