On November 7, the entire XRP community started to worry about the future of the asset. The community was concerned due to the recent victory of the US SEC against LBRY.
US SEC Won its Claim against LBRY
LBRY is a cryptocurrency startup that approached the investment community in the United States while the US SEC was at war with Ripple Labs.
Although the US SEC was fighting a case against Ripple Labs, it also focused on the LBRY offerings. It reportedly filed a similar case against LBRY, claiming it offered unregistered securities to the locals.
While the case between the US SEC and Ripple Labs is still pending conclusion, the regulator has registered its win against LBRY.
Following the win, there is fear among the XRP investor that Ripple Labs may soon face the same fate. Even though the judgment is yet to be passed by the court, there is a state of panic among the investors.
Although the support for Ripple Labs keeps rising against the US SEC it is difficult to provide assurances to the investors. They are highly unlikely to invest in XRP given the recent developments.
XRP Price has declined
The price of XRP has continued falling ever since the FTX exchange crashed like the rest of the major cryptos.
In the past 7-days, XRP has recorded a 28.25% price dip and the past 24-hour report shows it has dipped 5.61%. At the time of writing, XRP’s price is at a low of $0.3515 with no possible gains in sight.
Ripple Labs has Higher Chances of Winning
Despite the fear in among the XRP investors, Ripple Labs has a higher chance of winning. Over the past couple of months, the chances of Ripple Labs winning the case against the SEC have continued rising.
Multiple cryptocurrency firms have lined up to provide support to Ripple Labs against its battle with the US SEC.
Coinbase is also among the latest supporters of Ripple Labs. The crypto exchange has even submitted a request to the court to provide information to support Ripple’s claim.
The reason why the major entities from the crypto-verse are rising up to support Ripple Labs is that it has strong evidence to defend its claim.
XRP Price Would Surge Tremendously
If the US SEC falls short of evidence against Ripple Labs, then things would become quite interesting for XRP.
The support of the investors may rise in favor of XRP, pushing its price to higher levels. Multiple analysts have predicted that the Ripple-SEC fight may end by the end of 2022.
If that happens and Ripple wins the case, then XRP’s price may start rising up to hit $1.00.