XRP tapped a new high, reaching close to $0.5 at one point amidst bullish sentiments in the Ripple Vs Sec lawsuit. The latest surge in the token’s price action was last seen on Nov 2022 due to the Hinman ruling.
The judge overseeing the lawsuit then granted Ripple a small victory by ordering the SEC to turn up the “Hinman documents,” which were traded on October 20, 2022.
However, the price of XRP plummeted as a result of a later decision in the related LBRY case, which classified cryptocurrencies as securities.
As of now, investors have rekindled expectations that Ripple, one of XRP’s major supporters, would prevail in the legal battle with the U.S. Securities and Exchange Commission.
The renewed interest of investors was due to a supplemental notice submitted by Ripple on 20 March.
Here the blockchain firm pointed to a case where Binance.US’ rescue plan for defunct crypto lender Voyager Digital was rejected by the SEC including the exchange’s plan to buy Voyager’s native token VGX for $1.3 billion.
The regulator maintained that Binance, an unlicensed exchange, is unable to sell the security VGX, as per the notice from Ripple.
But what gauged next caught Ripple’s attention.
According to the Ripple letter, the judge not only dismissed the SEC’s objections and authorized the bankruptcy plan, but slammed the regulator’s arguments for its “vagueness”.
The court also observed that the SEC had not “offered any guidance at all as to just what it was that the Debtors allegedly were supposed to prove” to establish VGX was not a security.
Former Ripple Critic Double Down On XRP’s Potential
The SEC and Ripple are locked in a bitter legal battle after the former accused the firm and its CEO Brad Garlinghouse and co-founder Chris Larsen of violating US securities laws [selling XRP without first registering it with the regulator].
Ripple refuted the SEC’s allegations asserting that XRP belongs in the category of a digital currency rather than a security.
Recently, Ryan Selkis, co-founder and CEO of Messari, recently joined the San Francisco-based firm’s growing list of allies by tweeting his support for it.
Selkis, a former critic turned supporter of Ripple feels that the firm should win the XRP-SEC lawsuit and that the XRP Ledger should be given the chance to compete properly on a global level.