XRP rallies on rumors of a favorable outcome in SEC case against Ripple

In the last 24 hours, Ripple’s XRP token rose 15%, according to CoinGecko. The asset is trading around $0.45.

At one point, the quotes rose to around $0.50, after which they corrected. Over the week the coin has risen more than 21%.

The previous day, there were messages on Twitter that Ripple has good chances to positively resolve the lawsuit with the US Securities and Exchange Commission (SEC). In December 2020, the regulator filed a lawsuit against the company, accusing it of selling unregistered securities in the form of XRP to retail investors.

Earlier this week, Ripple’s lawyers filed a motion to consider precedent in support of the company’s position. It concerns the Voyager bankruptcy case, where Judge Michael Wiles overruled the SEC’s objections.

Hogan&Hogan partner Jeremy Hogan noted that, according to Wiles, the regulator lacks clear criteria for classifying cryptocurrencies as securities.

«We’re nearing the end…», — added the attorney.

In comments to CoinDesk the head of BTSE Henry Liu confirmed that the XRP rally is connected to leaked rumors of a possible settlement between Ripple and the SEC.

«Some even speculate that the firm could come out on top. Regardless of who is right, the anticipated resolution of the case would stimulate a positive impulse for XRP», — said the CEO of BTSE.

Messari, the analytics firm, published a review of Ripple’s XRP Ledger distributed ledger. Experts noted that the network aims to provide payment services to both individuals and corporations, including financial institutions and central banks. Despite the operator of XRP Ledger’s legal issues, it is growing confidently, and the number of open accounts has already surpassed 5 million.

Messari founder Ryan Selkis admitted that he had been critical of Ripple, but now he is increasingly sympathetic to the company. In his words, there is clear demand for its solutions.

I’ve been critical of Ripple in the past (various reasons), but more aligned with them than ever before.

Ripple should win the overreaching XRP-SEC case, and the XRP Ledger should be afforded the opportunity to compete fairly on digital payments infra globally.

Demand is there! https://t.co/fewaEami0p

— Ryan Selkis ? (@twobitidiot) March 21, 2023

In March, the XRP Ledger developers launched a testnet EVM-compatible sidechain with an announced throughput of 1000 TPS.