Although Ripple hasn’t made it clear what the company places on celebrating at its upcoming party, many are speculating a “victory” against the US Securities and Exchange Commission (SEC) and Gary Gensler.
However, such a victory is yet to be anywhere in sight as the regulating body is moving forward with an appeal against the company’s partial victory.
In the meantime, the company’s native token has been flourishing in light of the hype created by the company’s upcoming event.
According to Coinmarketcap , XRP’s daily trading volumes have been skyrocketing, jumping by over 90% to rest above $700 million.
But the token’s price is yet to break away from the average $0.5 price.
Optimistically, according to Linda P. Jones, a Wall Street veteran, “Ripple’s shares are valued at $35, translating to a staggering $5.7 billion valuation.” Jones also said that “This valuation significantly surpasses Ripple’s current market value, suggesting the company may be undervalued.”
Users all over X have been attempting to predict what announcements will take place during the company event.
The general consensus seems to revolve around a Ripple IPO announcement, as well as a settlement with the US Securities and Exchange Commission over the XRP/securities lawsuit.
Company CTO, David Schwartz supported the speculation on X earlier this month by replying to a user on the social platform, saying “Only two of those things will happen.”
Users on Reddit, however, do not share the same positive sentiment towards the potential outcome of the ‘victory party’.
Ripple made the announcement regarding the ‘victory party’ public for its community on X, saying: “We’re hosting a community celebration on September 29 in New York City!”
The announcement goes on: “More details to come later this week.” However, the company has yet to make any announcements regarding said details, and the community is getting impatient.
Deaton starts his claims by saying: “I have ZERO insider information.” However, the crypto legal expert provides a simple explanation why the US Securities and Exchange is unlikely to provide Ripple with either an IPO or a settlement in its lawsuit against the company in which the regulating body lost following Judge Torres’ ruling.
However, Deaton seemingly is confident that “@Ripple Proper Party there won’t be an announcement of a settlement.” And, that “There won’t be an announcement of an IPO either.”
Deaton’s reasoning relies on the fact that the SEC would be in charge of providing either positive outcomes to Ripple.
This looks like an unlikely outcome considering that the regulating body is currently “seeking a permanent injunction against Ripple related to future institutional sales of #XRP during the remedies phase of the litigation, as well as seeking a permanent injunction against the CEO and Chairman of the Board, if they win at trial.”
Moreover, XRP was re-listed on several exchanges, including Coinbase, the US-based exchange also currently going through litigation with the SEC.
Moreover, Ripple managed to expand its market overseas, including a deal struck with the Colombian central bank .