In a bold move that could reshape the future of the cryptocurrency market, Ripple CEO Brad Garlinghouse has announced the company’s readiness to take its legal dispute with the U.S. Securities and Exchange Commission (SEC) to the Supreme Court. Having already spent a staggering $150 million on defense against the SEC’s accusations regarding the XRP token, Ripple’s decision underscores the high stakes and potential ramifications for the broader crypto landscape.

The SEC initiated legal action against Ripple in 2020, asserting that the company violated regulations by selling XRP without registering it as a security. This lawsuit has garnered significant attention within the cryptocurrency community, raising questions about the SEC’s authority over the rapidly evolving market.

Brad Garlinghouse, speaking at the DC Fintech Week event, expressed eagerness to seek the Supreme Court’s perspective on the matter, stating, “We’d love to see the Vegas odds on how that would go.” Despite this commitment to the legal battle, Garlinghouse did not rule out the possibility of a future settlement.

In a recent development, the SEC has requested the court to dismiss specific parts of its litigation against Ripple co-founder Christian Larsen and Brad Garlinghouse. However, the SEC may still pursue an appeal against the judge’s ruling from July, which determined that XRP sales to retail investors did not constitute investment contracts.

The SEC relies on a legal test established in a 1946 Supreme Court case to determine whether an asset falls under its securities regulations. Many cryptocurrency advocates argue that digital assets, including XRP, do not meet this standard. They contend that the SEC or Congress should create updated regulations that consider the unique characteristics of cryptocurrencies.

It’s worth noting that Ripple isn’t the only cryptocurrency company entangled in high-stakes legal battles with the SEC. Coinbase Global Inc. is also facing regulatory scrutiny, accused of operating an unregistered exchange, brokerage, and clearing agency.

While SEC Chair Gary Gensler has expressed pride in the agency’s enforcement work in the crypto space, the industry remains uncertain about the regulatory landscape. Ongoing legal conflicts between crypto companies and the SEC highlight the need for clear and updated regulations in the rapidly evolving cryptocurrency market.

XRP Price Outlook Amid Legal Uncertainty

As Ripple’s legal battle with the SEC unfolds, investors closely monitor the price movements of XRP. As of the latest update, XRP is trading at $0.6609. Recent developments, including Brad Garlinghouse’s optimism about a potential Supreme Court appeal, have sparked interest and uncertainty in the crypto community.

Analyzing XRP’s price action on the weekly chart reveals bullish signals, with the cryptocurrency holding above the 50-day and 200-day exponential moving averages (EMAs). A potential climb back to $0.68 could test the $0.7047 resistance level.

Conversely, a dip below the $0.65 handle might exert pressure on XRP, leading to a test of the $0.6354 support level. The 14-day Relative Strength Index (RSI) reading suggests that XRP may return to $0.68 before entering overbought territory.

The cryptocurrency market remains dynamic, influenced by both legal developments and market sentiment. Investors and enthusiasts alike eagerly await the outcome of Ripple’s legal battle with the SEC and its potential impact on the broader regulatory landscape.