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- Massive excitement is sweeping the crypto market as it prepares for the Ripple party in New York City on September 29, 2023, to celebrate its legal victory against the SEC.
- Ripple CTO David Schwartz has hinted that Ripple could announce an IPO and settlement during the victory party.
Ripple’s upcoming victory party on September 29 is a monumental event that could change the fate of the company and its issued XRP token. The XRP community has been speculating on what the company behind XRP might announce during the event.
Some expect Ripple to unveil plans for an initial public offering (IPO) to take the company public. In the past, CEO Brad Garlinghouse has hinted at this. However, he noted that the legal proceedings with the SEC were hindering such developments.
There’s also speculation that Ripple could announce a settlement deal with the SEC during the party. Although the judge has ruled that XRP is not a security, the SEC intends to appeal the decision, dragging out the case. The case has thus far been time-consuming, expensive, and a setback for Ripple. SEC on the other hand is facing a nearly assured loss. It stands to reason that the two parties will settle. Furthermore, this is a common occurrence with the SEC settling with a majority of firms that violate market rules.
Speculation about these two outcomes has been driving demand for XRP. Since the start of the month, whales have increasingly accumulated XRP tokens adding more than 30 million XRP coins to their balances. This points to a possible breakout in the near future.
Read More: Whales and Speculators Boost XRP Amid Bullish Sentiment: $0.55 Next?
Ripple CTO Offers Insight on Upcoming Party
As the community continues to share their opinion on the upcoming party, Ripple CTO David Schwartz has dropped a hint on the possible announcement. It started with a market commentator going by the username @XRP_Productions on X (formerly Twitter) sharing his predictions, which are;
-Ripple announces full settlement with SEC
-Ripple announces IPO
-XRP runs past all time high during the party
-Gary Gensler is marched naked through crowd as we all yell “SHAME”
-XRPP does Jell-O shots with B-Rad
Schwartz replied to this, saying that only two of these predictions would come true. It is fairly safe to assume that Gary Gensler will not be marched naked. This leaves a settlement, IPO, new all-time high, and Jell-O shots to choose from.
Only two of those things will happen.
— David "JoelKatz" Schwartz (@JoelKatz) September 6, 2023
Although the CTO did not give further details on this, it is important to note that it would be highly unlikely for the company to IPO while the case is ongoing. The Securities Act requires a company to file a registration statement with the SEC before it may offer its securities for sale.
If Ripple is to announce an IPO, it would also suggest a full settlement with the SEC. This would make it a monumental event that could send XRP to the moon. Another outcome would be a settlement without the IPO but still such a big win for Ripple that XRP sets a new all-time high.
