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Crypto analyst says the SEC has given up on proving XRP is a security

Crypto analyst says the SEC has given up on proving XRP is a security

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Ripple, the company behind a cryptocurrency called XRP, has been in a legal battle with the US SEC for nearly two years. On December 22, 2020, the regulator filed a lawsuit alleging that Ripple raised more than $1.3 billion through illegal means. Not only that, but the regulator is also holding Ripple’s founders and even the current CEO accountable, saying that they received huge personal​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​gentleative in the process in the process.

However, according to popular crypto analyst and influencer Ben Armstrong, the US SEC may have finally given up on trying to pursue Ripple, which may have been the reason for this recent price increase in the coin.

Between September 16th and 24th, the XRP price has risen from $0.3238 to $0.49, which is a huge increase considering that most of the market is still struggling to recover. The downward impact has simply been too strong.

The SEC may drop the suit

Since the US SEC lawsuit, Ripple and XRP have seen quite a battle. Ripple lost some prominent partners such as MoneyGram and many others who were previously interested in moving to the RippleNet system. The company has even reportedly discussed moving out of the US and looking for a new home in Europe or Asia, where it found a more accepting market.

However, all of this may be coming to an end as Ben Armstrong, also known as @Bitboy_Crypto on Twitter, believes that the SEC has basically given up on trying to prove XRP is a security. If true, Ripple will win, and the price of XRP may skyrocket in response. Even if Ripple loses, without conclusive evidence that XRP is a security, the SEC can only make Ripple pay a fine, which Armstrong says shouldn’t be too much of a problem for the company.

Armstrong has been a big supporter of Ripple and XRP, and he believes the lawsuit is coming to an end. Of course, he’d rather Ripple win, but even if it loses, it’s still of very little consequence. With a 33% increase, XRP has taken the number one spot in the top 100 cryptos, but the analyst still says this is just a small taste of what’s to come.

Since the lawsuit was filed, Ripple’s executives – and in particular its CEO Brad Garlinghouse – have pointed out numerous details that show that the token is not, in fact, a security. However, the SEC has tried to prove otherwise, with very little success. Regardless of what happens, the Ripple lawsuit seems to be coming to an end and it will be interesting to see what happens in the coming days.

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