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The most controversial case in the crypto world has been ongoing for years, and XRP Coin investors are not happy about it. The fact that the SEC has targeted Ripple has been suppressing the performance of XRP Coin for years. Now that the summary judgment has been ruled in favor of Ripple, the SEC continues its fight to turn the tide. So, what is the current situation?
September 29th Ripple (XRP)
Ripple Labs CEO Brad Garlinghouse recently shared the announcement of the Ripple Proper Party, a celebration event, shortly after the summary judgment. The community celebration event will take place on September 29, 2023, in New York, and registrations are currently open. Is it just that? Ripple aims to take the necessary steps for an IPO after the lawsuit. If there is any striking development, plan, or announcement regarding the lawsuit or IPO, we should expect to see it on September 29th.
In the coming days, we may see speculations that Ripple will make an important announcement regarding the lawsuit or another matter at this event. This situation may trigger a price increase as well. As of the time of writing, the XRP Coin price is trading just below the critical $0.5 support level. As expected, the appeal application caused the price to drop, and the overall market sentiment supported the decline.
Ripple Lawsuit Lawyer
Lawyer John Deaton, representing XRP token investors, is certain that there will be no settlement announcement with the US SEC. The reason for this is that a settlement can only be triggered in the event of major developments in the Coinbase vs SEC case. In addition, the lawyer considers the possibility of an IPO weak because the IPO application falls within the jurisdiction of the SEC.
“The SEC is requesting a preliminary injunction for the future corporate sales of XRP and a permanent injunction against the CEO and Chairman of the Board. From what I see, Ripple will not be approved for an IPO.”
So what is the connection between the Coinbase case and Ripple? The SEC filed a lawsuit against Coinbase, the country’s largest cryptocurrency exchange, on the grounds that it operates as an unregistered broker, exchange, and clearing agency. This raised questions about how the institution could be charged with these after approving the IPO. Depending on the outcome of the Coinbase case, Ripple may also request approval for its own IPO, citing the Coinbase case as an example.