In a recent post on the X social media network, Charles Gasparino, a prominent reporter at the Fox Business channel, has warned XRP holders that they “might be getting poor” depending on how things turn out for Ripple.
“In other words, you are probably not getting rich on XRP and might be getting poor depending on how this shakes out,” he wrote on the X social media network.
Gasparino’s bearish prediction stems from the fact that Ripple, the controversial company associated with the token, is still not out of the woods when it comes to its years-long legal battle against the U.S. Securities and Exchange Commission.
According to the Fox Business host, the SEC will stop at nothing to overturn the ruling by U.S. District Judge Analisa Torres in the Ripple case.
As reported by U.Today, the judge found that Ripple violated security laws with its institutional sales. However, secondary XRP sales did not constitute investment contracts in a win for the San Francisco-based company.
The price of the XRP token briefly surpassed the $0.8 level following the favorable ruling in July. However, it quickly gave up its gains.
At press time, the Ripple-affiliated cryptocurrency is trading at $0.62. Despite the broader market rally led by Bitcoin, it has so far failed to reclaim its post-ruling high.
The SEC has signaled that it will appeal the ruling in the Ripple case. Since the regulator is now also waging an aggressive campaign to classify Ethereum as a security, Gasparino believes that XRP will not be spared.
On top of appealing the case, Ripple is also facing more than $2 billion in penalties and fines, according to the SEC’s latest motion.
