XRP settlement speculation grows as the outcome approaches, indicating a possible solution.
XRP shows positive market performance, with increasing active addresses and DEX activity.
Speculation is swirling around the XRP SEC case, particularly regarding the likelihood of an XRP settlement. However, recent statements from Jeremy Hogan and Brad Garlinghouse have further complicated the possible outcome of the case.
Read Ripples [XRP] Price Forecast 2023-24
Is an XRP settlement on the agenda?
The idea of a potential XRP settlement has undoubtedly engaged the minds of countless observers of Ripple versus SEC litigation. The result is hugely important because 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 roughly every nine weeks. This prediction came out following a recent interview with Brad Garlinghouse, the CEO of Ripple. In the interview, he said that the resolution of the case would be a matter of weeks rather than months. Garlinghouse’s comments were prompted by Judge Analisa Torres’ latest verdict.
The statements from both Hogan and Garlinghouse have further intensified speculation about the possibility of an injunction or an XRP settlement. These developments only increase the intrigue surrounding the case.
The Ripple XRP, SEC Request on the Hinman Documents
Judge Analisa Torres issued a ruling on May 16 that granted public access to certain documents, according to the AMBCrypto report. The documents include the Hinman Document. Ripple and the SEC have jointly requested an extension of the disclosure of these Hinman documents. The move has sparked speculation of a potential XRP settlement in their ongoing legal battle.
In a May 19 letter addressed to District Judge Analisa Torres, both sides cited the comprehensive nature of the material and the need for editing as reasons for more time. While the court originally set the deadline for June 6, 2023, the parties requested a one-week extension to June 13.
Previously, the SEC argued that Hinman’s speech reflected his personal opinion rather than official Commission policy. 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 to the SEC’s efforts to keep these documents sealed.
Interestingly, about 72 hours after this ruling, Ripple announced its acquisition of Metaco in Switzerland.
The acquisition of Metaco raises more questions about an XRP settlement
In response to the interview about cryptocurrency regulation in the United States, Brad Garlinghouse explained that Ripple’s acquisition of Switzerland’s Metaco was prompted by the ambiguous regulatory landscape. Ripple’s CEO said this acquisition allowed them to focus on growth opportunities outside the United States. Metaco specializes in providing institutions with tokenization tools and custody infrastructure, facilitating the expansion of new business models within the crypto economy.
Ripple’s $250 million investment makes them the sole shareholder Metaco, which will continue to operate as an independent brand. This strategic move enables Ripple to enhance its institutional offering, providing customers with the technology required for custody, issuance and settlement of various tokenized assets. Ripple will also offer similar offers to its regular customers.
The true intent behind this move, whether it was to pre-emptively address the possible outcome of the pending litigation or simply a strategic business decision for Ripple XRP, has yet to be determined.
XRP price trend
While the talk of XRP settlement or summary judgment is ongoing, the asset gradually gained ground. At the time of writing, XRP held the position of the sixth largest cryptocurrency by its market cap, according to data from CoinMarketCap.
Its market cap exceeded $24.5 billion, growing more than 22% over the past year. The value of XRP was also up more than 22% in the same time frame, as reported by CoinMarketCap.
Source: TradingView
In the daily time frame, XRP has been on an upward trend for the past four days. At the time of writing, it was trading at around $0.47, with a slight increase in value. In particular, the latest trend observed for XRP was bullish, as indicated by the Relative Strength Index (RSI). The RSI line was approaching 60, indicating a strong bullish trend.
XRP sees more active addresses and DEX activity
From about March 19, XRP experienced a significant uptrend in active addresses, according to Santiment data. Since then, the upward trend has continued, with active addresses exceeding 1 million. In April, there was a slight increase in the number of active addresses to approximately 1.26 million, indicating continued growth. At the time of writing, the number of active addresses was approximately 1.26 million.
Source: Sentiment
In addition, recent data from Santiment revealed a significant volume of XRP on decentralized exchanges (DEXs). In March, volume on DEXen exceeded $1 million. As of that point, DEX volume was around $99,000, indicating continued trading activity on these platforms.
Source: Sentiment
How much are 1,10,100 XRPs worth today?
Speculation has started about a potential XRP settlement, and according to Brad Garlinghouse, the outcome is expected to be revealed in the coming weeks. Regardless of the final decision, this moment is important for cryptocurrency regulation and categorizations in the United States.
The resolution of the XRP case has far-reaching implications and could shape the future landscape of cryptocurrency regulation in the country.
This post XRP Settlement: A Turning Point in US Crypto Regulations?
was published first on https://ambcrypto.com/xrp-settlement-a-turning-point-in-us-crypto-regulations/
