The U.S. Securities and Exchange Commission (SEC) expressed its intention to classify digital assets as securities in its ongoing lawsuit with Ripple 
$1. This announcement follows a surge in XRP’s price, which has risen above one dollar, increasing speculation about the possible resignation of executives. Nevertheless, XRP is still expected to reach two dollars.
SEC’s Approach to Digital Assets
Last week, SEC Chairman Gary Gensler stated, “Bitcoin 
$78,258 is not a security.” Gensler clearly indicated his intention to differentiate XRP from Bitcoin, Ether, and stablecoins, categorizing it as a security.
“Our focus has been on approximately 10,000 digital assets, excluding Bitcoin. This market is valued at around 600 billion dollars, excluding Bitcoin.”
The SEC appealed the summary judgment regarding Ripple’s XRP sales and distributions. The crypto community has long demanded the dismissal of this ongoing lawsuit and the resignation of SEC Chairman Gary Gensler.
“Gensler and the SEC ignored the court’s ruling on XRP’s security status in the Ripple case.”
Reasons Behind XRP Price Surge
XRP’s price has the potential to rise to two dollars due to expectations that Gensler will resign on January 20 and the lawsuit may conclude during Trump’s presidency. Analysts suggest that these developments could positively influence XRP’s value.
Ripple’s CTO David Schwartz stated that the company is legally bound to Ripple shareholders and that XRP holders will not be affected by this situation. Experts predict that the XRP case may either be dismissed or result in a settlement of 125 million dollars.
Expert lawyer Bill Morgan indicated that XRP’s price is not affected by Ripple’s efforts and is supported by long-term investors. Strong sentiment within the XRP community and Trump’s crypto policies are expected to create a positive impact on the market.
Popular analyst CredibleCrypto believes that XRP could reach a new all-time high sooner than expected. The price of XRP has increased by 11% in the last 24 hours and was at 1.2 dollars at the time of writing.
The legal battle between Ripple and the SEC could mark a significant turning point for the regulation and classification of digital assets. This process offers various insights into the future directions of the crypto market.
