If Ripple beats SEC in court, it will have crucial meaning for entire crypto space
David Gokhshtein, the founder of Gokhshtein Media and former U.S. congressional candidate, has taken to Twitter to share his thoughts on the impact that a possible Ripple victory in court over the SEC may have on the entire crypto industry. Should the crypto company win, it will inspire the whole space to skyrocket, he says.
XRP Wallet with Fiat Deposit Option to Undergo Beta Testing in Netherlands
The influencer has announced that if Ripple manages to win against the SEC in court, the whole crypto industry will go ballistic. That is something he has been repeating from time to time in his tweets. At the start of September, Gokhshtein tweeted that should Ripple win, it will not only be XRP that will take off, but every legitimate crypto platform as well. He shared the same thought a year ago.
Besides, he agreed with Brad Garlinghouse, Ripple chief, that the result of a possible Ripple win would also be the emergence of clarity regarding crypto regulation; this is one of the outcomes Garlinghouse believes is necessary after the court case is done and over with.
If Ripple wins the case — the entire industry goes parabolic.
— David Gokhshtein (@davidgokhshtein) September 21, 2022
Gokhshtein also offered a courtesy to the XRP army, saying colorfully that it is the toughest in the entire crypto industry. He explained his praise by saying that XRP holders have been through so many big and small ups and downs that, to cope with all that, one needs “patience and diamond hands.”
The $XRP army is the toughest SOB’s in the industry.
To go through this entire process you got to have patience and diamond hands.
— David Gokhshtein (@davidgokhshtein) September 22, 2022
Over the past week, XRP has risen more than 26%. Santiment data vendor believes there have been two drivers: the company’s ongoing battles against the SEC and the high activity of whale wallets. Over the past week, large amounts of XRP have recently been moved — 262 million tokens and 582 million XRP. Ripple itself took part in both, moving 30,000,000 and 50,000,000 XRP externally.
XRP/USD 4-hour chart | Source: TradingView
At the time of this writing, the seventh largest crypto, XRP, is sitting at $0.49.
In the past week, the seventh largest digital currency has added a staggering 58.37 percent. Armstrong believes that there are multiple reasons for this long-expected rise. However, he believes the main driver here has been the fact that “the SEC basically gave up trying to prove XRP is a security”.
$XRP is pumping for multiple reasons. But if I were to pinpoint one… the SEC basically gave up this week trying to prove XRP is a security.
— Ben Armstrong (@Bitboy_Crypto) September 23, 2022
Over the past weekend, both SEC and Ripple filed motions for summary judgment, expecting Judge Torres to make a verdict in favor of one of the sides based on evidence provided in all the previous filings. In a recent interview, chief executive of Ripple Brad Garlinghouse stated that the judge has enough evidence to come to a verdict in favor of one of the parties without sending the case to a jury trial. Ripple Labs and the XRP community are optimistic that the judge will end the case in favor of Ripple, stating that XRP is not a security.
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