XRP Up 8% After The SEC Case Signed To End

In the past 24 hours, the XRP price showed the strongest signs of recovery among the market’s cryptocurrencies. This increase comes from when the community noticed that the more than 2 year long lawsuit between the SEC and Ripple was coming to an end.

As was previously reported by Coincu News, in their latest action, both Ripple and the SEC filed on September 17, asking a federal judge to immediately determine Ripple’s sale of XRP violate the securities laws of the United States.

Both Sec and Ripple seem to have lost their patience as the lawsuit has dragged on for so long without any conclusion. They requested a summary judgment in the Southern District Court of New York, USA.

In addition, Ripple Labs said in a filing to the U.S. Securities and Exchange Commission (SEC) that Ripple’s coin wasn’t a security subject to the regulator’s authority. Ripple sought dismissal of the SEC lawsuit before trial in federal court in Manhattan, arguing that XRP could not be considered a security because there was no “investment contract” that granted investors the rights to or require the issuer to act in their interests.

The parties have repeatedly made various exploratory moves over the past two years without reaching a definite conclusion whether Ripple violated securities laws by selling XRP. The two even agreed to extend the lawsuit until 2023, to the chagrin of the XRP investor community.

However, recent signs have given investors hope that the long-running lawsuit may soon be over. This is probably also the force that helped the price of XRP increase by more than 15% within 2 days. In the past 24 hours, XRP is up 8.05%, currently trading at $4076.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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