XRP Rallies 22% Within 24-hours As SEC Lawsuit Moves Forward
The price of XRP jumped 22% one the daily trading window as the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs takes an interesting turn.
XRP, which at the time of writing trades at $0.823, rose from the daily low $0.678 to briefly touch $0.837, before tracing to current level. On the weekly chart, XRP is up over 34%.
XRP saw a price hike after a major decision from Judge Analisa Torres, the presiding magistrate in the on-going U.S. Securities and Exchange Commission (SEC) vs. Ripple case.
The lawsuit between Ripple Labs and the United States Securities and Exchange Commission (SEC), which has been on-going since December of 2020. The SEC claims that XRP was sold as an unregistered security, while Ripple has asked for regulatory clarity on definitions saying that several other projects are very similar, and they are being targeted unjustly.
Meanwhile, Judge Analisa Torres has ordered three documents to unseal: 172-1, the notice of Brad Garlinghouse’s deposition in the SEC formal investigation, 179-4, a Chris Larsen email string, and 179-5, a Brad Garlinghouse email.
Legal expert, Jeremy Hogan, commented on Judge Torres’ decision, saying:
“Our final takeaway from the judge’s order is this: I think we are going to get a ruling on these three dispositive motions very soon. And by that, I mean, within a month possibly.
In fact, Judge Torres may have already decided and written her orders on two of the three dispositive motions and just needs to figure out what exhibits can be shown or referenced in her order when they are published.
This is definitely a housekeeping order and these usually happen when a judge is ready to invite people over to their home and look at something.
So, there is one last brief due on February 9 from Ripple, and then, hold on to your hats, we could get that long-awaited and key ruling on whether the fair notice defense survives any day now.”
A crypto analyst known as Credible Crypto is also positive that once the lawsuit is behind us, bullish momentum should return to XRP.
When the case does get settled, you can expect XRP’s price to absolutely pop. So if you’re waiting to hear the outcome of the case to jump in, you’re going to be too late. So you’re placing your bets right now and if your bet pays off and XRP wins, XRP is going to rocket, and then everything else is at the mercy of the SEC, and we don’t know what’s going to happen.”
