Supporters of Ripple have been given reason for confidence by recent developments in the company’s legal struggle with the U.S. Securities and Exchange Commission (SEC), which has been going on for years.
Recent developments in the case have given Ripple’s supporters hope that they will ultimately prevail in their legal battle with the SEC.
But not everyone shares that opinion. An influential member of the cryptocurrency industry has even said that Ripple won’t prevail, saying, “XRP ain’t gonna win their case.”
Max Keiser, a prominent proponent of Bitcoin (BTC), tweeted on June 21 that Ripple and XRP would lose their fight against the SEC because “this battle was never about the law,” and that the cryptocurrency “was marked for death and Gary’s job is to take it out.”
Keiser’s comments derive from his suspicion that the SEC has a master strategy to clear the field for established Wall Street corporations like BlackRock, Wisdom Tree, Fidelity, and others.
“To create space for institutional investors like BlackRock, Wisdom Tree, Fidelity, etc., to enter the #Bitcoin market, the SEC “swept away” independent “crypto” exchanges and players, as I keep reminding you, people.”
His post comes after large financial firms such as Wisdom Tree and Invesco revealed plans to offer spot Bitcoin ETFs only days after BlackRock did the same.
There has been talk of a Fidelity Investments spot Bitcoin ETF being released in the next few days, but no hard proof has surfaced to support these allegations.
The SEC has been cracking down on the industry’s top players, most notably Binance and Coinbase, while more conventional financial (TradFi) institutions rush to get crypto exposure.
The price of XRP has increased during the previous 24 hours, from $0.45 to $0.49. The cryptocurrency token is up over 6.4% in the last month and over 46% since the beginning of the year.
If XRP can break past the $0.55 barrier, an anonymous crypto expert named Mags said in a study published on June 18 that the cryptocurrency would “next stop would be $0.68 & higher.”
Also Read: According to Blackrock Bitcoin ETF Renews Hope, Prompts Swell of New Applications
