XRP Increases By 44% In One Week After Recent Move to Dismiss Lawsuit• September 24, 2022 10:32 pm • Comments
Despite the current crypto bear market, XRP was able to jump around 11% on Friday morning indicating that its recent bullish rally still has strong momentum.
So far, the asset has recorded a total jump of 44% over the past seven days and is now within the top 6 coins when measured by total market cap.
The rally comes from optimism about the results of the Ripple vs SEC lawsuit where both parties have filed motions for summary judgement which indicates that the lawsuit is getting closer to a conclusion.
At the same time of XRP’s bull rally, assets like Bitcoin is still under $19,000 and Ethereum has continued to decline by almost 13% after its post-merge selloff.
In a sea of red this week, be like $XRP: +44%
PSA: Exodus supports $XRP exchanges 👀https://t.co/75pTPl9yXY
— Exodus – Crypto Wallet (@exodus_io) September 24, 2022
The price pump for XRP follows news earlier this week that both Ripple and the SEC have filed motions for summary judgment in the $1.3 billion lawsuit, each seeking to dismiss the lawsuit before trial and asking the judge to rule in their favor.
The SEC filed charges against Ripple in December 2020 for allegedly conducting an unregistered securities sale when it sold XRP.
In a memorandum accompanying its filing, Ripple argued that it conferred no rights to XRP holders during its token sale, and that the company had no obligation to act in their interests.
“Filings show that the SEC is acting outside their legal limits,” Ripple General Counsel Stu Alderoty said in a statement. “The SEC is not looking to apply the law—they are looking to remake the law in the hopes that it can impermissibly expand their jurisdiction.”
Right now, the SEC is accusing that XRP is a security based on the reason that it meetings the criteria of a security based on the Howey test.
The Howey test is typically used as a benchmark by regulators to determine whether or not an asset qualifies as a security under US law.
Ripple, on the other hand, states that XRP is not a security because the company did not ever give any rights to XRP holders during the token sale and there were no investment obligations.
Ripple CEO Brad Garlinghouse also shared some detail on the effects that the lawsuit has had on XRP since the beginning as well as his thoughts on the SEC’s actions.
While most of crypto is making lower lows, there is one outlier of note: #XRP#Ripple broke above this channel where the price consolidated for months.
If it break $0.44, then $0.55 becomes likely.
XRP is a centralized coin loved by banks. #XRPUSD
Any news we're missing? pic.twitter.com/dQ4w5fAHFx
— Duo Nine | YCC (@DU09BTC) September 22, 2022
Ripple CEO Brad Garlinghouse appeared on Fox Business this week discussing XRP’s price, and its relationship with the RIpple lawsuit.
“Before the SEC got involved with us and ETH, XRP was the second-most valuable digital asset ahead of ETH,” he pointed out.
Garlinghouse said that Ripple expects there not to be a trial, since the facts of the case “aren’t really in dispute,” he said.
“We think [the judge] has the information she needs to make a ruling, and we think it’s very clear the SEC is grossly overreaching their authority,” he said.
$XRP looks to be doing something very rare – eating up demand from other cryptos, even from giants like $ETH and $BTC.
If this rally maintains its momentum, we could see an unprecedented burst to the upside. Watch out shorts! pic.twitter.com/aguRH1bZj0
— Vinco (@CryptoVinco) September 22, 2022
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