Ripple Labs recently filed a motion to dismiss the Securities & Exchange Commission (SEC) lawsuit against the company and its
executives.To get more news about WikiFX
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Motion to dismiss following twin victories last week
The SEC sued the blockchain firm late last year, along with its executives Brad Garlinghouse and Chris Larsen, alleging that XRP tokens
were sold as an unregistered security offering.
Despite speculation and fear that led to the delisting of XRP from many crypto exchanges, Ripple has witnessed a string of legal victories,
supporting the firms dismissal of the case.
Ripple had twin victories last week, as the court denied the SEC‘s request for the personal financial records related to Garlinghouse and
Larsen. Judge Sarah Netburn also granted Ripple access to the SEC’s
internal communication on Bitcoin and Ethereum.
While the SECs lawsuit accused Ripple of running a $1.3 billion unregistered securities offering, Judge Netburn previously stated that
XRP is a currency and has utility to her understanding.
With the recent wins against the SEC, CEO Brad Garlinghouse and Chairman Chris Larsen filed motions to dismiss the SECs lawsuit. Once
these motions are granted, the lawsuit would be over.
XRP price undeterred by ongoing legal battle
Despite the ongoing legal battle, retail traders have been undiscouraged. The recent legal victories have pushed XRP price even
higher, marking a three-year high.
XRP price surged by over 25% in the past 24 hours, gaining 65% just in the past week. Along with the bullish crypto market, led by Bitcoin
and Ethereum in the recent rally, XRP price is trading at $1.81, the
highest since 2018.
The cross-border remittance token has recently climbed back up into fourth place by market capitalization and exceeded $70 billion for the
first time since early 2018. The total value of XRP has eclipsed the
market cap of French banking giant BNP Paribas, with a market cap of
roughly $64 billion.
Relisting XRP unlikely until SEC issues a no-action declaration
Not only has XRP price been riding off of the recent legal battles, but also the rumors of the token being relisted on several exchanges
again. A community member made a discovery that pointed to the
possibility of Coinbase relisting XRP in several lines of code in the
Coinbase Pro API.
However, John Deaton – the attorney who led the motion to intervene in the SEC v. Ripple case – stated that he does not believe that
Coinbase, Kraken and Binance are going to relist XRP until the SEC
issues a no-action declaration or further clarity from the United States
District Court for the Southern District of New York (SDNY). Deaton
said: Further, Timothy Peterson, investment manager at Cane Island
Alternative Advisors, believes that the crypto exchanges decision to
suspend trading XRP was based on “weak and political allegation[s].”
Considering that XRP has a trading volume of $20 billion per day,
roughly 10% of the entire trading volume on the Nasdaq, he stated that
it was wrong for exchanges to delist the token. He explained: