Ripple vs SEC Case Update Led XRP Price Surge

• Ripple’s XRP price increased by over 3% in a day.
• Ripple has freed 1 billion XRP tokens from escrow accounts.

While the largest cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) prices declined, Ripple’s native crypto token XRP price surged over 3% in a day. At the time of writing, XRP traded at $0.3754 with a market cap of more than $19 billion, as per CoinMarketCap data. 

Finally, an end to Ripple’s long-year fight with the U.S. Securities and Exchange Community (SEC) is on its way. Now, Ripple is confident in its win over the US banking authority. Ripple’s chief legal officer, Stuart Alderoty, stated that a summary judgment is coming.

Also, in a recent court filing, Ripple Labs stated that their “fair notice defense” against the Securities and Exchange Commission, is strengthened by the recent Supreme Court decision in Bittner v. United States.

Ripple’s Positive Move

Since 2020, the SEC vs Ripple lawsuit has drawn on with various turns that have occasionally favored the payment giant. However, the after a prolonged period of silence, “Crypto Twitter” was puzzled by updates from the SEC vs Ripple case on Friday. Also, it prompted  XRP price. XRP price soared over 10% since the start of 2023. 

After the SEC sued Ripple Labs over the sale of XRP in 2020, stating that it is unregistered security. XRP was removed from several exchanges. Now a significant cryptocurrency trading platform has reiterated its support for the XRP  token and now allows users to buy, sell, and hold a wide range of assets including cryptocurrencies and tokenized stocks.

Further, Ripple has freed 1 billion XRP tokens from escrow accounts in a multitude of transactions. At the current USD exchange rate, the amount of XRP that was withdrawn was approximately $378 million.

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