Ripple Labs token XRP hits a three-month high.
XRP, Ripple’s native token, returned yesterday to the maximum values reached in the last three months driven by a buying spree due to the proximity of the ruling related to the lawsuit filed by the SEC.
The SEC, Securities and Exchange Commission is the regulatory body that, among other things, verifies the legitimacy of financial instruments.
The token posted a performance that took it to $0.431. Since the beginning of the year, XRP has recovered 18% of the lows of this bear market and the trend shows no sign of reversal given the focus and above all the optimism of the parties involved.
SEC Lawsuit against XPR
A week ago, Brad Garlinghouse, CEO of Ripple Labs, gave a positive opinion about the lawsuit filed against the company headed by the top US regulator.
Following the words of the manager, the race for the purchase of the token by many investors did not wait, and liquidity returned on time, and with it, the volumes.
To the microphones of CNBC, Garlinghouse spoke on the sidelines of the World Economic Forum in Davos armored. The CEO expressed his optimism for the positive result of the sentence that the judge will issue in relation to the SEC-Ripple lawsuit:
“We are optimistic that this will definitely be resolved in 2023, and possibly in the first half. So we’ll see how it develops from here. But I feel very good about where we are with respect to the law and the facts.”
Ripple has always strongly held the view that XRP is not a security.
Ripple’s Legal Challenge
Regarding the conclusion of the legal challenge, both parties in the case delivered their briefs before the Court of the United States of America in December.
Following the delivery of the briefs, both Ripple Labs and the SEC petitioned the Court for a result sanctioned by summary judgment.
According to Brad Garlinghouse, Ripple Labs and the US regulatory body will not find a consensual agreement and the judge will have to issue a sentence:
“We have always said that we would like to please, but it requires one very important thing, and that is that, going forward, it is clear that XRP is not a security. The SEC and Gary Gensler have openly stated that they view almost all cryptocurrencies as a security. And that leaves very little room in the Venn diagram for adjustment.”
The crypto is currently sidelining but the trend remains bullish in the medium term. The attention on XRP remains high among investors and experts in general, even if it has slightly decreased after this surge.
Awaiting the judge’s ruling that promises to be historic for the entire cryptocurrency world, insiders and investors are looking forward to the bull run lulled by the increasingly insistent rumors of a ruling in favor of Ripple.
By Audy Castaneda