SEC vs. Ripple: Brad Garlinghouse announces expansion out of the US if outcome is unfavorable
- Ripple will expand out of the US if the payment giant faces a loss in the lawsuit.
- The community awaits the court's ruling on his speech and related documents.
- Analysts remain bullish on Ripple price; target a breakout past the 200-day EMA to $0.40.
Brad Garlinghouse, CEO of Ripple, has affirmed a move outside the US if the payment giant loses the SEC vs. Ripple lawsuit. Ripple has been embroiled in a legal battle, defending its sale of XRP and the altcoin's position as a non-security since December 2020. Analysts maintain a bullish outlook on XRP price, despite recent developments.
Brad Garlinghouse plans Ripple expansion outside the US
The US Securities and Exchange Commission slammed payment giant Ripple with a lawsuit in December 2020. Since then, the crypto community and XRP holders have closely followed the lawsuit and relevant updates. The community is awaiting a key judgment in the SEC vs. Ripple lawsuit. The CEO of Ripple recently criticized the SEC for approving Coinbase’s S-1 IPO.
William Hinman, the former director of the Securities and Exchange Commission's Division of Corporation Finance, has become a central figure in the SEC vs. Ripple lawsuit. Hinman's speech on Bitcoin and Ethereum from 2018 and related documents has been called into question, and a court ruling is awaited. Judge Sarah Netburn is expected to rule on whether the documents will remain protected by the attorney-client privilege.
Since June 16, the community has awaited a court ruling on the outcome of the SEC vs. Ripple case.
Brad Garlinghouse, CEO of the financial technology firm Ripple, assured investors that Ripple will expand outside the US in case of an unfavorable outcome in the lawsuit. Experts predicted a settlement in the SEC vs. Ripple lawsuit; however, the legal battle has dragged on without an end in sight, and the key rulings awaited could change the direction of the outcome.
Garlinghouse is convinced that the SEC's "regulation by enforcement" could further stifle innovation in crypto in the US. The payment giant has taken the first step in that direction, and on June 23, 2022, Ripple announced the establishment of a Toronto office with over 150 engineers and employees.
Oh (hey) Canada! We’re opening our first Canadian office – a key engineering hub – in Toronto!
— Ripple (@Ripple) June 22, 2022
We're looking to hire 50 new employees in the area, eventually expanding to 100s of technical positions.
Check out our open roles: https://t.co/aHXO5QhG2Q
https://t.co/vm34Bz1lmD
Analysts are bullish on XRP price despite new updates
Bob Mason, a leading crypto analyst, evaluated the Ripple price chart and observed that the altcoin price has sustained above a major resistance level at $0.3614. If XRP price avoids a fall through the $0.3629 pivot, it could hit its recent high of $0.3868, and resistance at $0.3908 could come into play.
FXStreet analysts have set the upside target for XRP price between $0.3810 and $0.4180. For more information, watch this video:
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.
