In its case against the SEC, Ripple seems to stack up the odds in its favor. In the recent hearing, the judge rejected the SEC’s motion to prevent Ripple from pursuing a fair notice defense.
Well, this has sent the XRP price up 12% which is currently trading at $0.81 with a market cap of $39.1 billion. Although XRP continues to remain volatile with the broader market correction, today’s move helps its cover all of its last month’s loss.
Ripple’s General Counsel Stuart Alderoty said that Friday’s judgment makes it clear that it’s on the SEC’s part to clarify whether it had appraised Ripple of its XRP distributions shall be regarded as securities. He stated:
Today’s order makes it clear there’s a serious question whether the SEC ever provided Ripple with fair notice that its distributions of XRP – since 2013 – would ever be prohibited under the securities law. Good to see the Judge rejecting the SEC’s attempt to prevent Ripple from pursuing its fair notice defense. It’s even more imperative that the sun sets on the SEC’s “regulation by enforcement” approach.
This could probably mean that the Ripple vs SEC is close enough to its conclusion. Ripple CEO Brad Garlinghouse also wrote: “While we would have preferred the cases against Chris and me to end now, the SEC must now prove its claims. We are confident that ultimately all of them will be dismissed”.
Although the crypto market witnessed a strong bull run in 2021, XRP hardly participated in the altcoin mega run with investors staying skeptical over its ongoing case with the SEC. However, once the dust settles, XRP could possibly have a strong run to the North.
Again it will be difficult to say whether XRP will be able to surge past its previous ATH this year, but it might emerge as a force to reckon with.
