The US SEC (Securities and Exchange Commission) is attempting to reject the Fair Notice defense through a Letter of Supplemental Authority by Ripple. But while legal experts and XRP supporters are optimistic about the final verdict of the case, analysts are predicting up to 44% increase in XRP earnings this month. Developments and analysts’ XRP predictions cryptocoin.com compiled for our readers.
SEC hits Ripple (XRP)
In the Ripple case, the SEC issued a Supplementary Authorization Letter to refute Ripple’s fair warning defense. Attorney Jeremy Hogan, who is closely involved with the case, cited an update on the case from defense attorney James K. Filan, another XRP advocate, recently. Jeremy Hogan commented that the SEC’s action could be compelling for this:
In the case of Ripple, the SEC is trying to make a positive defense of Fair Notice. In this case, he has a heavy responsibility to fulfill.
Additionally, Jeremy Hogan drew attention to the difference between the SEC and Fife case and the regulator’s Ripple case. The first was sued, among other allegations, by the financial watchdog for being an unregistered seller. Near the end of 2021, a court order dismissed Fife’s “Fair Notice” claim to dismiss the case. On the subject, the lawyer makes the following statement:
In the Fife case, the defendant tried and failed to file a “Fair Notice” claim to dismiss the case outright. Because the responsibility on a side that moves to defend is very heavy.
In July 2021, Judge Sarah Netburn authorized the testimony of former SEC official William Hinman. Later, the court set the date for the expert discovery to 14 January 2022 and for the last expert testimony to 19 January. This move by the SEC comes as a surprise given the timeline of events.
How will the XRP price be affected?
The Ripple-SEC lawsuit had a negative impact on XRP’s price in 2021, although it showed several recovery points throughout. The cross-border payments company has also expanded its operations to various countries around the world, saying 2021 is its best year ever.
At the time of writing, XRP was fluctuating around $0.7623 following the overall market downtrend. According to analysts, the cryptocurrency has identified a triangular trend. According to crypto analyst Steve Muchok, XRP could rise 33-44% to $1-1.10 if the bullish reversal before the discovery ends. The analyst states that if the bears gain ground, $0.70 remains the immediate support of the token. According to the analyst, a death cross could occur, but for XRP such previous events have signaled a price bottom.
Additionally, many analysts, including Bitboy_Crypto, believe that an imminent pump is the destiny of cryptocurrencies. Crypto analyst nicknamed XRP_Pro points out the similarities between XRP’s current price trend and the 2021 bull run. However, crypto analysts CarpeNoctum notes that Ripple does not have a stable trend in its quarterly prices, making it a bit difficult to make a prediction. On the other hand, experts including Jeremy Hogan and Attorney John Deaton believe that Ripple is ready to win and the case can be closed by April 2022.
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