Ripple XRP price drops, Unlikely to Win Court Case, Orbeon ORBN Price Predicted To Rally This Week
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Ripple is under pressure as traders lose confidence amid the legal battle with SEC. If Ripple loses the case, it could be subject to significant fines. This could hurt the price of XRP and the overall crypto market.
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Founded in 2012, Ripple is a crypto payments technology geared towards business. It aims to provide a fast, secure and efficient way of making payments worldwide. Its benefits include low cost, speed, scalability and a low carbon footprint.
However, Ripple is facing an uphill battle as it tries to defend itself against the U.S. Securities and Exchange Commission (SEC). The SEC has filed a lawsuit against Ripple, alleging that the company violated federal securities laws by selling unregistered digital assets. The SEC has accused Ripple of conducting a $1.3 billion unregistered securities sale. If Ripple is found guilty, it could be forced to pay hefty fines. Moreover, XRP could be classified as a security and subject to SEC regulation.
Recently, more and more influential people in the industry are voicing their concerns about Ripple. One of them was Miles Jennings, the general counsel of a venture capital firm Andreessen Horowitz (a16z). A16z counsel revealed that he believes that Ripple is unlikely to win its court case against the SEC. In a recent tweet, Miles Jennings of A16z said that he didn't have his hopes up for Ripple.
"Because they were selling tokens to retail in the US, and, per the SEC, the value of
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