In a notable turn of events, XRP has soared beyond $1.20, showcasing an impressive 87% increase over the past week. This surge represents a three-year high, gaining traction following a lawsuit initiated by 18 U.S. states against the Securities and Exchange Commission (SEC) and its chairman, Gary Gensler. The lawsuit accuses the SEC of overstepping its regulatory boundaries within the cryptocurrency sector.
Ripple’s IPO: A Renewed Conversation
As these legal matters unfold, speculation mounts regarding Ripple’s potential Initial Public Offering (IPO). The recent legal actions have prompted discussions about the possibility of Ripple pursuing an IPO to capitalize on the current bullish market conditions.
SBI CEO Advocates for Swift IPO Action
Yoshitaka Kitao, the CEO of SBI Holdings, has been vocal about his support for Ripple’s IPO, urging the company to expedite its preparations once the legal dispute with the SEC is resolved. Despite the SEC’s recent appeal in October, analysts suggest that internal changes within the SEC might lead to the dismissal of the appeal, potentially paving the way for Ripple’s public offering.
Brad Garlinghouse’s Perspective on IPO Strategy
Ripple’s CEO, Brad Garlinghouse, has emphasized that while an IPO isn’t an immediate priority, the option remains on the table. In 2022, Garlinghouse indicated that Ripple would consider going public post-resolution of the SEC lawsuit. Although Ripple boasts robust financial stability, which negates the urgent need for an IPO, Garlinghouse had initially projected a public debut within a year—a timeline that has been delayed by ongoing legal battles.
Significant XRP Movements by Co-Founder
During XRP’s price rally, co-founder Arthur Britto transferred 80 million XRP tokens, with 10 million moving to Binance. This activity has ignited speculation among community members regarding Ripple’s strategic plans, including the possibility of an impending IPO.
Ripple’s Strategic Decisions Ahead
As conversations around an IPO gain momentum, Ripple remains observant of market and legal developments. Previous IPO plans were stalled by the SEC lawsuit, but recent shifts in the regulatory landscape might bring the idea back to the forefront. An IPO could signify a significant milestone for Ripple, offering investors new opportunities to engage with the blockchain leader.
Current Market Dynamics for XRP
Currently, XRP has surged by 25%, approaching a local resistance level of $1.0739. If buying pressure persists, a breakthrough could elevate the price to $1.10, and potentially into the $1.15-$1.20 range in the coming week. Conversely, if the weekly candle closes significantly below this resistance, a correction to the $0.90-$0.95 range might be anticipated. At the time of writing, XRP is trading at $1.0522.
