JAKARTA – Ripple Labs as the developer of the cryptocurrency Ripple (XRP) is responsible for defending XRP from attacks by the US Securities and Exchange Commission (SEC). The legal battle going on in the court has put Ripple in the spotlight.
Therefore, the popularity of XRP has also skyrocketed among other cryptocurrencies. Although this has been a long and tiring battle for Ripple, the repercussions could have an effect on cryptocurrency investors in general.
Launching Invetor Place, at the same time the price of XRP itself has plunged to its lowest level. But the good news continues to overshadow Ripple, they have won a number of battles against the SEC. This condition is predicted to increase the price of XRP to double or more.
Previously, on April 1, XRP experienced a price spike to its highest level of 1.96 US dollars (Rp. 28,000). Then the price dropped back to 58 cents (Rp8439), right on 7 July.
Previously, the SEC accused Ripple of offering unlisted securities worth US$1.38 billion (Rp20 trillion). The allegation was filed by the SEC in December 2020.
Ripple dismissed the allegations on the grounds that the SEC did not sue Ethereum, the SEC said ETH was not a security. On the other hand, Ripple which intends to go public has been thwarted by the SEC.
Some time later the SEC asked Ripple to release the company's personal documents, which judge Sarah Netburn denied. Small win for Ripple.
Based on the latest information, Ripple was asked to contact the former head of the SEC's Corporate Finance Division, William Hinman to be a witness regarding his statements against Ethereum and XRP.
If Ripple wins this case, then Hinman will boomerang for the SEC. The reason is, in 2018, Hinman considered ETH not a security.
“The Ethereum network and its decentralized structure, offer and sale of Ether do not currently trade in securities,” Himan said during the conference.
Recently, judge Sarah Netburn allowed Hinman's deposition to proceed. Netburn's decision, put Ripple on top.
Currently XRP is in the seventh position of cryptocurrencies based on its market capitalization which has touched 24 billion US dollars or equivalent to IDR 357 trillion according to data from CoinMarketCap. This puts XRP below USDT and Cardano.
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