On Fox Business TV on Thursday night, the CEO of Ripple gave a live interview to discuss the latest developments in the protracted legal dispute with the regulatory body.
If a federal judge determines that Ripple Labs did not break the federal securities laws, the SEC v. Ripple lawsuit may soon come to an end. To end the lawsuit without a jury trial, both parties submitted motions for summary judgment earlier this week.
“We think [the judge] has the knowledge to render a decision. The SEC is exceeding its authority, we believe without a doubt, according to Garlinghouse, who continued by declaring that “the SEC has lost its way.”
The CEO of Ripple Labs went on to refer to the SEC as a “cuckoo of cocoa puffs,” a catchphrase derived from the cartoon character that generally alludes to someone being unreasonable.
The SEC is a “cuckoo of cocoa puffs,” I said on stage yesterday, Garlinghouse told the 80 million Fox Business viewers.
Within an hour of the interview going live, the price of XRP spiked in response to Garlinghouse’s remarks, rising by almost 12% to $0.5411. The cryptocurrency later hit a high of $0.5523, which hadn’t been attained since early May 2022.
What Else Is Influencing the Price of Ripple (XRP)?
The XRP rally also coincided with rising Bitcoin (BTC) prices; over the same time period, the top cryptocurrency saw gains of about 6%. Since BTC is the most important asset in the cryptocurrency world, its price movement has a big impact on the market for Altcoins that are modeled after Bitcoin.
Finally, on the weekly timeframe on Monday, September 19th, Ripple (XRP) was able to overcome the crucial $0.38 resistance level. The momentum lifted XRP to the $0.50 resistance level, helped by growing optimism surrounding the ongoing lawsuit.
Since September 16th, XRP’s value has been steadily increasing, rising more than 66% in the last week as a result of growing optimism about a potential resolution to the SEC v. Ripple lawsuit.
Ripple (XRP) is still 85% off its all-time high, which was set at $3.40 in the beginning of 2018. If the company prevails in its legal dispute with the SEC, the price of XRP is anticipated to rise, with one of the main things holding back the currency’s value being Ripple’s ongoing legal dispute with regulatory authorities.
