In its case against the SEC, Ripple appears to be increasing the odds in its favor. At the recent hearing, the judge rejected the SEC’s motion to prevent Ripple from having a fair defense.
Well, this has pushed the XRP price up 12% which is currently trading at $0.81 with a market cap of $39.1 billion. While XRP remains volatile with the broader market correction, today’s move is helping to cover all of the loss from the past month.
Ripple’s general counsel, Stuart Alderoty, said Friday’s ruling makes it clear that it is up to the SEC to clarify whether it had assessed Ripple that its XRP distributions will be considered securities. He declared†
Today’s order makes it clear that there is serious question as to whether the SEC has ever given Ripple a fair notice that the distribution of XRP – since 2013 – would ever be banned under the securities law. Good to see the judge dismissing the SEC’s attempt to prevent Ripple from continuing its defense of fair disclosure. It’s even more important that the sun is setting on the SEC’s “regulation-by-enforcement” approach.
This could probably mean that the Ripple vs SEC is close enough to its conclusion. Ripple CEO Brad Garlinghouse too wrote“While we would have preferred the cases against Chris and me to end now, the SEC must now prove its claims. We are confident that they will all be fired eventually.”
Will 2022 be a year for the XRP?
Although the crypto market witnessed a strong bull run in 2021, XRP barely participated in the altcoin mega run, with investors remaining skeptical of the pending case with the SEC. However, once the dust settles, XRP could potentially have a strong flight north.
Again, it will be hard to say whether XRP will be able to rise past its previous ATH this year, but it could become a force to be reckoned with.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
Bhushan is a FinTech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.
This post XRP Shoots 10% As Ripple Makes Another Microprofit In Its Case Against The SEC
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