• Ripple is currently in a court battle with the U.S. Securities and Exchange Commission (SEC) over whether XRP should be classified as a security or not.
• Ripple’s CEO Brad Garlinghouse is cautiously optimistic that 2023 will bring regulatory clarity for crypto in the US.
• Despite bearish developments, XRP is currently trading sideways, down 0.5% in the last seven days.
Ripple is currently facing a difficult battle with the U.S. Securities and Exchange Commission (SEC) over whether XRP should be classified as a security or not. This has caused XRP to trade sideways, a movement not altered since FTX’s collapse. Adding to the downward pressure is the significant whale activity on the market as whales have been moving hundreds of millions worth of XRP to the open market with the biggest transfer worth $92 million.
Despite this bearish developments, Ripple’s CEO, Brad Garlinghouse, remains cautiously optimistic that 2023 will bring regulatory clarity for crypto in the US. Garlinghouse recently tweeted about his optimism, saying that he is cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough.
Despite this bearish pressure, XRP is currently trading sideways, down 0.5% in the last seven days. XRP is currently trading at $0.3435, data by Coingecko shows. This could be largely attributed to the SEC’s failure to satisfy the three elements of the Howey Test which determines whether the asset is a security or not.
The current court battle between Ripple and the SEC is significant for the entire crypto industry as the outcome of this case could define the future of cryptocurrencies. The SEC’s decision could have a wide-ranging impact on the crypto market as it could set a precedent for how digital assets are regulated in the future.
Despite the current uncertainties and bearish pressure, Ripple’s CEO remains optimistic that 2023 will bring regulatory clarity for crypto in the US. This could potentially be a major win not just for Ripple but for the entire crypto industry. It will be interesting to see how this court battle plays out and what the future holds for the markets.