After Ripple received its permission to trade on a central digital asset trading platform, XRP gained around 30%. The news was not surprising, as the market was anticipating a significant move by Ripple. Likewise, you can enter nft-revolution.io to know the real price of XRP in the market. It is no surprise that Ripple is gaining market share in cryptocurrency. As the first cryptocurrency, XRP is poised to become the first major digital asset to trade on a major exchange.
Ripple had been defending itself from accusations that it sold XRP as securities and was subject to strict securities laws. However, a federal court judge has granted Ripple permission to respond to the SEC’s Memorandum of Law. Moreover, the judge ordered three unsealed documents, including an email thread from CEO Brad Garlinghouse to founder Chris Larsen.
A recent order by Judge Torres authorises the unmasking of Ripple’s SEC vs. Ripple emails will be revealed to the public, and it is expected that the price will rise. So it could be the end of the SEC vs. Ripple case, which may lead to a verdict soon, and has also been gaining momentum.
Price Of XRP
The price of XRP is expected to rise for several days, but the SEC’s action against Ripple could last into the fourth quarter of this year. It may also lead to delisting from U.S. exchanges, which may deter individual investors. In addition, if the SEC doesn’t approve Ripple’s application, it will delist on a U.S. exchange. However, there are alternatives to XRP’s delisting.
The recent World Economic Forum document mentioning Ripple, Ethereum, and JPM Coin also suggests the market’s prospects. The document was published before the SEC suit. Moreover, a research paper by the Banque de France, published in 2020, also lists Ethereum and Ripple as participants. It also clarifies the participants as Accenture (ACN), Euroclear, HSBC, and Forge.
The SEC’s alleged violations were the fault of two senior Ripple executives. The Southern District of New York subsequently rejected Ripple’s fair notice defence. However, the SEC’s alleged violations remained. The SEC argued that the two Ripple executives failed to provide adequate notice to the investors. However, the court rejected this argument, noting that Ripple’s reliance on the fair notice law prevented them from giving reasonable notice of the alleged violations.
Ripple’s XRP (XRP-USD) has made tremendous gains in the past month. The XRP token has gained more than 20%. However, the market has been impacted by a recent SEC lawsuit accusing the company of illegal sales of XRP. As the lawsuit looms, the token’s value may rise even further. Therefore, it is best to purchase XRP now and sell it once Ripple has settled.
The XRP market anticipates the SEC’s final decision in the Ripple vs. SEC case. The lawsuit was filed in late 2020 and continues to rage in the courts. Ripple says it is a currency and part of the XRP digital assets. It claims to provide cross-border payments and a small fee to crypto investors.
With the current governing administration and new commissioners, the SEC could change its stance on crypto. However, a recent statement by senior SEC officials suggests that Bitcoin and Ethereum are not securities. While these statements are not binding on any agency, they can help XRP avoid crippling SEC lawsuits.
This gain was driven by a recent ruling from the U.S. Supreme Court. The court found that the defendants did not violate the securities laws by offering XRP on a U.S. digital asset trading platform. In addition, the defendants made offers to individuals from the U.S. while they were based in California. Moreover, they sold XRP to individuals within the U.S.
After receiving permission from the judge, Ripple began a bullish rally. The token rallied 30% from its lowest point of $0.058 to $0.782, re-testing a multi-month trendline. Meanwhile, Alexander Mamasidikov, CEO of Crypto wallet service MinePlex, dismissed bearish predictions and claimed that the Ripple legal battle would be bullish for XRP.
The company’s legal defence against the SEC is based on compliance with ISO 20022, the international banking standard. Only digital currencies comply with ISO 20022, a very recent standard language. Supporters see this compliance with the lawsuit as evidence that Ripple is indeed a currency. The company’s legal team is still determining whether the lawsuit is valid.
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