TL;DR
- Ripple achieved another legal victory as a federal judge dismissed the SEC’s appeal to a July ruling;
- Following this win, XRP’s price surged to nearly $0.55 amid a broader cryptocurrency market decline, marking its second significant price increase in response to legal developments.
Six Months Left
Ripple secured another major victory in its legal battle against the US Securities and Exchange (SEC) on October 3. Specifically, a federal judge dismissed the regulator’s intention to appeal the ruling in mid-July, where it was determined that the company’s XRP sales did not constitute an offer of investment contracts.
The magistrate found “substantial ground for difference of opinion,” suggesting an appeal would not advance the case toward a conclusion.
The trial in the lengthy lawsuit between the two entities is scheduled for April 23, 2024, as its outcome could have a huge impact on the entire cryptocurrency industry and the regulatory environment in the US. Both parties must submit all required pretrial filings and necessary documents by December 4, 2023.
XRP Spikes After the Second Victory in a Row
The price of the native token of Ripple soared immediately after the ruling, reaching almost $0.55 (per CoinGecko). Its surge comes on the back of an overall market decline, with most cryptocurrencies being in the red for the past 24 hours.
XRP’s spike was even more impressive after the previous court decision in July when it skyrocketed by over 70%, surpassing the $0.85 mark. Those curious to learn more about that development could take a look at our dedicated video below:
