Thursday, October 6, 2022
HomeAltcoinsRipple win over SEC might leads to parabolic rise in price of...

Ripple win over SEC might leads to parabolic rise in price of XRP

For all cryptocurrency users, the XRP lawsuit is important. A win for Ripple would significantly affect the whole cryptocurrency market. If Ripple wins its legal battle against the Securities and Exchange Commission of the United States (SEC), it might lead to a parabolic rise in the price of XRP.

End result of Ripple v. SEC Case

The SEC and Ripple legal battle could be coming to an end shortly. To save a full trial, both parties have submitted applications for summary judgement to the U.S. District Court for the Southern District of New York.

Everyone in the cryptocurrency community should be keeping a watch on this litigation. As per media reports, Ripple has staked significant procedural and tactical victories in its defence against the agency. XRP and other cryptocurrency projects will soar if the judge rules that the San Francisco-based fintech company did not break federal securities laws as the SEC claimed. 

The SEC filed the action in December 2020 after alleging that Ripple and two of its senior executives, Chris Larsen and Brad Garlinghouse, sold XRP tokens worth more than $1.3 billion while misleading investors into believing they would get substantial returns on the company’s earnings.

Crypto expert and founder of Gokhshtein Media, David Gokhshtein praised the XRP Army for being the hardest in the cryptoverse in a separate tweet. He said that it takes “patience and diamond hands” to endure such a hard legal process.

Chamber of Digital Commerce to act as curiae in the XRP lawsuit

In another related development, the U.S.-based advocacy group Chamber of Digital Commerce (CDC) has received the green light to act as amicus curiae in the XRP securities lawsuit. The “friend of the court” status allows them to assist the court in briefing legal issues relevant to the casIn a related development, the Chamber of Digital Commerce (CDC), a U.S.-based advocacy organisation, has been given permission to serve as an amicus curiae in the XRP securities action. They can help the court in briefing legal matters pertinent to the case thanks to their “friend of the court” status.

In response to the CDC’s request to join the lawsuit, the SEC has submitted a petition requesting the judge to provide extra time if other amicus briefs are allowed. The regulator’s request was swiftly rejected by Ripple, who called it “yet another obvious attempt to further postpone settlement of this dispute.”

In July, the SEC attempted to have XRP holders’ status as amici curiae revoked, but District Judge Analisa Torres denied the move.

In response to the CDC’s request to join the lawsuit, the SEC has submitted a petition requesting the judge to provide extra time if other amicus briefs are allowed. The regulator’s request was swiftly rejected by Ripple, who called it “yet another obvious attempt to further postpone settlement of this dispute.”

In July, the SEC attempted to revoke the amici curiae status of XRP holders,but District Judge Analisa Torres denied the move.

XRP, which is sixth in terms of market capitalization, was trading at $0.4437 at the time of publishing, up 30% for the month. Market leaders Ethereum (ETH) and Bitcoin (BTC) had declines of 11.4% and 21.7%, respectively.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

2 × 5 =

- Advertisment -

Most Popular