XRP Tokens Rise by Over 20% Amid Ripple-SEC Case

03/22/2023 10:57 • NFT Newsflash • 134 views

According to reports, XRP tokens have risen by more than 20% in the past 24 hours after reports on Tuesday that Ripple may be able to win its case with the Securities and Exchange Commission (SEC).

XRP rose more than 20% after it was reported that Ripple might win a case with the SEC

Introduction

The cryptocurrency market saw a positive uptick as XRP tokens surged by over 20% in the past 24 hours. This followed reports on Tuesday that Ripple, the blockchain payment company, may be able to win its ongoing legal battle with the United States Securities and Exchange Commission (SEC). In this article, we’ll dive deeper into the current status of the Ripple-SEC case and its impact on XRP cryptocurrency.

Background

Ripple is facing allegations from the SEC that it conducted an unregistered securities offering worth $1.3 billion by selling XRP tokens to investors. The SEC has argued that XRP tokens function as securities, meaning Ripple should have registered them before selling them to the public. This has led to Ripple’s CEO, Brad Garlinghouse, and co-founder, Chris Larsen, being named as defendants in the case.

Ripple’s Defense and Recent Developments

Ripple and its legal team have strongly denied the SEC’s allegations and defended their case by arguing that XRP tokens are more like currency or digital assets and not securities. However, in December 2020, Ripple filed a lawsuit against the SEC, calling its allegations “unprecedented and ill-conceived.” Ripple also accused the SEC of causing harm to XRP holders and disrupting the cryptocurrency market.
In May 2021, the U.S. Magistrate Judge Sarah Netburn ruled in favor of Ripple’s defense by granting their request to scrutinize the SEC’s internal cryptocurrency discussions. This was seen as a win for Ripple, as the company hoped that the internal discussions would reveal the SEC’s inconsistencies and biases against XRP.
More recently, on Tuesday, a legal filing by the SEC revealed that the regulatory body had made an incorrect statement during the case’s discovery phase. The SEC had earlier claimed that lawyers working for Ripple reviewed a memorandum that concluded XRP tokens were securities. However, in the recent filing, it stated that they had no evidence to support that statement. This could mean that the SEC’s case against Ripple might be weakening, thereby positively affecting the XRP cryptocurrency.

XRP’s Rise and Market Reaction

The recent developments in the Ripple-SEC case have sparked the positive movement in the XRP market, with the cryptocurrency rising by over 20% in the past 24 hours. At the time of writing, the XRP token was trading at $0.95.
The cryptocurrency market, in general, has also seen a positive trend, with Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, trading up by 3.3% and 8.3%, respectively. This indicates a cautious optimism amongst investors that the ongoing legal battles, which have affected the cryptocurrency market, may be reaching a favorable outcome.

Conclusion

Ripple’s legal battle with the SEC has taken a positive turn, with the regulatory body’s case against the company seemingly losing weight. This has led to a positive surge in the XRP cryptocurrency, which has been on a downward trend after the SEC’s allegations. However, investors are still cautious, with many waiting for more concrete results from the ongoing legal case.

FAQs

1. What is Ripple?
Ripple is a blockchain payment company that utilizes its native cryptocurrency, XRP, to improve cross-border payments’ speed, efficiency and cost.
2. What impact has the SEC case had on XRP?
The SEC case has negatively impacted the XRP cryptocurrency, with many traders and investors drastically reducing their holdings of the cryptocurrency in light of the ongoing legal battle.
3. What could be the outcome of the Ripple-SEC case?
The outcome of the Ripple-SEC case is still unknown, with both parties continuing to present their arguments. However, the recent developments, including the SEC’s incorrect statement, suggest a positive change in Ripple’s legal defense.

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