XRP’s Rally Continues Amidst Legal Battle with SEC

Despite ongoing legal disputes, XRP’s value has risen, with notable increases in trading volume.

The price of Ripple’s XRP token remains elevated in anticipation of the opposition brief for the platform, which is scheduled for April 22, 2024. A recent development caused XRP to surge to a peak of $0.6212, reversing the losses sustained prior to the CPI Report.

At the time of writing, Ripple was trading at $0.6185, representing a slight increase of 2.69% in value over the previous twenty-four hours.

Adding to the intrigue, the XRP token has appreciated by more than 24% in the past week and by a more moderate 1.68 per cent in the past month.

XRP, boasting a market capitalization of $34,056,510,337, maintains a prominent position among the leading ten cryptocurrencies.

Nonetheless, with a current value of $2,385,213,279, its trading volume has decreased by 5.22%, illustrating the varied trends in cryptocurrency trading.

The Ripple platform has been embroiled in an ongoing legal dispute with the Securities and Exchange Commission (SEC) since the regulators initiated legal proceedings against it in 2020.

Despite facing allegations of offering unregistered securities by the SEC, Ripple achieved a partial victory with Judge Analisa Torres’ judgment that XRP sales on public exchanges did not qualify as securities.

XRP Legal Battle Intensifies

However, the Ripple-SEC saga continues to this day. The case underwent additional developments over time, including the SEC’s motion for interlocutory appeal, which was denied, the SEC’s opening brief, and other similar developments.

The deadline for Ripple’s opposition brief was rescheduled to April 22, whereas the SEC extended the deadline for its opening brief to March 22.

Concurrently, an additional lawsuit was filed against Ripple, its subsidiary XRP II, LLC, and CEO Brad Garlinghouse in California, alleging that they had violated both California and federal securities laws.

As the opposition briefing on Ripple approaches, the community is monitoring the market’s reaction with great interest. In addition, the magnitude of the penalty for violating Section 5 of the 1933 Securities Act may be impacted by the opposition brief.