Ripple is one of the pioneers of the early crypto market and has been an ideal investment choice for investors since its inception. But XRP has not experienced plain sailing since the SEC filed a legal lawsuit against it in 2020. These regulatory issues have been halting the growth of XRP price. But in 2023, investors hope the crypto will return to its early glory days as the Ripple Vs. SEC Judge has made a ruling. Let’s see what the Judge’s ruling really means for Ripple.
XRP Price Prediction As Judge Tries to Ban Prominent XRP Advocate in Court – What's Going On?
Earlier this month, Judge Analisa Torres granted Ripple's motion to exclude testimony from a so-called expert witness called by the SEC. Further, she also denied the regulator’s motion to revoke the amicus status of John E. Deaton, the XRP advocate. This has been a sign of hope for XRP enthusiasts as the ruling confirms that SEC does not have a strong case. The final outcome might be a statement to enable Ripple to continue its business as before.
As per tweets, two key rulings have gone Ripple’s way in the past, with Judge Analisa Torres granting the firm's motion to remove Patrick Doody as an expert witness.
🚨BREAKING: Judge grants @Ripple’s motion to exclude Expert No. 1 (Patrick Doody) from testifying about the perceptions of a reasonable XRP purchaser.
— Eleanor Terrett (@EleanorTerrett) March 6, 2023
The @SECGov previously hired Doody to analyse the expectations of token purchasers in its case against Telegram, which it won. https://t.co/ixaWZMzZIf
There have been several back-and-forths, beginning with SEC calling on Doody to provide testimony and analysis of the likely expectations of the average XRP buyer. However, the regulator aimed to establish that the aforesaid buyer expected the XRP price to rise based on Ripple’s 'common enterprise.' Before Judge Torres concluded Doody's exclusion several witnesses were called into question his expertise on this specific subject.
Although positivity lingers around XRP as of now, no clear winner or loser can be derived from the ruling. However, Ripple scored a win when the number 1 expert witness, Patrick Doody, was completely excluded from the case. The rulings together were a big blow to the SEC’s case so far, and the regulator might find it difficult to come up with a strong argument against Ripple.
The Growing Supportive Arguments For Ripple
Ripple has received strong support from established investors and people across the sphere. Jeremy Hogan, the XRP community attorney, further tweeted that the SEC should prove that investors had a “responsible” expectation of profits from Ripple’s efforts.
The SEC has to prove that you had a REASONABLE expectation of profits from Ripple's efforts.
— Jeremy Hogan (@attorneyjeremy1) March 7, 2023
And the Judge just struck the SEC's ONLY Expert Witness on that subject.
So, now, how the heck can the SEC prove "reasonable" reliance? Who will testify?
Just thinking out loud. :) https://t.co/qnqvxEAMI2 pic.twitter.com/ujjfRt657q
Well supporting the case, another XRP community lawyer, Bill Morgan, tweeted his arguments as to why the judge’s rulings could easily have been in Ripple’s favor.
I thought when I read the Daubert motions that it wasn’t such a great sign if most of Ripple’s expert testimony survived. Most of it survived. I am glad to see most of Alan Schwartz’s report is admissible. It is relevant to the Blue Sky issue. As Judge Torres said /2
— bill morgan (@Belisarius2020) March 7, 2023
He explained that the SEC alleged almost six actions that Ripple took to boost the price of XRP. Jeremy Hogan, a longtime commentator on the case, also expressed his support via tweets.
The SEC has to prove that you had a REASONABLE expectation of profits from Ripple's efforts.
— Jeremy Hogan (@attorneyjeremy1) March 7, 2023
And the Judge just struck the SEC's ONLY Expert Witness on that subject.
So, now, how the heck can the SEC prove "reasonable" reliance? Who will testify?
Just thinking out loud. :) https://t.co/qnqvxEAMI2 pic.twitter.com/ujjfRt657q
In addition, Ripple CEO Brad Garlinghouse recently expressed his optimism saying that the case is likely to reach a conclusion by the end of the year.
Brad Garlinghouse says the SEC's suit against his crypto payments company, Ripple, is “going to be pivotal for the whole industry” and that he expects a decision on the case this year pic.twitter.com/fkDmwLkrix
— Bloomberg TV (@BloombergTV) March 2, 2023
XRP Price Analysis
Although XRP has been trading at a resistance price over the past few years, the price has risen over 2%. Unfortunately, the crypto was caught up in the negative market sentiment of Silvergate Bank's financial difficulties and has fallen by 2.5% in the past week and over 10% in the last month.
However, experts believe that the lawsuit would conclude in a positive outcome for XRP. The crypto is trading at $0.387880 as of writing.
Source: TradingView
XRP’s indicators are nearly close to a bottom, showing that a rebound is just around the corner. Its 3–day moving average, marked in red, has recently dropped below its 200-day average, in blue. The further it drops down, the more likely a recovery rally becomes. Simultaneously, its relative strength index, marked in purple, has dropped to 40, demonstrating that it's close to becoming oversold. However, based on all the recent news about the Ripple-SEC lawsuit, XRP could go on a sustained rally soon in 2023.
Is XRP Ready For A Massive Bull Run In 2023?
Given all these circumstances, it is safe to assume that there could be a positive outcome for Ripple. The XRP price could end up skyrocketing to its current all-time high of 2018, $3.84. But it certainly needs a more bullish overall market condition to kick such a big target.
Thankfully, the team behind Ripple never stopped developing its network, even amidst the lawsuit. As a result, its business remains remarkably good. Its on-demand liquidity product, designed to streamline cross-border payments, is now available in over 40 countries following launches in France, Sweden, and Africa.
XRP is a good buy now, as a favorable judgment would give Ripple more space to continue expanding its business. In addition, Ripple Labs will be free to build the future of cross-border payment without any confinements, leading to the exponential growth of the payment network and eventually the price of XRP too.
The payment service provider has already established strong partnerships with banks and financial institutions across the globe, facilitating them with fast and cost-effective cross-border payments. Some of the big names in the list include Axis Bank, Federal Bank, Canara Bank, Metrobank, and more. Needless to say, all these are highly bullish for the token, making XRP one of the best altcoins to buy in 2023 and beyond.
The Bottomline
Over the following years, Ripple has managed to establish a revolutionary status thanks to its transformative potential within the banking sector. Combined with its recent developments and the positive news around the lawsuit, XRP could be in for a big rally in 2023 as investors hope that the above signs point to a Ripple victory.
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