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

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

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For all cryptocurrency users, the XRP lawsuit is important. Ripple’s win would significantly affect the entire cryptocurrency market. If Ripple wins its legal battle against the US Securities and Exchange Commission (SEC), it could lead to a parabolic rise in the price of XRP.

The outcome of the Ripple v. SEC case

The legal battle between the SEC and Ripple may end soon. To save a full trial, both sides have filed motions for summary judgment in the United States District Court for the Southern District of New York.

Every cryptocurrency community should be following this trial. According to media reports, Ripple has achieved significant procedural and tactical victories in defending the agency. XRP and other cryptocurrency projects will soar if a judge rules that a San Francisco-based fintech company did not violate federal securities laws, as the SEC alleged.

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

Crypto expert and founder Gokhshtein Media, David Gokhshtein praised the XRP army for being the hardest single tweet in cryptoblood. He said it takes “patience and diamond hands” to endure such a tough legal process.

The Chamber of Digital Commerce is acting curiae in the XRP litigation

In another related development, US-based advocacy group the Chamber of Digital Commerce (CDC) has been given the green light to serve as amicus curiae in the XRP securities litigation. Thanks to their “friend of the court” status, they can help the court by informing them about the legal issues involved. In a related development, the Chamber of Digital Commerce (CDC), a US-based advocacy organization, has been granted permission to serve as amicus curiae in XRP securities actions. They can help the court with information on legal issues related 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 filed a petition asking the judge to grant additional time if other amicus briefs are allowed. Ripple quickly rejected the regulator’s request, calling it “once again an obvious attempt to delay further resolution of this dispute.”

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

In response to the CDC’s request to join the lawsuit, the SEC has filed a petition asking the judge to grant additional time if other amicus briefs are allowed. Ripple quickly rejected the regulator’s request, calling it “once again an obvious attempt to delay further resolution of this dispute.”

In July, the SEC tried to revoke XRP holders’ Amici curiae status, but District Judge Analisa Torres denied the move.

XRP, ranked sixth by market cap, was at $0.4437 at press time, up 30% on the month. Market leaders Ethereum (ETH) and Bitcoin (BTC) were down 11.4% and 21.7%, respectively.

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