TL;DR
Judge dismissed SEC’s appeal in Ripple case, favoring Ripple.
Lawsuit’s outcome on April 23, 2024, may impact US crypto regulations.
XRP price spiked to $0.55 post-ruling, then settled at $0.52
The Latest Details
The never-ending saga between Ripple and the US Securities and Exchange Commission (SEC) reached another peak on October 3 after a federal judge dismissed the regulator’s wish to appeal the previous court decision that gave the crypto company an upper hand in the legal battle.
Specifically, the magistrates determined that Ripple’s XRP sales years ago did not constitute an offer of investment contracts.
The latest groundbreaking decision that favors the blockchain enterprise infused additional enthusiasm among the XRP community that a decisive victory is just one step away.
As CryptoPotato reported, the lawsuit between the two entities is scheduled for April 23, 2024 and its outcome could have a massive impact on the entire cryptocurrency sector and the regulatory environment in the United States. Ripple and the SEC must submit all required pretrial filings and necessary documents by December 4, 2023.
XRP’s Reaction
Somewhat expectedly, the price of Ripple’s native token spiked immediately after the ruling, touching the $0.55 mark (per CoinGecko). However, in the following hours, XRP slightly retraced and currently hovers around $0.52.
The coin’s surge was much more impressive after the previous court decision in July when it shot above $0.85. Those curious to find out more can click on the clip below:
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