As the legal tussle with the SEC inches closer to an end, the Ripple camp has become more optimistic about a favorable ruling in light of new developments.
XRP, Ripple’s native token, is currently bucking the overall trend, having registered a massive 11% gain in the past 24 hours at a time when most assets, including Bitcoin (BTC), are witnessing modest losses. The bullish trend has elicited speculations of an imminent positive ruling in the SEC vs. Ripple lawsuit.
With an 11.92% gain in the past 24 hours, XRP remains the biggest gainer among the top 75 assets by market capitalization. The asset has recaptured the $0.42 zone for the first time since Jan. 25, hitting a 2-month high of $0.4283 today.
Despite facing opposition at the local top, XRP’s momentum remains intact, as the asset is currently trading for $0.4267 at the time of reporting, aiming for the $0.43 price territory. Proponents have ascribed the latest solo rally to bullish developments surrounding the SEC’s case against Ripple, as investors anticipate a favorable ruling.
The Ripple Camp Anticipates a Favorable Ruling
Most recently, Ripple filed a notice of supplementary authority to Judge Analisa Torres as it awaits her final ruling on the summary judgment motions.
As previously reported, Ripple called Judge Torres’ attention to the judgment made by bankruptcy judge Michael Wiles on the Voyager acquisition case. Wiles had ruled in favor of Voyager on March 11, giving Binance.US the green light to purchase the bankrupt lender’s assets despite opposition from the SEC. The agency had implied that VGX, Voyager’s native token, has the semblance of security. The SEC also said Binance.US was an “unregistered securities exchange” without any argument to back up these claims. Ripple cited Judge Wiles’ dismissal of these claims in support of its fair notice defense.
Speaking on Judge Wiles’ ruling, attorney John Deaton noted that it would provide support for Ripple’s defense. The community now awaits Judge Torres’ ruling. Earlier this month, Ripple’s general counsel Stuart Alderoty disclosed that he believes the ruling will come by month’s end.
As these bullish developments unfold, XRP whales have begun accumulating more tokens. As previously highlighted, over 50 XRP whales have been added to the Ripple network in the past month, amassing up to 420 million tokens within the time frame.
Speculations that these whales are cupping more tokens in anticipation of a favorable ruling have emerged. This has contributed to XRP’s latest rally. Digital Asset Investor, a crypto influencer, recently highlighted XRP’s persistent intraday rallies despite having no legal clarity and being the most attacked asset in the space.
Best Performing XRP Days Since 2015(XRP Had ZERO Legal Clarity during any of these days). We haven't even had a utility bull run yet. XRP is the most attacked cryptocurrency on Coinmarketcap.(For A Reason) Release the Kraken.
12/14/17 +85.58%… https://t.co/D7JJw20LIp
— Digital Asset Investor (@digitalassetbuy) March 21, 2023