Kayıt Tarihi: 13-Kasım-2019
XRP price and market cap surge as Ripple files motion to
|Gönderen: 22-Nisan-2021 Saat 10:19 | Kayıtlı IP
dismiss SEC lawsuit
Ripple Labs recently filed a motion to dismiss the
Securities & Exchange Commission (SEC) lawsuit against
the company and its executives.To get more news about
WikiFX, you can
visit wikifx.com official website.
Motion to dismiss following twin victories last week
The SEC sued the blockchain firm late last year,
along with its executives Brad Garlinghouse and Chris
Larsen, alleging that XRP tokens were sold as an
unregistered security offering.
Despite speculation and fear that led to the
delisting of XRP from many crypto exchanges, Ripple has
witnessed a string of legal victories, supporting the
firms dismissal of the case.
Ripple had twin victories last week, as the court
denied the SECs request for the personal financial
records related to Garlinghouse and Larsen. Judge Sarah
Netburn also granted Ripple access to the SECs internal
communication on Bitcoin and Ethereum.
While the SECs lawsuit accused Ripple of running a
$1.3 billion unregistered securities offering, Judge
Netburn previously stated that XRP is a currency and has
utility to her understanding.
With the recent wins against the SEC, CEO Brad
Garlinghouse and Chairman Chris Larsen filed motions to
dismiss the SECs lawsuit. Once these motions are granted,
the lawsuit would be over.
XRP price undeterred by ongoing legal battle
Despite the ongoing legal battle, retail traders have
been undiscouraged. The recent legal victories have
pushed XRP price even higher, marking a three-year high.
XRP price surged by over 25% in the past 24 hours,
gaining 65% just in the past week. Along with the bullish
crypto market, led by Bitcoin and Ethereum in the recent
rally, XRP price is trading at $1.81, the highest since
The cross-border remittance token has recently
climbed back up into fourth place by market
capitalization and exceeded $70 billion for the first
time since early 2018. The total value of XRP has
eclipsed the market cap of French banking giant BNP
Paribas, with a market cap of roughly $64 billion.
Relisting XRP unlikely until SEC issues a no-action
Not only has XRP price been riding off of the recent
legal battles, but also the rumors of the token being
relisted on several exchanges again. A community member
made a discovery that pointed to the possibility of
Coinbase relisting XRP in several lines of code in the
Coinbase Pro API.
However, John Deaton the attorney who led the
motion to intervene in the SEC v. Ripple case stated
that he does not believe that Coinbase, Kraken and
Binance are going to relist XRP until the SEC issues a
no-action declaration or further clarity from the United
States District Court for the Southern District of New
York (SDNY). Deaton said: Further, Timothy Peterson,
investment manager at Cane Island Alternative Advisors,
believes that the crypto exchanges decision to suspend
trading XRP was based on weak and political
allegation[s]. Considering that XRP has a trading
volume of $20 billion per day, roughly 10% of the entire
trading volume on the Nasdaq, he stated that it was wrong
for exchanges to delist the token. He explained: