XRP, the payment cryptocurrency developed by the Ripple company, has suddenly exploded, leaving Bitcoin, Ethereum and other major currencies behind.
XRP price is up almost 10% in the last 24 hours after a positive development for Ripple in its long-running legal case with the US financial regulator.
Meanwhile, bitcoin, ethereum, and other top ten cryptocurrencies BNB, solana, cardano, Terra's luna, and avalanche have traded more or less sideways with bitcoin price falling below the closely watched $40,000 per bitcoin level.
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Ripple's XRP price has risen to $1 per XRP after a rough week for crypto markets that ... [+]
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On Friday, a document was filed in the legal battle between Ripple, two of its executives and the US Securities and Exchange Commission (SEC), with the judge allowing Ripple to use a "fair notice defense", meaning that Ripple can claim that the regulator failed. to inform you that your XRP sales could potentially violate US financial laws.
"Today's order makes clear that there is serious question as to whether the SEC ever provided Ripple with fair notice that its distributions of XRP, dating back to 2013, would be prohibited under securities law," said Stuart Alderoty, General Counsel. from Ripple, via Twitteradding, "It's good to see the judge reject the SEC's attempt to prevent Ripple from pursuing its fair notice defense."
Ripple and the price of XRP have been in trouble for the past year due to the SEC lawsuit. The SEC accused Ripple of selling XRP as an unregistered security before initiating action early last year.
The SEC has filed a lawsuit against Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen, alleging that the sale of $1.3 billion worth of XRP by Ripple and its executives between 2013 and 2020 violated SEC rules.
"We expect some decisions from the court, you know, sooner rather than later as far as a couple of decisions before the court, but look, it's been moving slowly," Garlinghouse said. foxnews earlier this month.
Judge Torres also denied Ripple CEO Brad Garlinghouse and co-founder Chris Larsen's motion to dismiss individual SEC charges against them.
The crypto community has long called for clearer regulations, with many expecting an influx of companies and investors into the space once that happens.
“We certainly need some regulatory clarity in this space for institutions to get involved,” Scott Sheridan, chief executive of trading platform Tastyworks, said in emailed comments. "Once we have that clarity and a larger share of the market, a world of possibilities opens up."
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XRP price has added 8% since this time yesterday after sliding down the crypto rankings in ... [+]
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This week, Bitcoin and cryptocurrency prices soared following the release of a long-awaited executive order from the Biden administration on cryptocurrencies. which commissions various government departments and federal agencies to investigate the risks associated with crypto technology, but they quickly forfeited much of their profits.
“The executive order provides an overview of the plan and provides some insight into the direction of crypto regulation and issues that raise concerns for the federal government, namely consumer protection, financial stability, national security and risk. climate," Haohan Xu, CEO of cryptocurrency trading platform Apifiny, said via email.
“The cryptocurrency industry also wants to address these issues, and many cryptocurrency companies are eager to play by the rules of the game, as long as the rules are clear.”
