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XRP Jumps 44% in a Week After Ripple Moves to Dismiss SEC Lawsuit

XRP Jumps 44% in a Week After Ripple Moves to Dismiss SEC Lawsuit

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XRP, the cryptocurrency originally launched by the founders of crypto-payments firm Ripple, jumped 11% early Friday morning after a strong week of gains — and investors hope the SEC’s lawsuit against Ripple may be coming to an end.

Trading in XRP has since cooled slightly, now up 3% for the day. But that’s still enough for a steep 44% gain over the past seven days, now back in the top six coins by market cap despite the overall crypto market crash. Bitcoin is back below $19,000, while Ethereum is down another 12.8%. post-merger sales.

XRP’s price pump follows news earlier this week that both Ripple and the SEC have filed motions for summary judgment in a $1.3 billion lawsuit, with each seeking to dismiss the lawsuit before trial and asking a judge to rule in their favor. The SEC filed charges against Ripple in December 2020 for conducting an unregistered securities sale while selling XRP.

Inside something memorandum In an attachment to its filing, Ripple claimed that it did not grant XRP holders any rights during the token sale and that the company had no obligation to act in their best interest.

“The filings show that the SEC is operating outside of its legal bounds,” Ripple lawyer Stu Alderoty said in a statement. “The SEC is not going to enforce the law — they want to change the law in the hope that it can impermissibly expand their jurisdiction.”

In contrast, the SEC claims that XRP meets the criteria of a security under the Howey test. A benchmark used since the 1930s to determine whether an asset qualifies as an investment contract under US federal law. The regulator claims that XRP buyers expected to make a profit after buying the coin and that the purchases represented an investment in a joint venture.

Ripple CEO Brad Garlinghouse appeared on Fox Business this week we discuss the price of XRP and how it relates to RIpple.

“Before the SEC got involved with us and ETH, XRP was the second most valuable digital asset before ETH,” he noted.

Garlinghouse said Ripple expects not to go to trial because the facts of the case “are not in dispute,” he said.

“We think [the judge] He has the information he needs to make a decision, and we think it’s very clear that the SEC is exceeding their authority,” he said.

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