The US Securities and Exchange Commission’s (SEC) legal battle with payments provider Ripple Labs Inc. (XRP) has caused a stir in not only the business, but also in the crypto industry.
International crypto investors are still keen to join the crypto game, but they are also waiting for the SEC v. Ripple case to end. A survey conducted by CoinReaders revealed that participants predicted a price surge this week and there are still high hopes for Bitcoin (BTC) and Dogetti (DETI).
What Is the SEC v. Ripple Conflict About?
In 2020, the SEC initiated legal proceedings against Ripple, claiming that the company and its top executives had misled XRP investors. The agency alleged that Ripple sold XRP tokens to investors in an unauthorised transaction. The SEC also stated that Ripple, the blockchain developer and creator of the XRP cryptocurrency token, raised $1.38 billion in 2013, selling XRP to investors in an unregistered sale of securities.
But, What Is a “Security”?
The US Securities Act’s definition of a “security” includes words like “stock,” “bond,” “option,” and “warrant.” Terms such as “real assets (e.g., houses, precious metals)” and “currencies” are not included in the description.
How Will the SEC v. Ripple Dispute Impact Crypto?
A panel of financial analysts in Finder’s January 2023 study projected that the price of XRP will reach $3.81 by the end of 2025 if Ripple wins the lawsuit. However, if the SEC wins in court, the price will only rise to $0.98.
As of this writing, the value of XRP has increased by around 3% over the past 24 hours, reaching $0.37 after the cryptocurrency market stayed relatively unchanged overnight.
The Future of Bitcoin (BTC) and Dogetti (DETI)
The majority of the global crypto space does not appear to be fazed by the SEC v. Ripple dispute—at least, not anymore. CoinReaders reported that researcher Pharos Labs (Kratos) and market data provider Coinness surveyed 2,000 South Korean crypto holders last week, and asked participants about their current views on the cryptocurrency market – the majority showed apprehension, while a smaller percentage was confident.
Nevertheless, considering South Koreans’ hesitation—which could also reflect the global market—45% of the respondents anticipated a BTC price surge. ZebPay CEO Raj Karkara also believes that the Bitcoin market will still be bullish by the end of the year. This is considering that close to 60% of the total supply in circulation didn’t move last year.
Prospects are also bright for the top dog, Dogetti, given its gains during the presale round, which are currently around the $500,000 mark. It’s also worth noting DETI’s accomplishments with its NFT collection and promotional offers (use the code WISEGUY25 to unlock a 25% bonus!). This has drawn the attention of crypto enthusiasts, which may indicate that DETI will soon enter its third stage of the presale.
Bottomline
The positivity jar seems to be emptying out for some crypto holders—which is understandable. But some people are still hopeful that things will improve, and analysts believe that the crypto market will be fully recovered, with the bear market in the rearview mirror by the end of 2023.
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WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido
