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Ripple (XRP)’s Chief Legal Officer Stuart Alderoty said significant changes are expected in the crypto world in 2024. Alderoty predicted that Ripple’s lawsuit with the SEC may end in 2024 and this could have important implications for the crypto industry.
Alderoty, warning against the SEC’s “regulation through sanctions” strategy, said that the judiciary could stop this and the issue could be taken to the US Supreme Court.
Alderoty said he expects US lawmakers to agree on regulations. However, the advancement of regulatory clarity and innovation in other countries could expose a situation that may leave US crypto firms vulnerable.
The lawsuit that the SEC filed against Ripple Labs in 2020 began by claiming that XRP was an unregistered security. However, in July, a judge decided that XRP was not a security, giving a summary judgment in favor of Ripple Labs.
Expectation for Ripple in 2024! Current XRP Commentaries!
Crypto analysts and fans argue that Ripple’s SEC lawsuit has limited its growth in the US. According to Alderoty’s prediction, the end of the SEC lawsuit in 2024 could mark a significant period in the crypto world.
It looks like there’s a squeeze towards the end of the ongoing upward trend in XRP’s price chart. This movement might indicate potential price breakouts. The formation of progressively lower highs in the chart could mean that there are fewer investors in long positions, potentially signaling a bearish trend in the market. Even though we’re in an upward trend, decreasing highs could mean increased sell pressure. Additionally, low volume levels could create an environment for selling.
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