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The XRP market is experiencing growth, and tech entrepreneur Vincent Van Code has suggested that XRP price could see a significant surge in mid-August. His prediction comes in light of speculation that the US Securities and Exchange Commission (SEC) might officially dismiss its current appeal against Ripple.
In a post on Twitter, Van Code noted that such a dismissal would free up hundreds of corporate connections that are currently restricted due to approximately 1,700 non-disclosure agreements (NDAs).
Van Code also cited various institutional influences that contributed to this prediction. These are potential exchange-traded fund (ETF) approvals, and Ripple has partnered with BNY Mellon to run the RLUSD reserves. To him, such advancements can be an indication of increased institutional confidence in XRP and its infrastructure. Nevertheless, he pointed out that most companies are waiting until the emergence of clear law.
Ripple and the SEC have already submitted a joint status report and requested a halt to the proceedings regarding the appeal until August 15. Many people in the crypto community view this date as significant, though it is not a binding deadline. Investors and analysts are looking for an update from the SEC that could help clarify the direction of the case.
Marc N. Fagel, a former attorney at the SEC, clarified that August 15 is the deadline for both parties to submit their status updates in court. He emphasized that the SEC is not required to settle the case or withdraw its appeal by that date. Furthermore, he expressed concerns about reports indicating a potential reduction of the penalty to $50 million, pointing out that a penalty of $125 million has already been incurred.
Also Read: XRP News Today: Will a $1,000 XRP Investment Turn into $50,000? Analysts Weigh In
According to market analysts, the decision to withdraw the appeal and accept outstanding XRP ETF filings with the SEC may lead to a sharp increase in market prices. The stall in resolving the case may also have put a hold on the cost of the token, thus giving institutions time to prepare to enter the market on a larger scale.
Meanwhile, Australian lawyer Bill Morgan stated that the EC might extend the response period beyond August 15. Currently, speculation is rampant, and market participants are closely monitoring updates in this legal saga.
