As XRP Remains Locked in a Tense Legal Confrontation with the SEC

This courtroom drama has left investors on edge, wondering if a favorable outcome might propel XRP towards an ambitious $5 value

The judge presiding over the case involving XRP and the SEC has set Monday, September 18, at 10:00 AM ET as the time for the opening statements in the case. This case, which began in 2020, has seen several setbacks and pivots, finally culminating in a trial set to decide the fate of XRP and potentially the broader cryptocurrency market.

As the case unfolds, several key questions remain at the forefront. Will XRP manage to shed its label as an unregistered security? A win for XRP could translate into massive institutional interest and price gains for the token, especially if it makes significant strides toward the speculated $5 value.

Analysts at Chainalysis suggest that institutional crypto activity already reached record levels in 2023, and an outcome favorable to XRP could further dampen institutional anxieties, potentially paving the way for even greater participation in the crypto market.

Those interested in the case can follow it live via Zoom. However, it's crucial to note that this coverage will not include any video feed.

In other news, eMarketer has released an updated forecast for U.S. adults’ social media usage in 2023. The report predicts that 244.06 million people in the U.S. will use social media at least once per month this year.

This represents a slight decrease from the previous estimate of 245.41 million and marks a slowdown in growth from 2022. Despite the slowdown, social media penetration in the U.S. remains high, with nearly three-quarters of the population expected to engage with social platforms.

The report also segments social media users by generation and platform. Among Gen Z (ages 18-27), 99.4% are expected to use social media in 2023, while 98.3% of Millennials (ages 28-42) and 84.4% of Gen X (ages 43-57) are predicted to be social media users.

The youngest generation is expected to spend an average of 226.8 minutes per day on social media, followed by Millennials at 115.4 minutes and Gen X at 70.3 minutes.

The most popular platforms among U.S. adults are expected to be Facebook, Instagram, and TikTok. Together, these platforms are predicted to reach a combined total of 211.8 million users.

As the lines between the physical and digital worlds continue to blur, understanding the role and reach of social media in today’s society is more critical than ever. eMarketer’s latest forecast provides valuable insights into the evolving landscape of social media in the U.S. and the varying engagement levels across different generations.