XRP News On SEC Lawsuit Win To Push Ripple Price To New All Time High?

Following the news of Ripple (XRP) getting access to Hinman speech documents, there is speculation of XRP price jump. In a latest, the SEC has filed its memorandum in opposition to the Ripple defendants’ motion for summary judgment. It was revealed earlier that the SEC has finally handover the Hinman documents. This means Ripple now has evidence including internal SEC emails and drafts of former SEC Director Hinman’s 2018 speech.

XRP Price Jump After SEC Case Win?

The documents essentially confirm Ripple’s victory in the lawsuit. However, there was no major XRP price jump after this news broke. As of writing, XRP price stands at $0.4493, up 2.60% in the last 24 hours, according to price tracking platform CoinMarketCap. In this context, insiders of crypto community are optimistic about a huge price rise for the altcoin. Forever HODL, a crypto enthusiast with the Twitter profile name, believes the SEC case win could multiply XRP price by 10 times. 

“If XRP wins the case and goes back to all exchanges price will be $2 to $5. Easiest X10 you will make.”

New All Time High?

At its peak in June 2018, XRP reached an all time high of $3.02. Over the last one year, XRP reached the peak at $1.28 late last year, after which there was a steady downturn in the price. Whether the final judgement in the SEC case would catapult the altcoin to a new all time high remains to be seen. On the other side, there is a section of the community that believes XRP price will only rise due to its progress and not the lawsuit. Dr Martin Hiesboeck, a crypto insider, felt XRP price has nothing to do with the SEC lawsuit settlement.

“The XRP lawsuit settlement will not do anything to the price of token.”

Meanwhile, the XRP lawyer believes that the SEC will not be granted a judgment in the case. Instead, the judge might ask a jury to decide the facts in the XRP lawsuit.

The last few months saw the crypto market going in tandem with the macroeconomic factors. The altcoin market had also suffered due to the negative pressure in the market. It remains to be seen if any easing in Fed’s interest rate hike would improve the crypto market situation going forward.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.