According to recent news, Bill Morgan, a lawyer and supporter of Ripple (XRP) discloses a circumstance that could have significant implications for XRP vs. SEC dispute. The SEC’s expert has acknowledged that the fluctuations of Bitcoin and Ethereum have considerably influenced the value of Ripple’s currency.
Morgan has been vocal about the influence since the summer of 2018. A unique idea put forth by Bill Morgan could have a significant impact on the ongoing XRP v. SEC litigation. The SEC’s expert has alleged that the prices of Bitcoin and Ethereum may be responsible for up to 90% of XRP’s price fluctuations.
Ripple Unaware of BTC and ETH Influence on XRP Value, Says Lawyer
However, Morgan believes that Ripple might be unaware of this and allow the price of XRP to be impacted by the movement of other cryptocurrencies. Morgan also argues that this claim is false for several reasons. Some of the reasons include that most cryptocurrencies are similarly affected by Bitcoin’s market price fluctuations.
Furthermore, Morgan points out that investors are placing more faith in Ripple’s legal attempts to win the SEC litigation than in the company’s commercial or sales endeavors. He contends that this differs from the kind of endeavor the court in the Howey decision intended to defend.
The verdict in the lawsuit might have significant repercussions for Ripple and the larger cryptocurrency market. This will establish a precedent for regulators evaluating and categorizing digital assets.
Ripple Offers Reconciliation to SEC in XRP Lawsuit Amid Price Boost
The most recent reports follow the release of a letter from Ripple’s agent, Jungle Inc., to the SEC, whereby they asked for reconciliation. According to the settlement terms, Ripple is willing to pay an amount considered fair by the SEC to protect investors and education.
Following the revelation, the price of XRP, Ripple’s native cryptocurrency, increased by 1.18%, reaching $0.5121 on the previous trading day.
In conclusion, Ripple’s legal battle with the SEC and the impact of BTC and ETH swings on XRP’s value highlight the need for regulatory clarity in the crypto industry.