- Ripple is well-placed in the winning position of the case.
- Judge Michael Wiles endorsed the arguments submitted by Ripple.
The XRP token surged over 15% in the last 24 hours after its issuer’s reports. Investor’s hope increased after Ripple well-placed in the winning position of the landmark case with the U.S. Securities and Exchange Commission on Tuesday.
The SEC sued Ripple in 2020, alleging the firm sold unregistered securities. Ripple opposes the SEC’s allegation, maintaining that XRP should be considered a digital currency rather than Securities.
The Case Will Conclude this Year?
Ripple defenders submitted the new filing to support their fair notice defense earlier this week. The filling has references to the ruling SEC’s objection in the voyage digital holding Bankruptcy case. It also noted that in rejecting the SEC’s complaints. Michael Wiles, Judge of the U.S. Bankruptcy Court for the Southern District of New York, endorsed Ripple defenders’ arguments.
According to the notice from Ripple, SEC rejected that arguing VGX was akin to security and calling Binance unregistered securities. However, the Judge rejected the SEC’s objections.
Monica Long, President of Ripple, stated that she was very hopeful about achieving a positive resolution in the SEC battle. And she thinks it will conclude this year.
Some market observers said that traders are likely to react to the rumors that the case has already settled on paper.
The Youtuber Ben Amstrong, known as Bitboy Crypto tweeted,
Is every coin with SEC action going to be suppressed this bull run or if the #Ripple case ends with a win, will people no longer pay attention to the suits?
— Ben Armstrong (@Bitboy_Crypto) March 22, 2023
However, any progress in the case of Ripple vs SEC results in XRP price movement. According to CoinMarketCap the trading price of XRP is $0.4486, which increased by over 25% in the last seven days.
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