Attorney Jeremy Hogan believe The Ripple SEC lawsuit is expected to close in April 2022. When asked by an XRP user when the Ripple case is likely to end, the attorney said it was unlikely to last through the summer.
Jeremy Hogan, also US attorney for the XRP2 project, points to April as the best estimate for the settlement of the case and summer as the worst case. Brad Garlinghouse, CEO of Ripple, previously said he hopes to close by 2022.
In late November, Garlinghouse spoke about the progress of the lawsuit in an interview with CNBC. He claims Ripple is making significant strides in its legal battle with the US Securities and Exchange Commission:
“We’re making pretty good progress, although the process is slow.”
Brad Garlinghouse expects the XRP lawsuit to end in 2022. According to the December 2020 lawsuit, the SEC alleges that Ripple and its operators sold $ 1.3 billion to XRP as an unregistered security.
The longer the better?
The Ripple case has come a long way this year. The court rulings, chaired by Judge Sarah Netburn, have given both Ripple and the SEC some important victories. In July, the court dismissed former SEC top officer William Hinman.
In a series tweets Throughout the year since the lawsuit began, CEO Brad Garlinghouse revealed that Ripple has had its best year to date, despite litigation with the US SEC.
January 14, 2022 is the deadline for the expert consultation, after both sides Submit extended on 10.12.
Ripple unlocks 1 billion XRP
Whale Alert reported that tech giant Ripple released one billion XRPs on New Years Day.
It’s a routine procedure that is done on the first day of every month. In recent years, two transactions with 500 million tokens each have been unlocked.
Typically Ripple then puts $ 800 million or $ 900 million in escrow, using the rest to cover operating costs, shipping to customers and other financial institutions, and to support liquidity by shipping XRP to crypto exchanges.
XRP Continuation of the upward trend in 2022
XRP is currently on a bullish and bearish border as price action is within the weekly pennant, above it a red descending triangle from May and below it an ascending green trendline that provides support from December 2020. Although the XRP price action looks bearish, the blue ascending trendline has held up well. It is likely that the price will tip through the ascending trendline in the first few weeks of 2022, which will serve as the starting point for a bull run that will bring XRP back towards $ 1.36.
XRP is showing some bearish signs after several tests above the blue ascending trendline that supported the uptrend throughout 2021 for the past few weeks. Every test shows a rebound from this trendline and the descending Simple Moving Average (SMA) limits further upside potential. While this doesn’t look good, don’t be fooled as the bulls are patiently buying as the RSI is modestly trending around 50 and has not dived into oversold territory all year round.
Investors will take advantage of this week’s test and test again above the green ascending trendline to buy XRP before the rally occurs in early 2022. As more and more investors add crypto to their portfolios, the location search should trigger higher overall demand and build a solid upward response. Accordingly, XRP breaks the 55-day and 200-day SMA and retests the red descending trendline around the $ 1 mark. Once exceeded, the price is expected to break through other hurdles and quickly move towards $ 1.36, up 65%.
XRP / USD daily chart | Source: TradingView
If adverse events occur in early 2022, such as geopolitical tensions that turn into a possible war between Russia and the US over Ukraine in early January if negotiations fail, the market could get massive. In this case, the green ascending trendline is broken to the downside and tests USD 0.6 as the first base. In the event that tensions escalate greatly and global markets collapse, not even $ 0.30 is expected.
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