XRP Continues to Surge Amid Positive Narrative Surrounding SEC Case
While most cryptocurrencies have been slowing down or consolidating their gains, XRP is experiencing a rapid surge. This can be attributed to the positive narrative surrounding the ongoing case between Ripple and the United States Securities and Exchange Commission (SEC). In just a single day, XRP has rallied more than 10%, marking a 23.68% increase over the past week and a 31.28% increase over the past month. So far in 2023, its value has grown by over 100%.
At the time of writing, XRP is trading at $0.6878, inching closer to breaking the critical psychological price level of $0.70 last seen in July. This surge in value is accompanied by a significant influx of $3.49 billion to its market capitalization, which rose by 10.45% within 24 hours.
One of the contributing factors to this positive sentiment is Ripple’s victory in the SEC case. Judge Analisa Torres ruled that all retail sales of XRP were non-securities sales. Additionally, there are speculations about Ripple withdrawing its lawsuit against Brad Garlignhouse and Chris Larsen, top executives of the blockchain company.
Arguments for Fair Disgorgement
Attorney Jeremy Hogan has provided compelling arguments regarding disgorgement in the case. He suggests that disgorgement should refer to Ripple’s net profits from sales, rather than gross profits. This means deducting business expenses from the total amount. Hogan also argues that the disgorged amount should go to individuals or entities who suffered financial losses as a result of their investment in XRP.
Furthermore, Hogan questions the SEC’s jurisdiction over institutional buyers of XRP in countries other than the United States. He emphasizes that there should be a nexus between the institutional buyer and the United States for the SEC to have authority over the sales of XRP in those countries.
Hot Take: XRP’s Bullish Run Continues Amid Ripple’s Legal Victories
XRP’s recent surge in value can be attributed to positive developments in Ripple’s legal battle against the SEC. The court ruling that retail sales of XRP were non-securities sales has bolstered investor sentiment. Additionally, speculations about Ripple withdrawing its lawsuit against top executives further contribute to the positive narrative surrounding XRP.
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