Lawyers state Ripple is giving SEC more trouble than anyone in crypto, including Elon Musk
- Payments giant Ripple has given the SEC more trouble than anyone in the cryptocurrency industry.
- The policy chief of the US Blockchain Association said Ripple is putting up the hardest fight of their careers.
- Ripple recently scored a victory in court as Judge Sarah Netburn asked SEC to reveal documents on Hinman’s speech.
- Analysts believe Ripple price is currently consolidating inside a potential symmetrical triangle, set target of $2.31.
Proponents believe that the outcome of the SEC vs. Ripple case is of consequence for the entire cryptocurrency ecosystem. Ripple has been embroiled in a battle with the SEC since December 2020, and the payments giant secured a win in a recent ruling by Judge Netburn.
Analysts predict Ripple price rally after victory in recent court ruling
Jake Chervinsky, the head of Policy at the US Blockchain Association, a crypto advocacy firm, commends that Ripple continues to defend itself against the Securities & Exchange Commission’s (SEC) allegations.
Chervinsky is considered an expert on crypto regulation. The advocate believes that Ripple has given the SEC the most trouble, more than any other cryptocurrency projects and Elon Musk, CEO of Tesla.
Chervinsky was quoted as saying:
No matter your view on Ripple, two things seem clear: They’re giving the SEC more trouble than anyone in crypto, maybe more than anyone period, including Elon [Musk, CEO of Tesla and SpaceX]. They’re the leading dispute on securities law, if only because they’ll fight to the death unlike those who caved & settled.
Ripple’s legal tussle with the regulator has set a precedent for the entire crypto industry.
Analysts have evaluated the Ripple price trend and predicted a rally in the altcoin’s price. @DaCryptoGeneral, a cryptocurrency analyst and trader, believes that Ripple price is currently consolidating inside a potential symmetrical triangle. The analyst expects a big move in Ripple price and set a target of $2.31 for the altcoin.
$XRP (1D); price is currently consolidating inside a potential symmetrical triangle.
— CRYPTO GENERAL (@DaCryptoGeneral) January 17, 2022
I'm expecting a big move in price to upside once the breakout of the symmetrical triangle is confirmed,the price will rally to key level around $2.31 as the target of the symmetrical triangle pic.twitter.com/iL1sPR55wy
FXStreet analysts note that the Ripple price trend looks bullish, and the altcoin could hit $1.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
