Ripple, a renowned blockchain company and the creator of the XRP token, has been involved in a legal struggle with the US Securities and Exchange Commission for the past year. The platform was charged by the Securities and Exchange Commission with issuing XRP as unregistered securities. However, Ripple insists that XRP is not a security and that it works independently of the corporation.
In an interview with CNBC on Monday, Ripple CEO Brad Garlinghouse highlighted the US Securities and Exchange Commission’s (SEC) lawsuit against XRP.
Great to catch up with you @dan_murphy at #FTAD! Despite (regulatory) headwinds in the US, @Ripple has had a blockbuster year with ODL expansion & MENA traction, and we are gearing up to hire a few hundred people next year to fuel our growth. 1/2 https://t.co/iJJAjdof6Y— Brad Garlinghouse (@bgarlinghouse) November 23, 2021
Garlinghouse stated that he expects the litigation to be resolved next year, adding:
“We’re seeing pretty good progress despite a slow-moving judicial process.”
He added that, clearly, the judge is asking excellent questions. And he believes the judge understands that this isn’t just about Ripple. “This will have far-reaching consequences,” he opined.
Ripple’s legal team stated that they had no intention of settling with the SEC. However, when this high-profile lawsuit concludes, the bitcoin community may be relieved.
At the time of writing, XRP Price is trading at $1.04 down by 0.2% in the last 24 hours. The resistance on the upside is at $1.06, and the support in case of a subsequent fall is at $1.01.
The MACD for XRP is currently below the neutral zone, indicating that it is currently in a negative trend. Furthermore, an RSI of 41 indicates that it is nearing the oversold zone. This is unsurprising given that XRP has lost nearly 5% of its value in the last month.
XRP is still one of the most valuable cryptocurrencies, with a value increase of more than 300 percent since the beginning of the year. If the larger market resumes its Bull Run, XRP might yet go higher in the coming weeks.