Ripple surged 20% amid a new twist in the SEC litigation
Ripple cryptocurrency gained 20% amid a new twist in the SEC litigation
Lawyers for Ripple Labs drew the court's attention to Judge Michael Wiles' decision in the Voyager Digital case in early March
The exchange rate of the cryptocurrency Ripple (XRP) rose 20.8% amid a new twist in a legal battle between the coin's developers and the U.S. Securities and Exchange Commission (SEC). The value of the asset has updated to its highest since Nov. 5, 2022, rising to $0.49. As of 9:40 a.m. on March 22, XRP is trading at $0.47.
The SEC's case against Ripple Labs has become one of the most important in cryptocurrency history. Its outcome will determine which digital coins can be recognized as securities under U.S. law.
The battle between the regulator and Ripple has been ongoing for more than two years, and neither side has yet been able to convince Judge Analisa Torres of the U.S. District Court for the Southern District of New York that it is right.
On March 20, Ripple attorney James Phelan said that the defendants had submitted new arguments to the court in support of their position. They cited a March 8 ruling by Judge Michael Wiles regarding the SEC's claim about the Binance.US deal to buy the assets of bankrupt cryptocurrency lender Voyager Digital.
The decision in the Voyager case could have serious implications for the outcome of Ripple's litigation. The ruling bolsters the developers' position that the company has not been given clear guidance on whether or not XRP is a security. The new arguments against the SEC have increased market participants' optimism, which has been reflected in the price of the XRP token.
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