XRP, the sixteenth largest cryptocurrency by market cap, has experienced an upward trend in its price over the past 24 hours, with a significant increase of around 8% in the course of the last day before dropping down, according to the data from Coinmarketcap.
The token gained steam after Ripple CEO Brad Garlinghouse announced that 12 entities have field “amicus briefs” to support Ripple in their dispute against the US Securities and Exchange Commission (SEC).
XRP is currently priced at $0.4963, which is almost a change of 10.82% from yesterday’s price, and if it manages to surpass the critical $0.50 resistance level and maintain its strong momentum.
In addition, in the last 90 days, the price fluctuated between a minimum average price of $0.3159 and the highest average of $0.5523. So there is a chance of going through the following level of resistance as well.
The increase in the XRP’s 24-hour trading volume, which is up by roughly 31%, according to Nomics figures, indicates that the rise has been motivated by rising market sentiments.
As of the time of writing, the worldwide crypto market cap climbed by 3.6% in the previous day, while the entire crypto market volume over that period was $110.15 billion, representing a 28.43% gain.
Nonetheless, the most recent price prediction for the cryptocurrency is that it will be $0.52 at the end of 2022, with a year-over-year change of 38%. Moreover, the Ripple XRP’s price will increase to $0.66 in the first half of 2023.
Ripple (XRP) Vs. SEC Legal Battle
The legal battle has been going on since 2020, in which the SEC alleges that Ripple raised “over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
In its legal fight, Ripple Labs is gaining more and more supporters, including more than 75,000 individuals and 12 organizations right now.
By “amicus briefs,” the court can get important info or insight from parties that aren’t directly connected to the dispute.
However, Garlinghouse further claimed that each of the entities demonstrates, in their own particular manner, the catastrophic damage the SEC will cause to every aspect of the US crypto industry.
The SEC does not seem ready to give up. According to the November 3rd tweet by lawyer James K. Filan, the SEC has filed a motion asking the court to require that any other amicus briefs be submitted by November 11, 2022, and the time for submitting all “parties” reply briefs be extended until November 30, 2022.
Nevertheless, Stuart Alderoty, the general counsel for Ripple Lab, criticized the SEC on Twitter and said:
The SEC’s response? We need more time not to listen or engage but to blindly bulldoze on.
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