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Market News XRP Price Analysis amid SEC Battle: Stuck at $0.50

XRP Price Analysis amid SEC Battle: Stuck at $0.50

Attorney Jeremy Hogan believes XRP isn't a security during the legal dispute between Ripple and the SEC, and CTO David Schwartz of Ripple examines the cryptocurrency's pricing and supply.

Florala Chen
2023-04-11
11467

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Recently, the price of XRP has been confined to a small trading range between $0.50 and $0.51. The number six cryptocurrency has been testing its former resistance, which is now a firm support, for days. According to many traders, XRP may remain around the $0.50 range until Ripple's protracted legal dispute with the U.S. SEC is settled. 

Lawyer Represents Ripple

Another lawyer has stepped forward to defend the blockchain business Ripple as the legal dispute between the authorities and the corporation continues. A Twitter thread by Hogan & Hogan partner Jeremy Hogan explains why XRP is not a security despite what the SEC asserts


Hogan contends that the concept of an investment contract—the legal underpinning for assets like stocks and bonds—is the only way that XRP could be considered a security under current law.


However, the SEC has not established the existence of any such investment contract; instead, it has concentrated on utilizing a purchase agreement in the hopes that the court would accept it. 

Hogan uses the purchase of gold as an example, calling it a "simple purchase," and draws the conclusion that Ripple was doing the same thing by just transferring the asset (XRP) to purchasers.


The question, in his opinion, is whether the regulator has shown that a contract involving XRP existed between Ripple and its investors. He claims that such a contract has never existed.  


Given that XRP poses a danger to their ability to maintain control over the global financial system, banks are probably keenly monitoring the situation.  

Price Analysis of XRP 

XRP is a long way from its peak price of almost $3 compared to its all-time high. David Schwartz, the chief technology officer of Ripple, asserts that the high price was really $2.80 because a "official exchange rate that was too high" was used to compute it. The XRP army would be happy if their preferred cryptocurrency could temporarily retake the $1 mark.  


Schwartz also spoke on the supply and demand for XRP. He said that the price would likely increase twofold if the entire supply of XRP were 50 billion units rather than 100 billion (the maximum number that may be released). The downside, he said, is that "everyone would have paid twice as much for it."

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