The Reason Behind Ripple’s XRP 16% Daily Surge

Ripple’s XRP, one of the largest cryptocurrencies, is not trading flat over the last 24 hours, but has surged by an impressive 16% prior to retracing. Market participants seem to be pleased with the latest developments in Ripple’s case against Securities and Exchange Commission.

Ripple’s most recent court win

In December 2020, Ripple was sued by the United States Securities and Exchange Commission. According to the watchdog, Ripple had unregistered $1.3 billion security offerings.

Ripple chose to fight the case instead of other crypto-related businesses who accepted the charges and paid a penalty. Although the case has been going back-and-forth, Ripple decided to fight the case, determined to establish that XRP is not a security.

The motion was aimed at determining whether Ripple received fair and reasonable notice from the SEC regarding whether the sale of XRP was illegal.

Huge Win for Ripple

Brad Garlinghouse (CEO at Ripple), commented on the matter, saying that it was a major win for the company.

Stuart Alderoty (Ripple’s General Counsel) added clarity by saying:

Today’s order is a clear indication that there’s serious doubt about whether Ripple was given fair notice by the SEC that distributions of XRP, since 0213, would be ever prohibited under securities law.

He also said:

It’s good to see that the Judge rejected the SEC’s attempt to stop Ripple from following its fair notice defense. Even more important is the SEC’s “regulation through enforcement” approach.

XRP’s price jumped from $0.72 to $0.84 within a matter of minutes after the documents were made public.

Source: TradingView

Although the cryptocurrency has since been retraced back to where it is trading, it is still up 7% per day.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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