XRP News: Ripple CEO Prepares for SEC Crypto Decision in 2023
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XRP (XRP-USD) is one of the top cryptocurrencies in focus for investors today. Over the past 24 hours, the coin has dropped more than 2% on additional XRP news surrounding its parent company Ripples ongoing legal issues with the US Securities and Exchange Commission (SEC).
Ripple CEO Brad Garlinghouse conducted a rather interesting interview with Bloomberg yesterday. In the interview, Garlinghouse suggested that the ongoing battle with the SEC should be settled sometime this year. In addition, he noted the “decisive” impact the upcoming decision will have on the entire sector.
As one of the biggest cryptos out there with a market cap of nearly $19 billion, this decision is sure to affect investors. However, there have been many who have suggested that any outcome – positive or negative – could be good for XRP as uncertainty will be removed.
Of course, a positive verdict will go a long way to securing another leg higher, especially for those who have been invested in this project for a while.
Let’s dive into what investors might want to make of the recent commentary.
XRP News is doing little to excite investors today
Much of today’s decline in XRP can likely be attributed to macro forces. Overall, the crypto sector is down about 4% at the time of writing. So XRP’s decline of around 2% can be seen positively in this context.
Renewed discussion around the potential for a resolution to Ripple’s legal woes should spark more near-term interest in XRP relative to its peers. That seems to be the case in today’s session, given the trading volume and relative price action of the cryptocurrency.
To me, XRP represents one of the most binary bets on a specific catalyst in the crypto sector right now. And while Garlinghouse is right that this decision will affect most other coins and tokens as well, it will undoubtedly have a bigger impact on XRP overall. Therefore, for those who do not like volatility, investors may want to avoid this major crypto.
However, for traders volatility can be a good thing, news flow will be important to watch. I will keep XRP on my watchlist and provide updates as they occur.
As of the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the InvestorPlace.com Publishing Guidelines.
