- XRP is up 11% in the last 24 hours
- Investors are now expecting positive regulatory news that may finally conclude the ongoing SEC vs Ripple case.
XRP has soared 9%, drawing significant investor interest in the last 24 hours. The surging price action has been triggered by recent updates shared in the ongoing SEC vs Ripple case.
XRP Is Up 9% In The Last 24 Hours
XRPs soaring bullish stance surprised investors on Friday, as the crypto surged past its usual numbers to sit at $0.32155. XRP has documented a rise of 9% and at press time, is trading at $0.3688, up 11% signaling a bullish price action.
The recent surge was triggered due to fresh information that was recently shared in the ongoing SEC vs Ripple case. Defense attorney James Filan has shared a new update via Twitter shedding light on the recent SEC vs Ripple case development.
Filan tweeted that “Third Party B files a Motion to Seal requesting redactions to the declaration of Third-Party B filed by the SEC as an attachment to the SEC’s Motion for Summary Judgement.”
On Friday, Filan tweeted a series of tweets expressing his opinion on the latest regulatory news that documented Gensler’s takes on types of assets that can be categorized as securities. According to WSJ, SEC head Gary Gensler on Thursday said that proof-of-stake cryptocurrencies could also be securities. The statement stirred crypto enthusiasts to share their opinions widely on the internet, compelling Filan to share his take on the current XRP situation. Filan shared a tweet of Ripple defense lawyer Stuart Alderoty who wrote:
“In today’s Senate banking Committee hearings, Chair Gensler misstated the Supreme Court test to determine what is and isn’t a security. Was it intentional, or does he not know the law? Which is worse?”
Gensler’s statement triggered a fierce debate on crypto Twitter enabling cryptocurrency enthusiasts and investors to question SEC’s take on securities. Gensler’s comments propelled several users including Republican senator Pat Toomey to seek classification on the kind of framework that the SEC uses to judge cryptocurrencies.
.@GaryGensler owes investors and innovators alike more clarity on how he intends to apply @SECgov regulations to digital assets. pic.twitter.com/S8bz0tOmk7
“Unfortunately, some of the SEC’s recent actions and inactions raised concern about how well it’s carrying out this important mission [protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation],” Toomey added.
Gensler said it’s a security if “the investing public is anticipating profits based on the efforts of a common enterprise.” The Courts already rejected that, b/c it collapses two separate Howey prongs into one and: “We do not interpret the Howey test to be so easily satisfied.” https://t.co/0K4Olp9VIb
The perplexing comments of Gensler followed by SEC’s questionable stance on securities may have prompted the recent XRP price action. Notably, alongside XRP, LBCs native token LBRY and Dragonchain DRGN token were also up 11% and 5% respectively. These tokens were earlier implicated by the SEC as pointed out by CryptoLaw founder John Deaton, signaling that the ongoing SEC vs Ripple case may soon find its favorable end.
I remember this moment during the oral argument. Although the SEC attorney initially said he would have to think about it, he ended up saying if it can be said that anyone COULD expect a profit it doesn’t require them to actually expect profits. Think about that for a moment. https://t.co/In0WBkXynp
In addition to this, attorney Jeremy Hogan tweeted that the coming weeks are important for the crypto domain as Ripple summary briefs are scheduled to be filed this week, alongside a decision that will be made in relation to the LBRY case this week. These two particular events are being considered as huge for the cryptocurrency sector, which according to Hogan, may alter its course of history for years to come and may finally put an end to the yearlong court battle between Ripple and SEC.
This is a HUGE week in crypto law.
The Ripple summary judgment briefs will be filed today (although we won’t see them until Monday) and a decision in the LBRY case is expected this week.
These two things will effect the entire space for years to come.
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