XRP price has surged in the last 24 hours as the legal tussle between the US Securities and Exchange Commission (SEC) and Ripple approaches the Summary Judgment phase. Both sides have already filed motions for summary judgment and other parties are filling requests to file as Amicus Curiae.
Early today, the price of Ripple’s native token, XRP, jumped to a daily high of $0.4661 before briefly pulling back to $0.4603 at press time. XRP has gained over 37% in the past 60 days; something attributed to the positive updates coming from the lawsuit.
As the XRP lawsuit approaches the final phase, Ripple Labs seems to be gaining the upper hand. It is barely a month since a US judge court ordered SEC to produce Hinman’s speech documents which were crucial for Ripple’s defence which was seeking to prove that the SEC was applying double standards.
In the contested Hinman speech delivered at the Yahoo Finance All Markets Summit in June 2018, Hinman stated “Based on my understanding of the present state of Ether, the Ethereum network, and its decentralized structure, current offers and sales of Ether are not securities transactions.”
Going by the recent updates from the lawsuit, Ripple seems poised for a victory; something that could set its native token skyrocketing to the moon especially due to the huge potential that RippleNet possesses. In May this year, Ripple’s CEO indicated that Ripple will explore IPO after the SEC lawsuit gets concluded.
Coinbase, the largest crypto exchange by trading volume, is one of those who have filed a request to be allowed to file an Amicus Brief in support of Ripple’s defence.
Coinbase delisted XRP immediately after the US SEC filed a lawsuit against Ripple Labs for issuing an unregulated security. Coinbase was not the only crypto exchange that delisted Ripple’s native tokens since almost all major crypto exchanges including Binance have delisted the token.
Another entity that has filed to be allowed as an Amicus Curie in the XRP lawsuit is the Crypto Council for Innovation which wants to file an Amicus Brief in support of Ripple’s Defendants’ Brief in Opposition to the SEC’s Motion for Summary Judgment.