XRP Retains Momentum Amidst SEC Legal Battle
The cryptocurrency market witnessed a slight retracement of gains this week, but XRP managed to maintain its bullish momentum, thanks in part to a recent court ruling involving the lawsuit against Binance by the Securities and Exchange Commission (SEC). This ruling has further fueled Ripple’s ongoing legal battle with the regulator.
Ripple Leverages Binance Ruling in Legal Battle
- Ripple’s legal counsel, Michael Kellogg, highlighted in a letter to Judge Analisa Torres that the recent ruling in the Binance case supports Ripple’s argument that its sales of XRP were not illegal and do not warrant harsh penalties as claimed by the SEC.
- Judge Amy Berman Jackson’s dismissal of SEC claims related to Binance’s BNB token sales as securities transactions has exposed the SEC’s inefficient oversight of the industry through litigation, leaving parties without clear guidance.
- This dismissal supports Ripple’s stance that clarity on the legality of XRP sales was crucial, following the Court’s judgment.
Impact on XRP and the Crypto Market
- Following a ruling on Ripple a year ago, XRP experienced a significant surge of 70% in a single day and was relisted on major exchanges, becoming a reference point for the industry’s ongoing conflicts with the SEC.
- While Bitcoin and Ethereum saw declines of 2.1% and 1.4% respectively, assets like XRP and Solana rose by 1.2% and 3.4% in the SEC’s crosshairs.
Hot Take: XRP’s Legal Victory Sparks Market Momentum 🚀
The recent legal developments in Ripple’s battle with the SEC have not only boosted XRP’s bullish momentum but also shed light on the regulatory challenges facing the cryptocurrency industry. As Ripple leverages favorable court rulings to strengthen its position, the broader market is witnessing the impact of regulatory clarity on investor sentiment and asset performance. Stay tuned for more updates as this legal saga continues to unfold in the crypto space!
Sources:
By
By
