Ripple’s SEC Case Outcome Speculation: XRP Price Growth
The price of Ripple’s XRP has surged unexpectedly, reaching $0.49 per coin – its highest level since November 2022. This growth is attributed to an increased possibility of resolving the SEC lawsuit against Ripple, which was indirectly indicated by a third-party case involving the bankruptcy of cryptocurrency lending service, Voyager. As part of the bankruptcy plan, Voyager’s managers had intended to sell their VGX token.
However, the US Securities and Exchange Commission (SEC) raised concerns, citing “signs of a security” in the token. On March 11, 2023, Judge Michael Wiles overturned the regulator’s objections and approved the bankruptcy plan.
According to Henry Liu, the head of BTSE exchange, the recent surge in XRP’s value is a result of leaked rumors regarding a potential settlement agreement between Ripple and the SEC to resolve their dispute. While some speculate that Ripple may emerge victorious, others are not so sure. Regardless of the outcome, the news of a possible resolution has contributed to a positive market sentiment for XRP.
Experts have pointed out that XRP’s network is designed to offer payment services to both individuals and legal entities, including financial institutions and central banks. Despite the legal challenges faced by XRP’s operator, the Ledger is showing steady growth, with the number of active accounts already exceeding 5 million.
The community has opted to leverage CoinCodex’s technical analysis indicators to forecast the price of XRP. As per the analysis, the token is anticipated to surpass the $0.50 resistance level on April 9 and rise to $0.509. However, over the course of the next month, the price of XRP is projected to decline to $0.444.
Arbitrum Token Enters OTC Market Prior to Airdrop
The Arbitrum community has been actively trading its unreleased ARB tokens on over-the-counter (OTC) markets after the announcement of the Arbitrum giveaway. The Arbitrum Foundation declared that the new Arbritrum token, ARB, would be disseminated to qualified community members on Thursday, March 23rd. This distribution marks Arbitrum’s official transition to a Decentralized Autonomous Organization (DAO), enabling ARB holders to vote on key decisions that govern the Arbitrum One and Arbitrum Nova networks. These networks facilitate faster and more affordable transactions on the Ethereum blockchain.
With a total circulation of 10 billion ARB tokens, the Arbitrum community will possess 56% of the tokens, while the airdrop will provide 11.5% of the total number of eligible Arbitrum users and 1.1% of the DAOs that operate in the Arbitrum ecosystem. The Arbitrum community has also cautioned others to be vigilant following reports of phishing and scam websites claiming to offer Arbitrum airdrop tokens.
The distribution of tokens will result in Offchain Labs relinquishing control of Arbitrum, transforming it into a DAO. Nansen, an analyst firm, will assist Arbitrum in distributing tokens based on transaction volume, dapp usage, and token holding time. A total of 10 billion tokens will be distributed. ARB holders will have the ability to modify the code directly, but the changes will be implemented after a delay – this is crucial for auditing purposes. The Security Council will have the power to make corrections at a faster pace.