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Ripple, the creators of XRP, has been embattled with the Securities and Exchanges Commission (SEC) since 2020 over the initial sale of XRP in 2012. The ongoing battle has been watched by all in the crypto industry, as the outcome will likely send a ‘ripple’ throughout all crypto projects by setting a precedent on how crypto is defined.
XRP Lawsuit
The XRP coin was initially released in 2012, citing itself as a way of providing fast, efficient cross-border transactions without the horrendous fees and multiple-day waits associated with traditional banking sector services.
The lawsuit from the SEC claims that XRP was illegally sold without registering it as a security before investors received the crypto coins.
The Ripple company’s defense is that XRP should not be considered an investment, as its main purpose is to facilitate transfers internationally between banks and companies.
The final briefs from both parties were submitted in December. Each side is running the line the other is bending the view of the laws to fit their prerogative; however, now it is up to the judges to decide who is right.
XRP Price Action
Since Brad Garlinghouse, CEO of Ripple, has stated that he expects a ruling on the case before the end of the first half of 2023, XRP has seen a rally to its price, with investors bullish on the outcome of the case.
Garlinghouse was quoted on CNBC was quoted as saying “The SEC’s behavior in some of it has been embarrassing as a U.S. citizen. Just some of the things that have been happening, like you’ve got to be kidding.”
“From the beginning, I thought it was very clear that the facts were on our side, that the law was on our side,”
he said.
“And I think as you have seen this play out, as you have seen the filings in the court, that the judge certainly is hearing our arguments.”
Avorak AI
With the likely turnout that crypto with utility will be considered commodities rather than securities, Avorak’s AVRK token is set up for an even more bullish outlook, considering the main function of the token is to facilitate the purchase of credits to use the Avorak suite of products.
Encompassing automated trading systems, image generation, AI writing, and eventually a blockchain system supporting the advancement of the products, Avorak has an incredible outlook on the horizon.
Users will be able to pay for the services in AVRK but also gain a share of this revenue by holding AVRK, a dual-purpose crypto that has immense utility.
Analysts are rating XRP a buy, with good news around the corner.
They are rating AVRK a strong buy, with a high likelihood of extreme upwards price movement.
Want to learn more about Avorak AI?
Website: https://avorak.ai
Whitepaper: https://avorak-labs-and-technology.gitbook.io/avorak-a.i-technical-whitepaper/
*This article was paid for. Cryptonomist did not write the article or test the platform.
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