Ripple has been planning a ‘Proper Victory Party’ to celebrate its victory over the United States Securities and Exchange Commission (SEC) for a while now and this could affect the XRP price. This was made public in late August when the company announced the September 29 date. Now, with the Ripple victory party just a few days away, could it have a positive effect on the XRP price?
Background On The Ripple Party
In July, Judge Analisa Torres ruled that secondary XRP sales did not count as securities. This judgment came after an almost three-year-long bitter battle between Ripple and the SEC. The lawsuit alleging XRP was a security was first filed in 2020 and has raged on even through a historic bull market.
However, Ripple had refused to go the route of settlement like many others and instead decided to fight the regulator in court. This led to millions of dollars in legal fees for the crypto firm, as it fought tooth and nail to prove that XRP did not qualify as a security.
Eventually, Ripple was vindicated by Judge Torres’s ruling, leading to widespread celebration among the community. XRP had been re-listed on major crypto exchanges such as Coinbase and Bitstamp which had initially delisted the token over its regulatory problems and the price of the token surged in response.
On the back of the victory, Ripple announced that it would be holding a community celebratory party to mark the occasion. Replying to this announcement, CEO Brad Garlinghouse chimed in to say; “As promised – it’s time for that proper victory party.” He further added, “The last few years have been quite the journey and I look forward to sharing a celebratory toast on Sept 29 in NYC!”
As promised – it’s time for that proper victory party.
The last few years have been quite the journey and I look forward to sharing a celebratory toast on Sept 29 in NYC!
— Brad Garlinghouse (@bgarlinghouse) August 28, 2023
XRP bulls looking to retest $0.5 | Source: XRPUSD on Tradingview.com
Will The Celebrations Trigger An XRP Price Rally?
The XRP price is still struggling after the euphoria from the ruling has worn off. However, as the party draws closer, it could serve as a catalyst to reignite this euphoria once more. It could boost community morale, thereby increasing confidence and interest in the coin.
In this instance, the XRP price would likely enjoy an uptick in price. This could see the coin recover above $0.5 once more and reclaim it as support for the time being. A boost in network activity would most likely follow this as well.
Community members have also come forward to share their thoughts on the upcoming party. One X user explained that the party was not to celebrate XRP’s price but rather to celebrate the victory over the SEC.
The #Ripple party isn’t to celebrate XRP’s price. In reality people are celebrating the defeat of Gary Gensler and the SEC
— XRPcryptowolf (@XRPcryptowolf) September 24, 2023
For now, the XRP price is seeing 2.49% losses in the last day to trade at $0.496. But it is not all losses for the altcoin which has seen its daily trading volume rise over 90% to rest above $700 million at the time of writing.