Crypto experts predict an XRP price rally as Ripple inches closer to bagging a win against the SEC

The legal dispute between Ripple Labs, the creator of XRP, and the US Securities and Exchange Commission (SEC), has been ongoing since 2020. The SEC and Ripple Labs have each filed requests for summary judgment. Numerous business leaders are attempting to participate in the court proceedings in the key litigation between the US SEC and Ripple, which is becoming increasingly heated. People interested in the Ripple litigation anticipate that the Summary Judgement decisions may take longer than expected. However, the lawyer for XRP investors has clarified the situation. Crypto experts predict the XRP price to rally to US$1.

According to Hogan, the SEC will not be able to meet its burden of proof "on at least one element of the Howey test." This is where Deaton and the XRP investors have made their voices heard in court and play a crucial role. Related Reading: Ripple: SEC Could Face 'Bruising Defeat', Legal Experts Predict

As Hogan went on to discuss, the SEC must do two things in order for the summary judgment motion to succeed. First, it must "prove every element by the greater weight of the evidence AND prove that there is no genuine dispute of a material fact". Ripple counters the SEC with its own expert witness correlating XRP price trends with market forces, especially since 2018. In addition, the company now has 3,000 affidavits from Deaton and XRP holders who did not buy XRP because of Ripple. Hogan concludes that the SEC has failed to meet its burden of proof over nearly two years.

The XRP community anticipates that a decision on the SEC and Ripple's requests for summary judgment will be ready by November 18, 2022. But they speculate that it might take considerably longer given the situation. John Deaton, the advisor in the Ripple lawsuit, highlights some significant court dates. Deaton stated that response briefs are due on November 15, 2022. The response will be delivered with a seal on it. The public copies, which have been censored, will be available by November 21. The XRP coin is gaining momentum as the SEC-Ripple legal battle draws close, and investors seem prepared for a bullish trend. Due to the case, the XRP/USD pair is trading roughly on the daily chart, with adequate support close to US$0.4413 and an upward trendline offering support. Furthermore, XRP remains over US$0.450 thanks to the 50-day moving average.

XRP Price Prediction

Ripple made a startling surge at the beginning of 2017 and 2018 and briefly overtook Bitcoin as the second most capitalized cryptocurrency in the world. Following this expansion, the exchange rate and market capitalization of XRP suffered a protracted and agonizing drop.

On average, the decline turned out to be even more than the declining capitalization of cryptocurrencies. However, the early 2021 cryptocurrency market boom has enabled XRP to bounce back and reclaim its footing.

Traditional consensus methods like Proof-of-Work (PoW) and Proof-of-Stake (PoS) establish trust in nodes based on their processing power or balance value. In Ripple, the reputation of the node validators, which include banks and other registered businesses, is the foundation of trust (Axis Bank, American Express, Royal Bank of Canada).

XRP price is down 1.7% on the day amid a market-wide weekend retracement. Bitcoin (BTC) and Ethereum (ETH) are red after topping weekly highs at US$21,446 and US$1,584. Although XRP price increased, it hit a snag at US$0.50, leaving its October highs at US$0.54 untested.

Crypto enthusiasts and analysts believe this is not the end of the XRP price rally, especially now that Ripple is inching closer to a win against the Securities and Exchange Commission (SEC).