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THE REASON FOR RIPPLE XRP'S 16% DAILY GROWTH
Ripple's XRP is one of the few major cryptocurrencies that haven't traded unchanged in the last 24 hours, but actually grew by an impressive 16% before rolling back. Apparently, the latest developments in the company's case against the Securities and Exchange Commission are well received by market participants.
RIPPLE'S LATEST COURT VICTORY
Back in December 2020, the U.S. Securities and Exchange Commission filed a lawsuit against Ripple. The security service stated that the company had placed unregistered securities worth $1.3 billion.
Unlike many other cryptocurrency-related companies that have taken the path of accepting charges and paying a fine, Ripple decided to challenge the case, deciding to prove that XRP is not a security. The case went one way or the other, but more recently the court rejected the Commission's request to deny reasonable protection to Ripple.
The said motion focused on whether Ripple had received reasonable and fair notice from the SEC about whether the XRP sales were illegal securities sales.
A HUGE VICTORY FOR RIPPLE
This question was commented on by Brad Garlinghouse, CEO of Ripple, who said that this is a huge victory for the company.
Additional clarity was also provided by Ripple's general counsel Stuart Alderoti, who said:
Today's order makes it clear that there is a serious question about whether the SEC has ever notified Ripple that its distribution of XRP - since 0213 — will ever be prohibited by securities law.
He also added:
It's nice to see that the judge rejected the SEC's attempt to prevent Ripple from upholding fair notice. It is even more important that the SEC's approach to "regulation through enforcement" finally comes to a standstill.
Now the price of XRP has risen from about $0.72 to $0.84 shortly after the documents were made public.
Source: TradingView
The cryptocurrency has since returned to where it is currently trading, but it is still up 7% on the day.
