- XRP settlement speculation grows as the outcome approaches, signaling potential resolution.
- XRP demonstrates positive market performance, with increasing active addresses and DEX activity.
Speculations have been swirling around the XRP SEC case, particularly regarding the likelihood of an XRP settlement. However, recent statements from Jeremy Hogan and Brad Garlinghouse have added another layer of complexity to the potential outcome of the case.
Read Ripple’s [XRP] Price Prediction 2023-24
Is an XRP settlement on the cards?
The notion of a potential XRP settlement has undoubtedly occupied the minds of numerous Ripple versus SEC lawsuit observers. The outcome carries immense significance, as it has the potential to shape the regulatory landscape in the United States. Currently, the landscape lacks a comprehensive framework for overseeing the sector.
Jeremy Hogan recently offered his insights, introducing a pattern he noticed in the timing of XRP case rulings, which occur approximately every nine weeks. This prediction emerged in response to a recent interview with Brad Garlinghouse, the CEO of Ripple. In the interview, he expressed that the case’s resolution would be a matter of weeks rather than months. Garlinghouse’s remarks were prompted by the latest judgment issued by Judge Analisa Torres.
The statements from both Hogan and Garlinghouse have further intensified speculation regarding the possibility of a summary judgment or an XRP settlement. These developments only serve to heighten the intrigue surrounding the case.
The Ripple XRP, SEC request about the Hinman documents
According to AMBCrypto’s report, on 16 May, Judge Analisa Torres issued a ruling that granted public access to certain documents. The documents included the Hinman document. Ripple and the SEC have jointly requested an extension to disclose these Hinman documents. The move has led to speculation about a potential XRP settlement in their ongoing legal battle.
In a letter dated 19 May addressed to District Judge Analisa Torres, both parties cited the extensive nature of the materials and the need for redactions as reasons for requiring more time. While the court had originally set the deadline for June 6, 2023, the parties sought a one-week extension until 13 June.
Previously, the SEC argued that the speech by Hinman reflected his personal views rather than the official policy of the Commission. This position justified the withholding of these documents from public scrutiny. However, Judge Torres’ recent ruling has brought them into the public domain. This decision represents another setback for the SEC’s attempts to keep these documents sealed.
Interestingly, Ripple announced the acquisition of Metaco in Switzerland approximately 72 hours after this ruling.
Metaco acquisition raises more questions about an XRP settlement
In response to the interview regarding cryptocurrency regulations in the United States, Brad Garlinghouse explained that Ripple’s acquisition of Metaco in Switzerland was motivated by the ambiguous regulatory landscape. The Ripple CEO expressed that this acquisition enabled them to focus on growth opportunities beyond the United States. Metaco specializes in offering tokenization tools and custody infrastructure for institutions, facilitating the expansion of new business models within the crypto economy.
Ripple’s investment of $250 million will make them the sole shareholder of Metaco, which will continue operating as an independent brand. This strategic move allows Ripple to enhance its institutional offerings, providing customers with the technology necessary for custody, issuance, and settlement of various tokenized assets. Ripple will extend similar offerings to its regular customers as well.
The true intention behind this move, whether it was to preemptively address the potential outcome of the ongoing legal case or simply a strategic business decision for Ripple XRP, remains to be determined.
XRP price trend
While the talk around XRP settlement or summary judgment is ongoing, the asset gradually gained ground. As of this writing, XRP held the position of the sixth-largest cryptocurrency based on its market capitalization, according to data from CoinMarketCap.
Its market capitalization exceeded $24.5 billion, experiencing a growth of over 22% in the past year. The value of XRP had also risen by over 22% within the same timeframe, as reported by CoinMarketCap.
Source: TradingView
In the daily timeframe, XRP displayed an upward trend over the past four days. As of this writing, it traded at approximately $0.47, with a slight increase in value. Notably, the latest trend observed for XRP was bullish, as indicated by its Relative Strength Index (RSI). The RSI line was approaching the 60 mark, suggesting a strong bullish trend.
XRP sees more active addresses and DEX activities
According to Santiment data, XRP experienced a significant upward trend in active addresses starting around 19 March. Since then, the uptrend has been sustained, with active addresses exceeding 1 million. In April, there was a slight increase in active addresses, reaching around 1.26 million, indicating continued growth. As of this writing, the number of active addresses was approximately 1.26 million.
Source: Santiment
Furthermore, recent data from Santiment revealed a significant volume of XRP on Decentralized Exchanges (DEXs). In March, the volume on DEXes surpassed $1 million. As of this, the DEX volume stood at around $99,000, indicating ongoing trading activity on these platforms.
Source: Santiment
How much are 1,10,100 XRPs worth today?
Speculations have emerged regarding a potential XRP settlement, and according to Brad Garlinghouse, the outcome is expected to be revealed in the upcoming weeks. Regardless of the final decision, this moment is significant for cryptocurrency regulations and categorizations in the United States.
The resolution of the XRP case has far-reaching implications and could shape the future landscape of cryptocurrency regulations within the country.
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