Bill Morgan, a pro-crypto attorney, has strongly criticised the new opening brief submitted in the XRP lawsuit by the United States Securities and Exchange Commission. He has even questioned the regulator’s understanding of how the crypto market works. However, in the last 24 hours, XRP has outperformed almost all the top cryptos, marking an impressive growth of nearly 9.4%.
Let’s dive in for more details.
In the SEC’s opening brief, the regulator claims that Ripple violated securities law through its sales of XRP, alleging that Ripple’s statements to investors created an expectation of profits. Bill Morgan, however, countered this claim in an X post, pointing out that price increases in the crypto market are generally driven by overall market trends, not just the actions of issuers like Ripple.
Reports suggest that whales have been active recently, moving at least 130 million XRP tokens amid the ongoing legal developments. Whale activity can significantly influence market sentiment, and XRP has not been immune to this.
Over the past hour, the market has dropped by 0.2%, with a larger 1.5% decline observed throughout the day.
Despite the volatility and legal uncertainties surrounding the token, market sentiment for XRP remains positive. According to a JP Morgan analyst, there’s a strong possibility that an XRP ETF could be launched soon, which is adding to investor optimism.
In conclusion, XRP continues to be a key player in the crypto market, driven by legal developments and whale movements. As the lawsuit progresses, XRP’s outlook remains strong, with long-term growth potential and increasing interest in an XRP ETF.
Once again, XRP proves that it can thrive even under the pressure of uncertainty!
Ripple (XRP) has secured regulatory clarity in the lawsuit driving a positive price action.
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