Fox Business host Charles Gasparino shared his “bloodbath scenario” for the crypto market if the SEC wins the Ripple lawsuit. However, not everything is so pessimistic for the Blockchain company.
‘worst case’ scenario in case of loss to Ripple
Well-known journalist and Fox Business presenter Charles Gasparino shared his view on the consequences for the cryptocurrency market, including the stock markets, if the US regulator wins its lawsuit against Ripple.
Gasparino thinks that if the SEC manages to beat Ripple in court, it will have very negative consequences not only for Ripple Labs and XRP, but for the entire crypto market. It also assumes that the crypto community will face a “bloodbath.” Specifically, this estimate means extending strict regulations to every sector of the crypto space, including the crypto exchange sector, which SEC Chairman Gary Gensler may want to enforce in this situation. cryptocoin.com We have quoted in detail what we wrote on Twitter on January 7th in this article.
Charles Gasparino also mentioned that in such a case, the new target of the SEC will be Ethereum. Elsewhere, attorney Jeremy Hogan, who has been closely following the long-running Ripple lawsuit against the regulator, shared his views on the above question. When asked what would happen to XRP if the SEC legal team were victorious in court, he replied that he expects XRP to be deprived of about 25% of its utility in that case.
Hogan believes this as XRP will most likely be banned in the US and the country provides about 25% of global economic activity. Still, recent developments show that a Blockchain Ripple is still in a strong position.
Ripple maintains its leadership in enterprise usage
A new Ripple Insights report reveals the company’s top Ripple executives’ expectations for 2023 focused on crypto usage. Accordingly, “Ripple leadership team is confident that the crypto utility will play an important role in 2023.”
According to the report, “More benefits lie at the heart of continued institutional adoption of Crypto and Blockchain.” Also, in the first half of 2023, Ripple General Counsel Stu Alderoty predicts to see the judge’s decision in Ripple’s ongoing lawsuit with the SEC, which will be in Ripple’s favour. He thinks this will be the catalyst needed to move the US crypto market forward and prevent companies from offshore crypto operations.
Meanwhile, XRP price was first on the green board in the middle of the above two developments. While Bitcoin and Ethereum remain stable, XRP is trading in the green by over 5%. Notably, it outperforms the top 10 in daily earnings.
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