The SEC versus Ripple Lawsuit has raged on for more than two years. Both parties have gone back and forth on the issue of whether Ripple coin qualifies as a security or not since May 2020.
However, for the first time in these two years, the third quarter of 2022 appears to be one of the final moments of the case, as there are now indicators that the case may end soon.
Ripple: SEC Case Will End Soon
Recently, Brad Garlinghouse, CEO of Ripple Labs, addressed an audience at the DC Fintech Week.
In his address, Garlinghouse mentioned that the ongoing court case between Ripple Labs and the SEC will be resolved in the first half of 2023.
In Garlinghouse’s words, the case is expected to be “fully briefed” before the judge by mid-November (this year). Garlinghouse also states that Federal judges work at their own pace and that the specifics are hard to predict. However, he also mentions that while things may take longer, the entire case will be resolved in the next three to four months.
Furthermore, Garlinghouse mentioned that while Ripple may consider a settlement with the SEC, the important thing is that at the end of the day, Ripple coin (XRP) has to be recognized as a non-security.
However, if such a settlement with the SEC happens, it may end with a counterargument that XRP is now security.
It is no secret that Gary Gensler (chairperson of the SEC) views most cryptocurrencies in the market as securities. This fact alone creates a “conundrum†of how such a settlement between the SEC and Ripple Labs might happen.
Meanwhile, Garlinghouse has also mentioned that the court, on six different occasions, has ordered the SEC to turn over the now infamous Hinman documents. He also asks a vital question about what might be in these documents that the SEC is desperate to keep under wraps.
Meanwhile, XRP in the Charts
Ripple Coin (XRP) has enjoyed a fast upward rally over the past few weeks following Ripple Labs’ victory over the SEC in the tussle for the Hinman Documents.
However, this upward rally appears to have cooled as XRP consolidates.
The bulls appear to have relaxed in their effort to push the price of the cryptocurrency higher but still manage to keep the prices above the $0.48 resistance.
However, the bulls may only just be getting started. As illustrated above, the price action of XRP appears to be sitting in an ascending channel.
The price action on XRP appears to now be below the 50 (yellow line) and the 100-period (red line) moving averages on the daily timeframes.
If the bulls break these two moving averages to the upside, we may see an upward rally to the $0.54 level or above, as illustrated by the green arrow.
Conversely, if the bears push the price below the $0.48 support and break the lower trendline of the ascending channel to the downside, we may see a downtrend to the $0.44 level or lower.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)
