Ripple XRP News for 2023
In Ripple XRP news, investors are speculating about the price prediction for the token in 2023.
XRP, often referred to as Ripple, is a cryptocurrency launched in 2012. Ripple was designed to move transactions from central databases, controlled by financial institutions, to a more independent infrastructure while cutting costs.
Ripple XRP news: Token never hit £4 in 2022
Predictions show that the XRP token is capable of reaching the £4 mark, but progress will be slow. Ripple, which was set to skyrocket last year, faces many roadblocks ahead. It took a hit in 2020 with a lawsuit filed by the Security and Exchange Commission, which is still not settled. Since legal proceedings take time, the token has seen a stagnation in price until recently.
It will take time for Ripple to come out of the aftereffects of the lawsuit. The token saw a downward trend all year in 2022 due to the uncertainty with the SEC lawsuit, among other macroeconomic concerns. The token price saw a downward trend last year, with a price cut of 56%.
Ripple XRP news: When will the lawsuit be settled?
People interested in investing in the token only have one question on their minds, 'When will the lawsuit be over?'.
At the time of writing this, both parties involved in the lawsuit have provided all the necessary documentation required for the legal proceedings to begin. However, the final judgement is probably months away due to the Daubert Motions waiting for the final papers. Once they are provided, the judge usually takes three months to sign them. However, this gap may vary because cases involving securities and commodities are among the slowest ones.
In any case, eager potential and current investors may not have long to wait for the verdict since it is predicted that the judge will make a final ruling in the first half of 2023.
This means that if the ruling is in favour of Ripple, the price will skyrocket since thousands of new investors will start to pour in. On the other hand, Ripple's price is expected to go down even further if the judge rules against the token and its workings.
But that's not all. The verdict in this case is important even if you are not an XRP investor, but are a part of the crypto space. The outcome, whatever it may be, will have a huge impact on the crypto market.
Ripple CEO says he is hopeful of a resolution
In recent Ripple XRP news, CEO Brad Garlinghouse said he is optimistic about a resolution in the first half of 2023. At the Davos World Economic Forum meeting, he stated that he feels good about Ripple's position so far in the lawsuit relative to the law and facts.
The SEC launched a lawsuit against the company alleging that the executives in the company sold the XRP coin, launched in 2012, without first registering the company as a security.
Ripple is fighting the claim stating that XRP should not be considered as an investment contract and that the token is used in Ripple's business for international transactions between banks and other financial institutions.
In December, the SEC and Ripple provided the final rounds of briefs to the court in hopes of a summary judgement. Both parties accuse each other of stretching the law. As of this moment, the judge can choose to pass a ruling, not take the case to trial, or even present it in front of a jury. Whatever happens, the masses will have to wait and see what the final verdict will be.
XRP token saw a whopping 20% price increase in late January after a tumultuous 2022. The token is now valued at £0.3324 with a market cap of £16,684,137,602.84. The circulating supply stands at 50,796,877,639 XRP and the max supply is 100,000,000,000 XRP coins.
Author: Tripti Sarda
Spirituality, cats, and a love for pop culture. You will always find me talking about the mountains.