XRP enthusiasts find themselves in a passionate debate over the potential price surge of their beloved digital asset. The focal point of this heated discussion revolves around a critical question: can XRP reach the coveted $10 mark? While optimism runs high within the XRP community, a seasoned SEC veteran has added a dose of regulatory reality to the conversation.
In a recent crypto analysis tweet, one enthusiast pointed out the previous cycle's impressive 900% surge, suggesting that a similar pattern could propel XRP to the $15 milestone. Another enthusiast countered this argument, emphasizing the need to consider potential selling pressures once XRP approaches the $5 mark and above.
#XRP Could This Cycle Eclipse 2017??— EGRAG CRYPTO (@egragcrypto) September 3, 2023
Critics gonna criticize, so let us focus on the listeners and allow me to explore some captivating insights!
Ladies and gentlemen, lend me your ears! ? I've got some riveting data to unveil, all grounded in a 3-month time frame. ?
The debate took an intriguing twist when the XRP supporter stressed the importance of regulatory clarity, claiming that the token had received legal affirmation as a nonsecurity asset. However, a dissenting voice quickly emerged, asserting that while XRP may have legal clarity, it lacks the broader regulatory consensus required in the financial world.
Amid the back-and-forth, an unexpected voice joined the conversation. Marc Fagel, a former SEC director and retired attorney with 28 years of enforcement and securities litigation expertise, weighed in. Fagel's assessment painted a nuanced picture, indicating that the court had ruled both in favor of Ripple and the SEC. While the court acknowledged that Ripple had illegally raised over $700 million through unregistered security sales, it also ruled that the company's sales of XRP through intermediaries did not violate the law.
No. The court ruled in part for Ripple, in part for the SEC. The court held that Ripple illegally raised over $700M through he unregistered sale of securities. But the court also ruled that the company’s sales of XRP through intermediaries did not violate the law. So, mixed bag.— Marc Fagel (@Marc_Fagel) September 4, 2023
As XRP enthusiasts dream of soaring to new heights, they must grapple with both potential regulatory hurdles and broader market dynamics shaping their coin's trajectory. Only time will tell if XRP can break the $10 barrier and beyond.