Ripple price: Will crypto lobbyist group’s support for Ripple push XRP price higher?


Share:
  • Ripple has received support from crypto lobbyist group Blockchain Association that asked the court for permission to support the giant in its legal battle.
  • Amicus briefs were filed by interested parties and supporters of Ripple, The Internet Choice Advocates Network and SpendTheBits. 
  • Ripple, the largest public holder of XRP published its quarterly report and revealed that the giant holds less than 50% of total XRP supply. 

Blockchain Association, a crypto proponent and lobbyist group has asked court for permission to support payment giant Ripple in its defense against US regulator Securities and Exchange Commission (SEC). 

Also read: NFT traders alert: Post Elon Musk takeover, Twitter quietly rolls out NFT trading feature

Ripple receives support from proponents and blockchain lobbyist groups

The Blockchain Association, a crypto lobbying organization based in Washington, D.C., filed for permission to support Ripple as a friend of the court in the SEC v. Ripple legal battle. The US SEC sued payment giant Ripple on its sale of XRP as an unregistered security. Since December 2020, the case has witnessed several procedural motions and both parties have filed their motions. 

The Blockchain Association believes that the SEC’s extremely broad interpretation of the securities laws could have devastating effects on the industry and outside. The brief says that the court should look at XRP’s specific purpose, since the SEC has “unlawfully” looked at secondary sales as proof that Ripple violated federal securities laws. 

Many tokens that are traded in secondary markets do not meet the different tenets of the Howey test, a Supreme Court case used as precedent in determining whether an asset is a security. The filing said:

The securities laws do not contemplate how an asset that may have been issued as a security can exist when it is no longer attached to any form of investment contract, a crucial consideration when attempting to apply Howey.

The Blockchain Association is not alone in its support for Ripple. Another key group, the Investor Choice Advocates Network and SpendTheBits Inc. filed their own amicus brief on October 28, with the court's permission. In their brief, these entities argue that the SEC’s definition of “investment contract” is vague and points towards efforts invested towards determination of the SEC’s jurisdiction over crypto. 

Ripple holds less than 50% XRP supply

Ripple, the largest public holder of XRP published a new quarterly report highlighting that it currently holds less than 50% of the altcoin’s supply. What’s more, the payment giant operates just four out of the 130 XRP validator nodes. 

Brad Garlinghouse, CEO of Ripple commented on the tweet and said:

Below 50% – a huge milestone! For 10 years, Ripple has focused on using XRP & the XRPL within our products for its speed, security and scalability for movement of value. As more customers use XRP in their payments flows, it’s clear there is real utility here.

Analysts argue XRP is oversold

Duncan Baldwin, crypto analyst and certified trader evaluated the XRP/USD price chart and noted that the altcoin recently suffered a decline. XRP has started its recovery and yielded 2.5% gains overnight. Baldwin states that the XRP/USD pair seems locally oversold. As the pair approaches the horizontal support level between $0.42 and $0.43, a rally is expected in XRP price. 

XRP/USD price chart

XRP/USD price chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Ocean Protocol Price Prediction: Stunning bullish signals going unnoticed

Ocean Protocol Price Prediction: Stunning bullish signals going unnoticed

Ocean Protocol (OCEAN) price has outperformed nearly all of the cryptocurrencies in the space. The parabolic move shows no signs of slowing down yet little coverage has surfaced from crypto media outlets. This article analyzes OCEAN’s price action to gauge where it may find resistance ahead.

More Crypto News

Hedera Hashgraph Price Prediction: A potential bullrun with caution

Hedera Hashgraph Price Prediction: A potential bullrun with caution

Hedera Hashgraph price shows potential to continue its uptrend. The consolidation phase could be viewed as a buying opportunity in hindsight. However, the risk to the downside should be considered.

More Hedera News

SushiSwap price rises by 8% following social coordination launch; AAVE, MKR next?

SushiSwap price rises by 8% following social coordination launch; AAVE, MKR next?

SushiSwap price noted a sharp rise during the intra-day trading hours, which was followed by a special announcement by the leaders of the Decentralised Finance (DeFi) space. 

More SushiSwap News

Decentraland Price Prediction: Consolidation before the next move

Decentraland Price Prediction: Consolidation before the next move

Decentraland price has seen impressive growth in recent months, with a 145% rally last month alone. However, the crypto asset has faced some cooling off lately, losing 7% of its market value in the last three days.

More Decentraland News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP