Skip to content

Cryptocurrency Bulletin

Crypto Wallets, News, Reviews and Guides

Menu
  • Home
  • Crypto Prices
  • Analysis
  • Best Crypto Wallets
  • Crypto Market Updates
  • Interviews
  • News
  • Metaverse
  • Bitcoin
  • Predictions
  • Scams
  • Opinion
  • Videos
  • People
  • Brokers
  • Exchanges
  • Guides
  • Cryptofinance
  • Sitemap
Menu

Analysts Expect A Surge In XRP Price As Coinbase Backs Ripple Against SEC

Posted on November 10, 2022

Coinbase, the second-largest cryptocurrency exchange has recently made it to the headlines, emerging as the Ripple supporter against the US SEC.

Ripple Gets More Support

Ripple Labs has been fighting its legal battle against the US Securities and Exchange Commission for a while. Many expect the long battle between both sides may soon reach its conclusion.

While both sides have been trying their best to win the battle against each other, many in the crypto industry Ripple Labs may emerge as the winner.

The issuer of XRP has found itself at an advantage as many cryptocurrency-related firms have started to back the platform.

A few weeks back, it was reported that 12 companies from the cryptocurrency industry vowed to back Ripple Labs. They even submitted amicus briefs at the court to provide support to Ripple Labs.

Coinbase also Backs Ripple Labs

Coinbase has now become the latest company from the crypto industry to declare its support for Ripple Labs against its battle with the US SEC.

According to the legal experts taking interest in the matter, the case may come to its conclusion by the first half of 2023.

As the chances of Ripple Labs winning the case keep rising, more companies are showing up to provide their support.

However, Coinbase has very prominent and respectable in the cryptocurrency industry. With Coinbase supporting Ripple Labs, the chances of Ripple Labs winning the case have risen significantly.

Paul Grewal’s Tweet

Paul Grewal, the chief legal officer at Coinbase recently tweeted about their company’s contribution to the Ripple Labs-US SEC battle

Grewal claimed that they have already sought approval from the presiding judge to submit their amicus brief.

This indicates that Coinbase may have some very strong information that it may share with the court to expedite the proceedings.

According to Grewal, Coinbase believes that whatever action has been taken by the US SEC against Ripple Labs is not justified.

Coinbase has added that no regulatory authority can take legal notice against an entity until its officials announce that its operations are illegal.

The US Constitution clearly supports the above claim and in order for the US SEC to take legal action, it had to send a warning over to Ripple Labs.

The warning should have clearly stated that their operations or offerings to the US locals were illegal or unauthorized.

The US SEC did none of that and resorted to posting statements against Ripple Labs on social media and took them to court.

XRP Price May Shoot Higher

Many expect that Coinbase’s entry would help Ripple Labs win the case against the US SEC. The news has already filled the XRP investors with excitement.

Coinbase’s explanation may help Ripple Labs win the case that would eventually push XRP’s price higher. For now, XRP’s price is down by 4.86%, which is due to the FTX crash.

As soon as the impact of the FTX fades away, XRP’s price may surge significantly.

Cryptocurrency Bulletin is a blog dedicated to providing concise and up-to-date information on the latest developments in the world of digital currencies, blockchain technology, and decentralized finance.

Looking for something?

RSS Crypto Market Updates

  • FDIC Gives Deadline Next Week for Crypto Depositors Stranded by Signature Failure
  • Canada to Ask Pension Funds to Disclose Crypto Exposure
  • NFT Collection Y00ts Makes Anticipated Move From Solana to Polygon
  • Bitcoin Layer 2 Stacks' Token a Top Performer in March
  • Crypto’s Unfulfilled Dreams Get a Tailwind From U.S. Crackdown on Binance, Coinbase
  • Ethereum Staking Provider Lido to Incorporate NFTs Into Unstaking Process
  • Zebedee Debuts Global Payment Service Powered by Bitcoin’s Lightning Network
  • Bitcoin Seesaws Around $27K as Investors Digest Binance-CFTC Lawsuit
  • Chicago-Based Radix Trading Is One of Three Quant Firms in Binance Suit: WSJ
  • U.S. CFTC Chief Behnam Reinforces View of Ether as Commodity

Recent Posts

  • JETbitX Review – What To Expect From This Broker?
  • UniTrust Venture – Things you need to know about this trading brand before opening an account
  • Axia – A Broker That Can Be Trusted? (Axia Review 2023)
  • Is Copy Trading Worth Your Time? Here’s What You Need To Know
  • PayPal Joins ConsensYs To Implement Metamask
  • Amber Group Acquires Sparrow Holdings To Expand To Singapore
  • Binance Stopped Withdrawals in USDC on December 11
  • Does Grayscale Have Enough Bitcoin In Its Reserves
  • Dubai Is Developing New Cryptocurrency Regulations
  • NFT Is Receiving Attention On The Governmental Level

Categories

Archives

©2023 Cryptocurrency Bulletin | Design: Newspaperly WordPress Theme