Binance.US has received approval from Judge Amy Berman Jackson to continue operating in the US. This victory reinforced the positive expectations of the XRP community regarding their own victory. The victory of one over a common enemy in the face of the SEC in the crypto gaming field is perceived as a victory for all, and if not, then this tilts the odds in an unfavorable direction.
The improvement in sentiment is evidenced by the number of searches for Ripple’s lawsuit against the SEC, as well as the predictions of experts about what the victory will mean for the price of XRP.
We previously wrote that Kralow Capital founder and manager Thomas Kralow said in an interview that the price of XRP could reach $30 if Ripple wins the SEC lawsuit.
According to the hedge fund manager, the price of XRP was largely affected by the SEC lawsuit against the payments giant. This explains why the XRP community is keeping a close eye on updates to determine the direction the altcoin is heading.
Since Binance’s announcement, the number of people revisiting Kralow’s forecast has skyrocketed.
On-chain metric signals rapid rise in social dominance
According to Santiment, social dominance is an online metric that measures the share or percentage of cryptocurrency-related social media mentions of an asset compared to a pool of over 50 most popular projects. Based on this metric, XRP jumped from 0.41% on June 17 to 2.50% in social media mentions around the time the Binance.US approval news broke. This represents a 509% increase as XRP holders look to win.
The end is near?
The SEC-Ripple case, which has dragged on for more than two years, could come to an end very soon.
Mark Fagel, former director of the San Francisco SEC regional office, expects that the judge will rule on the XRP lawsuit in the coming days. Fagel said the court’s decision could be expected within a few days. In his opinion, further delay in the trial will be connected with the complexity of the case, and not with some hidden intentions.
The Ripple case is very different from other enforcement actions recently launched by the securities watchdog, according to former SEC director Fagel. He opined that the judge would likely not consider the Hinman papers or the issue of secondary trading. However, e-mails can be invoked in connection with the judgment of liability of individual defendants.