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Date:
29th Mar 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

XRPUSD Outlook Firm After Ripple Writes a Letter to the Judge

Ripple bulls are confident the XRP/USD price would recover from spot rates and expand to its correct, pre-SEC case valuation. This follows Ripple writing a letter to Analisa Torres, a U.S. Judge of the Southern District of New York, on behalf of all XRP token holders. Ripple specifically demands clarity from the SEC, asking for documentation demonstrating XRP breach of issuance law and being wrongly classified as a security.


Details: 

Ripple is an independent blockchain company from Ripple Labs—the official issuer of XRP and the XRPL--from where transactions can be moved cheaply and securely, unlike incumbent methods. The letter to Analisa seeks to determine whether there was a breach by thousands of XRP holders who sold XRP, a currency the SEC—in a lawsuit says is a security. Already, Ripple lawyers are hot in heels, pursuing the SEC and asking for clarifying documents that vividly demonstrate the status of XRP. U.S. judge Sarah Netburn has directed lawyers representing both parties to hold a discussion conference on Apr 6. It is in response to SEC's failure to supply Ripple with internal documentation that eventually led to BTC and ETH classification as utilities.


Impact on the XRP Price: 

Bullish. Ripple has grand ideas, but the SEC case is a major destabilizer. Notably, partners want to know whether XRP is a utility. If that's the case, the price of XRP will shoot even higher, above $0.80 to over $1, as more financial institutions will have the confidence of using Ripple's ODL.


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