It seems like Ripple (CCC:XRP-USD) has been embroiled in legal troubles forever now. The company, a leading player in decentralized finance (DeFi), is being brought down by the Securities and Exchange Commission (SEC) ever since the two bodies went head-to-head in court. Now in its eighth month, the legal proceedings have kept the token down through the bullish crypto spring. But, can a piece of news today help lift Ripple (XRP) price predictions up for DeFi summer?
It all starts back in 2018. SEC Director of Corporate Finance, William Hinman, made a speech in which he stated that based on the Ethereum (CCC:ETH-USD) network’s structure, “current offers and sales of Ether are not securities transactions.” That comment could be coming back to bite the SEC in this lawsuit.
The suit is grounded in the idea that Ripple’s XRP token is a security, rather than a currency. If this were the case, the SEC would be correct in its accusation that a previous XRP token sale was rather an unregistered securities offering. Much of the court case then is over the semantics of crypto: How do we definite crypto? As a security? Or a currency?
So when Ripple hearkens back to Hinman’s speech, in which he flies directly in the face of the SEC’s current argument, of course the commission will want to suppress Hinman’s deposition in court. However, Judge Sarah Netburn, one of the presiding bodies over the case, is not letting the SEC block the deposition. This testimony will prove to be a huge moment in court and might provide one of the most thorough refutations of the SEC’s argument thus far.
Ripple (XRP) Price Predictions Divergent, Even on Good Court Case News
The case might end up being sealed in favor of Ripple through this big moment, but is that enough at this point to elevate XRP to previous highs? Ripple (XRP) price predictions don’t seem to agree on an answer. CoinDesk analysts, for example, are pointing to current price trends as fodder for a bearish market in XRP.
So what price predictions are outlets chalking up for XRP in the wake of this news? Let’s take a look:
- WalletInvestor is predicting slight gains over the next 12 months for XRP. The outlet’s July 2022 price pick for XRP is $1.03.
- Similarly, Gov Capital’s prediction for XRP in July of next year is $1.05.
- On the most bearish side of predictions, the Economy Forecast Agency thinks the XRP token will be worth just 47 cents in December of this year. That represents a 22% loss on current prices.
- On the most bullish side of things, PrimeXBT thinks a lawsuit victory can send XRP values skyrocketing. They think a win against the SEC can precede gains of up to $16.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.