Both the Ripple side and the US Securities and Exchange Commission (SEC) side have long awaited the hearing yesterday. As it is known, the SEC sued Ripple in December for allegedly selling illegal securities, and the tension has continued since then, it looks like it will continue for a while.
↘️SEC-Ripple Lawsuit Outcome
In this case, the SEC's overseas requests for information were discussed. The SEC wants to reach out to Ripple's offshore accounts and partners and request information from them. At this point, however, Ripple states that it must process the memorandum of understanding (MoU) and that the SEC is displaying unfair competition.
Magistrate Sarah Netburn stated that she will announce her decision in the coming days after considering everything. Therefore, there was no decisive decision in the hearing held on Friday. New developments on the subject are expected to come in the coming days.
So, how did the lack of a decision in this hearing affect the XRP price ?
↘️XRP Price
Two decisions in a row in favor of Ripple had been made in the previous hearing and immediately thereafter, which enabled the XRP price to chart an upward trend. After these decisions, XRP saw levels of $ 1.9 for the first time after 2018.
With the lawsuit process, it seems that the price of XRP has increased again, but the fact that no decision has been made has led to a more calm increase. At this point, it should be noted that the IPO rumors also have an effect on the price.
Yoshitaka Kitao, CEO of the Japanese financial giant SBI Group, one of Ripple's important partners, said in a recent statement that Ripple will go public after the lawsuit is over. Kitao has stated that Ripple founder Chris Larsen is also keen in this direction.
In addition, the fact that an upward movement started in the market after mid-April triggered the XRP price. With the effect of positive news, if the general upward trend continues, it is thought that the first target in XRP will be $ 2.