- There’s little doubt in investors’ minds that when Ripple wins its case with the SEC, XRP prices will explode.
- Ripple executives have further hinted at the possibility of going public when the case is finally dealt with.
Ripple partner SBI CEO has stated what most Ripple proponents have been thinking for the better part of the last two years. Yoshitaka Kitao, Chairman and CEO at SBI Holdings Inc, has shared his fairly optimistic outlook for both Ripple and XRP when the fintech company wins its case against the US Securities and Exchange Commission (SEC).
According to Kitao, XRP will experience a price explosion. In addition, the CEO believes that the company will look to go public, something the executives have hinted at in the past.
If the conclusion is reached and XRP is a coin, I think it will be a very expensive price. If the conclusion (of the trial) is positive, I think the management will immediately go public.
The shared prediction was celebrated across the XRP community who have long waited for the final verdict to be delivered by United States District Court Judge Analisa Torres. Her decision will be a landmark ruling that defines the crypto landscape.
@yoshitaka_kitao – what a boss
SBI information meeting
President Kitao: "If the conclusion is reached and XRP is a coin, I think it will be a very expensive price. If the conclusion (of the trial) is positive, I think the management will immediately go public." 🚀🚀🚀🔥🔥🔥 https://t.co/z7lv7w8dtR
— Tehol_Beddict_XRP (@TeholBeddictXRP) June 9, 2023
The same could have implications for two of the largest crypto exchanges – Binance and Coinbase. Earlier this month, the two companies were issued lawsuits from the SEC accusing them of listing unregistered securities without a license. Among those tokens listed and perceived as securities by the exchange includes Polygon (MATIC), Cardano (ADA), Solana (SOL), and Filecoin (FIL). For Binance, the regulator is further going after the exchange CEO Changpeng Zhao (CZ).
Market leaders have called on the entire crypto community to be united in what many have viewed as ‘bullying’ from the regulator. Ripple has previously accused the SEC of regulating through enforcement and making up rules to fit its narrative.
Ripple has over the months celebrated minor victories that go to show that the company is likely to eventually win the case. In the latest development, William Hinman’s documents were released. Ripple’s lawyers believe that in his 2018 speech, the former director of the U.S. Securities and Exchange Commission (SEC)’s Division of Corporation Finance suggested that Bitcoin and Ethereum were not securities.
Ripple believes that the same standards applied to the two digital assets should and must be applied to XRP, undoubtedly proving it is not a security.
As CNF reported, even Garlinghouse is excited about the documents being released stating that the release of Hinman documents “was well worth the wait.”
With a win looking as the most probable outcome, Ripple CEO Brad Garlinghouse has said that the company will explore an initial public offering taking the company public. This would make it the second largest firm to follow this path after Coinbase.
At the time of press, XRP has only recorded a marginal change, falling by less than 1 percent. Exchanging for $0.51, investors hope the token can rally to retest its all-time high of $3.89 reached 5 years ago.
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