Last Updated: 25 October 2023
In a significant legal victory, Ripple, the blockchain company, has had the charges against its top executives, Brad Garlinghouse and Christian Larsen, dismissed by a US District Court Judge. The charges brought by the US Securities and Exchange Commission (SEC) were related to the sale of XRP tokens.
Legal Battle Culminates in Favor of Ripple
The order officially dismissing the SEC’s charges was signed by Judge Analisa Torres of the US District Court in New York on October 23. This marks a substantial milestone in Ripple’s ongoing legal battle with the SEC.
SEC’s Charges Dropped Ahead of Official Dismissal
It’s worth noting that the SEC dropped the charges related to the previous sales of XRP tokens before the official dismissal. Brad Garlinghouse, one of the accused executives, expressed his disapproval of the SEC’s tactics, alleging the misuse of taxpayer funds.
Possible SEC Strategy and Ongoing Hearings
Some legal experts speculate that the SEC’s decision to drop the charges before an extended trial in spring could be a strategic move to expedite the appellate process.
Attorney Jeremy Hogan recently commented on the legal dispute, stating that, “for all intents and purposes,” the case “is over.” He emphasized that the primary issue left to be decided in this matter is a judgment potentially amounting to $770 million. Hogan added that important hearings will be held in the coming months to determine this judgment.
Ripple’s Positive Development Reflects in XRP Price
The positive developments for Ripple have had a notable impact on the price of its native cryptocurrency, XRP. The recent legal victory, combined with a broader rebound in the cryptocurrency market, including a significant surge in Bitcoin’s value, has significantly boosted XRP’s price.
As of the time of writing, XRP is trading at $0.55, marking a 4.14% increase in the past 24 hours and an impressive 12.3% rise over the week. This surge has added approximately $2.4 billion to its market capitalization.
Technical Analysis: XRP’s Moving Averages
With this recent upswing, XRP has crossed above the 200-day moving average (MA) at $0.52, which now acts as a support level. The next significant challenge is the 100-day MA, situated at $0.564. Clearing this barrier would potentially open the path for further price increases, aiming for the next major resistance level around $0.65.
In conclusion, Ripple’s victory in the legal battle against the SEC has brought about significant positive momentum for XRP, with the cryptocurrency surging in value. While there are ongoing hearings to determine the judgment, the case has largely concluded, and the crypto community eagerly awaits the final verdict expected next year.
Amidst this legal victory, XRP investors are watching with bated breath as the cryptocurrency’s value continues its ascent. The anticipation for the final judgment next year has added an element of excitement to the investment landscape, making platforms like Bitcoin Equaliser and Italian Formula essential tools for traders looking to capitalize on the ever-evolving world of cryptocurrencies.