Legal Showdown: XRP Skyrockets Amid SEC-Ripple Battle

Heightened engagement in the ongoing legal dispute involving the U.S. Securities and Exchange Commission (SEC) and Ripple piqued investors’ curiosity in XRP this week. The embattled cryptocurrency witnessed significant fluctuations, generating consecutive gains for three consecutive days. According to TradingView statistics, XRP surged by 4.52% on Friday alone, transitioning from a daily low of $0.51459 to a peak of $0.53683.

However, Friday marked the culmination of a hectic week for XRP as it navigated through a flurry of activities amid the ongoing legal tussle between Ripple and the SEC. The week saw both sides embroiled in a legal dance, filing motions and counter-motions, each vying for a favorable verdict from the court.

Earlier this week, the SEC opposed Ripple’s ‘Motion to Strike,’ aiming to dismiss the testimony and exhibit provided by Andrea Fox, the SEC’s enforcement accountant. Ripple cited various grounds for its motion, such as the belated introduction of new expert materials.

The SEC filed a motion asserting that Fox’s testimony lacked new expert material and urged the court to dismiss Ripple’s motion. Ripple responded later in the week with its own motion, urging the court not to consider the SEC’s filing.

Legal Battle Energizes XRP Investors

Despite industry stakeholders such as Bill Morgan, a prominent crypto lawyer, doubting the court’s likelihood to grant ‘Ripple’s Motion to Strike,’ he envisions a scenario where the judge might permit the company to depose her, considering certain expert evidence she presented.

The ongoing exchanges between both parties reignited investors’ curiosity and sparked excitement within the cryptocurrency sphere. This dynamic injected a notable degree of volatility into XRP, particularly as users anticipate a resolution to the case in the near future.

The SEC has petitioned the court to impose a fine of potentially $2 billion on Ripple for allegedly marketing XRP as a security to institutional investors. Ripple is contesting the accusation, seeking to persuade the court to consider a lesser penalty amid the ongoing legal proceedings.

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