Last Updated: 8 March 2023
XRP prices have surged as investors anticipate the resolution of the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) in the coming weeks. Ripple’s chances of winning the case are looking increasingly positive, according to reports. The SEC filed the lawsuit in December 2020, alleging that Ripple sold $1.3 billion worth of XRP tokens as an unregistered security. Ripple has denied the allegations, arguing that XRP does not meet the criteria for an investment contract under the Howey test.
Recent Developments Raise Hope U.S. District Judge Analisa Torres’ decision on the parties’ motions to preclude expert testimony in the lawsuit has raised hopes among XRP supporters. John E. Deaton, founder of legal news outlet CryptoLaw and a lawyer for XRP holders, said he doubts there will be significant delays from here on. Attorney Fred Rispoli suggested that Judge Torres’ recent ruling indicates that the summary judgment is “very, very close,” with a verdict expected this month.
Why XRP Cannot Be Classified as a Security Pro-Ripple lawyers argue that XRP cannot be classified as a security, even if it was sold as one. They base their argument on the fact that XRP is not an investment contract under the Howey test. The Howey test is a legal test used in the United States to determine whether an asset is an investment contract or a security. An investment contract is a transaction in which a person invests money in a common enterprise and expects to make a profit primarily from the efforts of others. Ripple has repeatedly claimed that XRP does not meet these criteria.
What’s at Stake?
The Ripple vs. SEC lawsuit has far-reaching implications for the entire crypto market. Should the SEC prevail, it would set an undesirable legal precedent, potentially affecting the development and growth of the cryptocurrency industry. As a result, investors, developers, and shareholders are closely following the case.
XRP Prices Surge XRP’s price has risen by 2.54% to $0.3812 at the time of publication, as investors grow increasingly optimistic about the outcome of the case. The positive developments in court have contributed to XRP’s recent surge.
The conclusion of the Ripple vs. SEC lawsuit is highly anticipated, with XRP investors eagerly awaiting the verdict. Recent developments in court have raised hopes that the case will end in Ripple’s favor. The lawsuit’s outcome has far-reaching implications for the entire cryptocurrency market, making it a closely watched event for investors, developers, and shareholders alike.
The Ripple vs. SEC lawsuit’s conclusion is a significant event for cryptocurrency investors, and the outcome will undoubtedly impact the market’s future. As XRP investors eagerly await the verdict, many are turning to online trading platforms like British Bitcoin Profit or Bitcoin Profit to stay informed and take advantage of potential market movements. Whether Ripple wins or loses the lawsuit, the decision is sure to have far-reaching implications for cryptocurrency investors worldwide.