The legal battle between the Securities and Exchange Commission (SEC) and Ripple will end soon, according to popular YouTuber Ben Armstrong.
The crypto phenomenon told Fox Business that the XRP price is poised for a major breakout that will result from the SEC and Ripple reaching an agreement soon. He claimed that his “sources” all said that Ripple’s demands would soon be met. “I believe XRP will be the most controversial coin in the next few months,” he said.
“XRP will no longer be considered a security and the suppression of this bull run due to litigation will end.”
The analyst had previously stated that, according to his observations, “the case is advancing rapidly.” He also thinks it’s no coincidence that Coinbase CEO Brian Armstrong recently talked about Ripple, and he strongly believes that Coinbase will soon relist XRP, leading to a massive price breakout.
Aside from these, the case generally turns somewhat in favor of Ripple. Ripple’s legal team has previously stated that they are not considering a settlement in the case, but Ripple CEO Brad Garlinghouse has outlined some of the circumstances under which they might consider a settlement. According to Garlinghouse, Ripple requires the SEC to clearly define the regulatory status of XRP.
“Unless there is complete certainty about what XRP is going forward, there is no scenario we will agree on.”
In the final ruling in the case, Judge Sarah Netburn ruled in favor of Ripple in requesting Ripple to seal the evidence submitted for camera review that could prove disproportionateness of the SEC. Ripple is also recording a series of wins, as with an earlier decision. Judge Netburn forced the SEC to respond to many of Ripple’s inquiries, which the commission stubbornly refused to answer. It is also worth remembering that the court recently decided to grant amicus curiae – “court-friendly” status to Attorney John Deaton and members of the “XRP community”.
Despite the analyst’s high optimism, not all Ripple advocates are hopeful that there will be a deal this year. According to Attorney Jeremy Hogan, a key figure in the XRP community, the case is unlikely to be finished until March next year unless a settlement is reached.
“If there is no agreement, this case will not be decided until March 2022 at the earliest.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.