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XRP Price Spikes 28% As Ripple Files to Dismiss SEC Lawsuit

Highlights

    World’s top fourth cryptocurrency, which is known to maintain a narrow trend is on the verge of a major breakout.

    Few analysts predict a major bull run for XRP with nearly 30 percent correction in the coming days

Ripple Labs CEO Brad Garlinghouse and Chairman Chris Larsen have filed motions to dismiss the US SEC lawsuit as a part of pre-trial discovery after having two huge wins last week. 

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Both the executives have filed the motion with US District Court Judge Analisa Torres on April 12 to dismiss the lawsuit. If they are successful, the case will permanently be squashed and the SEC will be barred from bringing similar charges in the future.

The aforementioned wins achieved are the Court’s denial of SEC’s request for eight years of personal financial data of both the executives. Ripple has also unearthed documents where SEC has considered XRP as a digital currency, and not a security.

XRP Price Soars to a 3 Year High of $1.73

XRP’s bullish trend which was sparked by two previous wins set ablaze following the news and surged 28%. It reached a 24 hour high of $1.73 becoming the fourth-largest cryptocurrency by market cap in the ecosystem.

This is the highest it has reached in the last 3 years. Earlier this month it had reached $1 for the first time since 2018.

At the time of writing, XRP is trading at $1.76 with a 9% rise in 24hrs.

The official preliminary statement filed by Chris Larsen read,

” The SEC seeks to regulate a novel and innovative financial asset by bringing an Ill-conceived enforcement action in an undeveloped and highly uncertain area of the law”.

Brad Garlinghouse’s statement called the lawsuit 

“The SEC’s extraordinary decision to sue individuals in the face of years of regulatory uncertainty about how it would try to regulate this new technology”.

The SEC has accused Ripple Labs of essentially running a $1.3 Billion unregistered securities offering with its sale of XRP, which it classifies as a security rather than a cryptocurrency.

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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