In recent times, there has been a heated discussion between the famous journalist and Fox Business host Charles Gasparino and the Ripple / XRP community. Gasparino stated that the US Securities and Exchange Commission (SEC) had legitimate reasons why they targeted and sued Ripple before FTX.
Even Ripple’s legal counsel, Stuart Alderoty, stood by and rejected the objection, as reported by Bitcoinist. Meanwhile, the Fox Business host clarified that he does not know who will win the lawsuit. He even acknowledge that the judge’s comments “first show that he will side with Ripple,” but at the same time, he warned that this was before the “implosion of the whole SBF FTX.”
Ripple’s Victory Is Important For The Entire Crypto Industry
In his two latest tweets, Gasparino paints a dark future scenario for the broader crypto market and shares his views on the possible consequences for the industry if the SEC wins against Ripple. Gasparino write via Twitter:
The Crypto community sees bleeding if the SEC wins against Ripple in the form of regs / other supervision that will impact almost every sector including the exchange biz given Gary Gensler’s desire to force the registration of every coin but BTC.
Gasparino is not alone in this opinion. Even Ripple has stated in a previous statement that the company is fighting not only for itself, but for the entire crypto industry, to avoid overreaching regulation by the SEC.
Also note Gasparino’s latest tweet referring to the largest American crypto exchange. The reporter confirmed that Coinbase has developed a plan to survive regulatory violations by the SEC:
Coinbase told Fox Business it is developing plans to survive the SEC’s regulatory crackdown on digital assets using broker-dealers to trade users’ coins as securities. The move comes as small SEC v Ripple looms; The winning SEC can force coins aside from BTC to register.
What Could This Bloodbath Look Like For The Crypto Market?
The Fox Business host did not specify what the blood means. However, a look at history helps to understand the thesis. When the SEC sued Ripple on December 22, 2020, the price dropped 68% within a week.
While Bitcoin and Ethereum are now down 74.74% and 72.62% from their highs, XRP is 89.31% below the high of $3.40, which was reached on January 07, 2018. Thus, XRP shows a less significant performance. .
The result of the court battle remains on the razor’s edge which, with the XRP community, of course, sees many arguments in favor of Ripple’s victory. In a recent blog post, Ripple’s general counsel, Stuart Alderoty, said he expects – positive – results for the lawsuit in the second quarter of 2023.
At press time, XRP price is trading at $0.3640. With yesterday’s upward movement, XRP was able to break through the key resistance at $0.3560. This opens up the possibility of hitting the next resistance at $0.3740, possibly tomorrow, Thursday, when the CPI data for December is released.
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