XRP Leads Top Ten, Is The SEC Lawsuit Against Ripple Dead?

In an surprising flip of occasions, XRP is the top-performing large-cap right this moment. Over the final 24-hours, XRP has soared 16%, even spiking as excessive as $0.74 within the early hours of the European session.

Analysis of the chart exhibits a particular uptrend suggesting that, regardless of the difficulties endured because of the U.S Securities and Exchange Commission (SEC) lawsuit, bulls proceed to develop in confidence.

Source: XRPUSD on TradingView.com

The Latest Twist in SEC Lawsuit

The value of XRP tanked following the SEC’s lawsuit in opposition to Ripple simply earlier than Christmas. Later on, key companions, together with MoneyGram, jumped ship, and several other exchanges additionally delisted the token.

According to the SEC, Ripple and two key executives had offered $1.3bn of unregistered securities. Ripple CEO Brad Garlinghouse responded by calling the lawsuit an assault on the entire crypto trade. Despite his try to uplift the scenario, the overriding sentiment on the time was one in all concern.

“What I DON’T want is for you to worry. We will get through this, and we will prove our case in court. We have a phenomenal legal team and like I said, we are on the right side of the law to begin with. Know, however, that the legal system is slow, and this is just the beginning of a long, civil process.”

As the authorized course of has unfolded, Ripple’s protection arguments have grow to be all of the extra compelling. At the identical time, the SEC’s place appears more and more weak.

The finish of final month noticed one other partial win for Ripple. The choose presiding over the case granted the agency’s motion to temporarily seal four documents whereas ordering the 2 events to agree on redactions. Ripple’s authorized crew satisfied the choose to grant redactions on two emails.

The first is an e-mail between Garlinghouse and an unknown individual at Rippleworks – its social ventures challenge. The second pertains to nameless individuals discussing the notion of XRP and Ripple’s affect on it.

XRP Almost Back to Pre-Lawsuit Price

The timing of the SEC lawsuit and the resignation of SEC Chair Jay Clayton quickly after is a key speaking level for observers. XRP was driving excessive on the time, having damaged a close to three-year slumber, peaking at $0.82.

All of that got here crashing down following the announcement of authorized motion. What’s extra, the uncertainty throughout a bull run has undoubtedly contributed to XRP’s slide down the market cap rankings.

After bottoming at $0.17 on the finish of December, XRP has maintained an upwards momentum ever since. XRP is now at a degree near pre-lawsuit ranges.

Nonetheless, the lawsuit is way from over. When requested if Ripple might function with out XRP, Garlinghouse stated:

“We could do that. We’ve always thought about our product as ‘How do we solve a customer’s problem first and foremost?’ And I think that has served our growth. It’s a reason why we have seen so much activity now, billions and billions of dollars of transactions across Ripplenet, our network for payments.”

The agency nonetheless holds hope of reaching an settlement with the incoming SEC administration.

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