XRP price today rose above the key resistance of $1.57 to create a new weekly high of $1.64 rising by 15% for the day. The fourth-largest cryptocurrency by market cap fell below $1 support during the last week’s correction, registering a decline of over 30%.
The current bullish recovery is being attributed to the strong momentum building in favor of Ripple labs in its ongoing lawsuit against the US SEC. The CEO of the firm Brad Garlinghouse who is also named as an accused in the unregistered security offering lawsuit has shown optimism over the outcome of the ongoing lawsuit and even based the US regulators over the lack of clarity on crypto regulations in the country.
Ripple vs SEC Lawsuit Virtual Hearing is Live
The third virtual hearing in the SEC vs Ripple lawsuit is currently live and many believe today’s 15% surge was in anticipation of a positive outcome in the case. Prior to today’s hearing, Ripple Labs has accused SEC of ‘extra-judicial tactics’ with its MOU requests. Many slammed SEC for its use of MOU requests which are outside the rules of civil procedure.
The US SEC first filed a case against Ripple Labs and two of its executives towards the end of December last year in what many proclaimed an end of the road for Ripple and XRP in the US. The lawsuit filed by SEC was followed by a delisting spree from multiple US-based exchanges. However, as the court hearings began the situations started to look more balanced and even in favor of Ripple than SEC.
SEC had to make many amendments to their original lawsuit and even had to remove the market manipulation claims looking at the lack of evidence against the cryptocurrency firm. In major developments through the past hearings, Ripple’s legal counsel revealed that SEC had ignored several enquiries from different crypto exchanges in the past about the regulatory status of XRP. In another hearing, SEC admitted that only Ripple and its employees would be liable for breaching security laws through the sale of XRP, thus indicating that exchanges might not face the regulator’s ire.