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HomeCrypto NewsMarketRipple Eyes $1, Takes Back 6th Place Surpassing ADA and SOL, Amid Favorable Development in SEC Lawsuit

Ripple Eyes $1, Takes Back 6th Place Surpassing ADA and SOL, Amid Favorable Development in SEC Lawsuit


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XRP is doing very well Amid Favorable Development in SEC v Ripple Lawsuit.

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Following the recent ruling from Judge Analisa Torres, Ripple’s (XRP) price has surged to a whole new level not seen since the beginning of the year. 

XRP regained a market capitalization of $40 billion after a positive turn of events in Ripple’s legal battle against the Securities and Exchange Commission and has moved above Cardano (ADA) and Solana (SOL) to become the sixth-largest cryptocurrency by market capitalization.  

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According to data on Coingecko, XRP has been up 37% in the last seven days and is currently trading around $0.8627 after reaching $0.91. The market cap of XRP stands at $41B, while the marketcap of Cardano and Solana is $39B and $35B, respectively.

Ripple’s Lawsuit Edges Closer to its End 

Recent developments in the hallmark lawsuit against the blockchain company saw Judge Torres rule that all sealed documents in the company’s legal battle against the SEC should be opened. 

The documents are expected to be a key determinant of whether Ripple conducted an unregistered security sale in the United States. 

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During the early stages of the lawsuit, Ripple founder and chairman Chris Larsen added two memos as part of sealed exhibits in a bid to dismiss the SEC lawsuit that the cryptocurrency is not a security. 

The unidentified lawyers prepared documents that support the argument that Ripple did not refer to XRP as an investment contract or securities in its letter to prospective investors in 2012. 

“They [the sealed documents] will show that in 2012 Ripple received a legal analysis that XRP was not an investment contract. [We] look forward to the public having access to these documents as we continue to vigorously defend this case,” Ripple general counsel, Stuart Alderoty, said in a press briefing.

The surge in the price of XRP reflects investors’ happiness that Ripple’s lengthy legal battle with the SEC could soon be over, despite attorney John Deaton stating last month that the case may linger until next year

Should the memo be used as a basis for the dismissal, it would suggest that the government lacks knowledge about cryptocurrency. The SEC is unwilling to learn before litigation. 

So far, several experts, including attorney Deaton, are saying the SEC may not have better evidence to counter Ripple after the sealed documents are opened. 

As reported earlier, the lawsuit’s outcome will determine how cryptocurrencies are classed going forward.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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