XRP Surges Above $3 With 4.5% Rally Amid Hopes of SEC Case Resolution
Main Idea
XRP's price surged past $3 due to optimism over the potential dismissal of the SEC's appeal against Ripple Labs, which could mark the end of their long legal battle.
Key Points
1. XRP climbed over 4.5% in 24 hours to $3.04, driven by speculation that the SEC may drop its appeal before the August 15 deadline.
2. Bill Morgan, an attorney following the case, suggested the SEC is likely to dismiss its appeal, boosting investor sentiment.
3. The SEC sued Ripple in December 2020, alleging $1.3 billion in unregistered securities sales, but a 2023 ruling stated XRP is not a security in secondary market sales.
4. Ripple and the SEC filed a joint motion to release $125 million in escrow, proposing a $50 million SEC allocation and $75 million return to Ripple.
5. The case's outcome could influence broader crypto regulation in the U.S. and challenge the SEC's regulatory approach.
Description
XRP surged past the $3 mark for the first time in over a week, driven by mounting optimism that the U.S. Securities and Exchange Commission (SEC) may soon dismiss its appeal against Ripple Labs. The token climbed over 4.5% in 24 hours to hit $3.04 on Thursday, according to data from Cointelegraph. The rebound came amid growing speculation that a resolution to the years-long legal battle between the SEC and Ripple is approaching. Bill Morgan Predicts Appeal Dismissal Investor sentiment was furthe...
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