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- Ben Armstrong claimed the SEC vs. Ripple legal battle was orchestrated to establish XRP as the first regulated cryptocurrency, enhancing its integration into the global banking system.
- Bitboy Crypto highlighted that the legal battle has granted XRP legitimacy and acceptance among banks and financial institutions.
Within a week of Ripple paying $125 million in settlement charges for violating securities laws with XRP’s institutional sales, Ben Armstrong, aka Bitboy Crypto, said the three-year-long battle was set up to make XRP the first regulated cryptocurrency in the market. Bitboy Crypto’s comments came during a recent interview with Thinking Crypto.
Despite the US SEC walking away with $125 million in settlement, XRP has emerged as a clear winner in this matter. Sources familiar with the matter stated that the SEC might appeal the court’s decision, dragging the XRP lawsuit further, per the CNF report.
In an interesting revelation, Bitboy Crypto said that he believes that the case was never genuinely real. He added that the outcome had been orchestrated to make XRP the first regulated digital asset, thereby paving the way for its integration into the global banking system.
He also added that what people usually see in these high-profile cases isn’t always real. As per Bitboy Crypto, both parties carefully planned the lawsuit to legitimize XRP while positioning it as a key player in the financial world.
“There was 0% chance ever that this was not going to go Ripple’s way. It needed to be regulated. Everything has to look normal. The people that are at the top to control things, they have to make things look normal all the time,” he said.
XRP Future Looks Bright
With the long-running Ripple vs. SEC battle almost ending now, market analysts believe that XRP’s future looks bright. The recent legal settlement, per the CNF report, makes analysts believe that the XRP price is poised to rally to new all-time high levels.
One of the key points that Bitboy Crypto made was regarding the regulation. He added that although regulators have classified Bitcoin and Ethereum as commodities, they see XRP with a different lens. He added that the legal battle gave XRP a stamp of legitimacy, allowing it to be accepted by banks and other financial institutions. Besides, he also said that the entire legal battle made XRP look like it had undergone rigorous scrutiny, thereby giving the altcoin greater importance in the financial system.
Now that the SEC litigation is behind us, Bitboy believes that the XRP’s potential is much clearer. By removing this “dark cloud,” XRP now has a clearer path for growth. He added that it’s worth appreciating that XRP managed to stay in the top ten spot despite the lawsuit and getting delisted from several crypto exchanges.
As of press time, the XRP price is $0.5757, and its market cap is $32.3 billion. On the weekly chart, the XRP price still shows 14% gains.
