Ripple (XRP) is back in the spotlight, with investors eagerly awaiting the outcome of its long-standing legal battle with the U.S. Securities and Exchange Commission (SEC).
Speculation is growing that the SEC may finally be ready to drop its case against Ripple, a move that could have broader implications for the crypto industry.
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What’s Slowing Down the SEC?
The delay in resolving the case appears to be linked to internal shifts within the SEC. Recently, the SEC and Binance agreed to pause their legal battle for 60 days, leading to speculation that bigger changes could be underway.
Pro-XRP attorney James Murphy, also known as MetaLawMan, believes this pause is strategic.
He suggests that the SEC is waiting for Paul Atkins to be confirmed as the new SEC Chair before making major decisions. Stability in leadership, he argues, is crucial before settling such high-profile cases.
Once Atkins is officially confirmed, experts predict the SEC could fast-track the dismissal of several crypto-related lawsuits, including those against Coinbase and Binance. According to Murphy, this confirmation could happen in under 60 days.
Meanwhile, the crypto community is closely watching the Coinbase lawsuit, especially with a February 14 deadline approaching.
If Coinbase’s appeal request is accepted, the SEC may opt to delay further actions until Atkins assumes leadership.
Legal Experts Debate the Hold-Up
Not all legal experts agree on why the SEC is holding back. XRP attorney Bill Morgan questions why the agency doesn’t simply vote now to dismiss the cases.
Murphy argues that no legal barrier prevents the SEC from taking action immediately.
However, former SEC lawyer Marc Fagel counters that dismissing lawsuits requires formal votes from SEC commissioners, unlike other regulatory decisions that don’t require such approvals.
While the SEC technically has the authority to proceed, it may be waiting for Atkins to take charge to prevent internal disagreements.
XRP’s Market Sentiment and Future Prospects
Despite ongoing legal uncertainties, crypto analyst EGRAG CRYPTO remains bullish on XRP, predicting significant price gains.
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He suggests that XRP could reach double-digit values in this market cycle, with long-term projections hinting at potential triple-digit prices.
Using chart patterns like the “cup pattern,” he points to initial price targets around $13, with higher possibilities extending from $32 to $110, based on technical indicators.
Meanwhile, speculation is growing over a potential XRP exchange-traded fund (ETF). Some believe that the SEC must resolve its case against Ripple before approving an XRP ETF.
If the case concludes in Ripple’s favor, it could pave the way for such a financial product, potentially driving XRP’s price higher.
Investors are closely monitoring developments, hoping for a final resolution that could unlock new growth opportunities for the cryptocurrency.
