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The longstanding legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has sparked renewed optimism among Ripple supporters following the latest updates. These developments have led many to believe that Ripple may have a genuine chance of victory against the SEC. However, not everyone agrees with these views. In fact, a prominent member of the crypto community thinks Ripple has no chance of winning this fight. According to him, XRP cannot win the case.
Renowned Bitcoin (BTC) supporter Max Keiser expressed in a tweet on June 21, Wednesday, that Ripple and XRP would not be victorious against the SEC, because the fight “was never about laws.” He further stated that the embattled cryptocurrency has been marked for death, and it is Gary’s job to get rid of it.
Is SEC Clearing the Way for TradFi Giants?
Keiser’s statements stem from his belief that there is a broader SEC plan aimed at pushing out independent crypto exchanges and companies to make way for big Wall Street players such as BlackRock, Wisdom Tree, and Fidelity.
His tweet came after major investment managers, including Wisdom Tree and Invesco, applied to launch spot Bitcoin exchange-traded funds (ETFs), just a few days after BlackRock announced a similar move.
In recent days, there were rumors that Fidelity Investments also wanted to release a spot Bitcoin ETF, but there is still no concrete evidence for these claims. As more traditional finance (TradFi) institutions rush to gain exposure to crypto, the SEC continues to put pressure on the biggest players in the sector, including Binance and Coinbase.
XRP Price Analysis
As of writing time, XRP’s price was trading at $0.49, an increase of 3.86% over the past 24 hours. The crypto token has gained more than 6.4% over the past month and has increased by over 46% since the beginning of the year.
In his analysis on June 18, the so-called crypto expert Mags stated that XRP currently has one of the cleanest setups ever and if the crypto asset manages to surpass the $0.55 resistance, “its next stop would be $0.68 and above.”
Disclaimer: The information in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should conduct their transactions based on their own research.
