Invited on the set of Fox Business, the CEO of Ripple provided further information on “ the crypto trial of the century “. A situation that seems to benefit Ripple, or more precisely XRP, which has seen its price surpass the current cryptocurrency market.
Trial of the Century
As a reminder, the Securities and Exchange Commission (SEC) sued Ripple over the sale of $1.3 billion in unregistered securities. An inadmissible argument for the defense, simply because the XRP token does not fall into the category of securities. In order to expedite the proceedings, Ripple’s lawyer has issued a motion for judgment summary on September 18. Instead of issuing a lawsuit, a judge will therefore be able to decide the case on the basis of the files already in hand.
Garlinghouse, under media fire since the start of the case, reinforced his anger at the SEC during the interview. According to him, the SEC is scandalously overstepping its authority. Especially since the judge now has all the information necessary to render a verdict.
A situation that benefits Ripple’s XRP
This buzz seems to greatly benefit Ripple, which sees the price of XRP soar. In recent days and weeks, the token has indeed been performing on the market. Its price soared 18% in just 24 hours. A sizeable performance that started in the last 7 days, with more than 50% increase.
While other market giants (like ETH and BTC) are losing 9% and 3% respectively, XRP is taking advantage of the notoriety of the lawsuit to carve out a place at the top. This crypto is currently reaching the symbolic threshold of $0.50.
Pending news of the lawsuit, it is possible that XRP will continue on its bullish path. Especially if the token manages to stay above the symbolic $0.50, we can expect more crypto buying.
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