- 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:
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.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.