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Crypto analyst says the SEC has given up on proving XRP is a security

SEC BAYC
SEC BAYC

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Ripple, the company behind the cryptocurrency called XRP, has been locked in a legal battle with the US SEC for nearly two years now. The regulator filed a lawsuit on the 22nd of December 2020, alleging that Ripple raised more than $1.3 billion by using illegitimate means. Not only that, but the regulator also holds Ripple’s co-founders and even the current CEO accountable, saying that they made massive personal gains in the process.

However, according to a popular crypto analyst and influencer Ben Armstrong, the US SEC may have finally given up on trying to pursue Ripple, which could be the reason behind this recent price surge that the coin was seeing.

Between September 16th and 24th, the XRP price has gone up from $0.3238 to $0.49, which is a massive increase considering the fact that most of the market is still struggling to see any recovery. The bearish influence has simply been too strong.

SEC might give up on the lawsuit

Following the US SEC lawsuit, Ripple and XRP have seen quite a struggle. Ripple lost some major partners, such as MoneyGram, and many others who were previously showing interest in switching to its RippleNet system. The company has allegedly even debated moving away from the US and seeking a new home in Europe or Asia, where it found a more accepting market.

However, all of that might be coming to an end, as Ben Armstrong, also known as @Bitboy_Crypto on Twitter, believes that the SEC basically gave up on trying to prove XRP is a security. If true, then Ripple will win, and the XRP price might skyrocket in response. Even if Ripple loses, without conclusive evidence that XRP is a security, the most that the SEC can do is have Ripple pay a fine, which, as Armstrong says, should not be too much of a problem for the company.

Armstrong has been a great Ripple and XRP supporter, and he believes that the lawsuit will be coming to an end. He would, of course, prefer it if Ripple won, but even if it loses, there will still be very minor consequences. With the 33% increase, XRP has grown to be the #1 gainer in the top 100 cryptos, but the analyst still says that this is only a small taste of what is to come.

Since the lawsuit filing, Ripple executives — and especially its CEO, Brad Garlinghouse — have pointed out numerous details that indicate that the token is not, in fact, a security. However, the SEC has been trying to prove otherwise, but with very little success. No matter what happens, the Ripple lawsuit is seemingly approaching its conclusion, and it will be interesting to see what will happen in the days to come.

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