Ripple CEO Claims Lawsuit Against SEC to End Before Year-End

Updated:

The CEO of Ripple, Brad Garlinghouse, recently asserted that the ongoing lawsuit with the United States Securities and Exchange Commission (SEC) has neared its end, as he expects a resolution before the end of 2022.

In an interview with Fox Business, Garlinghouse asserted that the legal battle with the regulatory watchdog has gone “quite well” so far. The CEO explained that the lawsuit was good for crypto as a whole, as it set some favorable precedent in the industry. The Ripple boss noted:

“The case has gone quite well, a lot of it has been skirmishes around discovery. But it’s clear that the judge understands that this is an important case and it is going to be a precedent. Now we’re getting close to summary judgment filings. Everything will be before the judge now by the end of November.”

When asked by the interviewer, Charlie Gasparino, if he foresaw a conclusion of the case this year, the executive noted that it was “an optimistic view, but it’s not impossible.”

In April, Judge Annalise Torres, the District Judge of the United States District Court for the Southern District of New York, modified the summary judgment briefing schedule. In the amended schedule, the motions for summary judgment presented by both parties must be fully briefed before November 15.

After that, the judge would review the case and announce a verdict.

Key Ripple Levels to Watch — May 4

Ripple has fallen into a sideways bias between $0.6000 and $0.6300 as traders resign to the sidelines ahead of the US Fed interest rate decision later today.

XRPUSD – Daily Chart on Bitfinex. Source: TradingView.

The cryptocurrency briefly dipped below the multi-month-long trendline last weekend but has fought to keep its head afloat today. The cryptocurrency has also wandered into an oversold condition but might not act on this amid the drought of trading volume or momentum in the market.

A favorable reaction to the interest rate announcement should catapult XRP towards the $0.6500 mark in the following hours, where it could stand a chance to push for the $0.7000 level. However, the opposite reaction to the announcement might leave the sentiment unchanged and keep the price close to the $0.700 figure. That said, an aggressive bearish reaction to the rate decision seems unlikely at this time.

Meanwhile, my resistance levels are $0.6300, $0.6500, and $0.6800, and my support levels are $0.6000, $0.5800, and $0.5500.

Total Market Capitalization: $1.76 trillion

Ripple Market Capitalization: $28.8 billion

Ripple Dominance: 1.70%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.