is the new record holder in the cryptocurrency market. In just a few weeks, XRP rose a phenomenal 225% and rebounded from $ 0.60 to $ 1.95. It’s especially hard to believe in such a dynamic, considering that some experts predicted earlier this year that XRP would soon be a holdover due to the SEC lawsuit. The US Securities and Exchange Commission accused Ripple of having issued a pseudocryptocurrency that actually acts as a security.
Even so, the project turned out to be entirely feasible, or rather, as a line of defense chosen by Ripple’s lawyers. It’s worth noting that the SEC used to resort to non-standard practices. In addition to the company itself, there were two of its executives, CEO Brad Garlinghouse and Chairman Chris Larsen, accused of illegally selling XRP token securities.
The SEC stated that the XRP digital currency used by Ripple for cross-border payments has been an unregistered security since 2013. Therefore, in her opinion, Ripple has been involved in illegal securities trading for seven years. According to the SEC, the company’s top management and millions of private investors should have known about it. The SEC’s position completely contradicts its own conclusions that Ripple was only officially recognized as collateral at the very last minute. In 2018, an SEC spokesman publicly announced that XRP’s status was “indefinite”. At the same time, prior to listing the token, some trading platforms asked the SEC whether XRP was a security, but the agency refused to make a clear statement.
The defendants’ representatives asked the court to dismiss the SEC’s lawsuit on the grounds that the SEC was unable to provide convincing evidence of willful violation of the law by Ripple executives in XRP sales. In addition, Larsen’s attorneys stated that the SEC’s application for monetary relief had expired because the statute of limitations had expired. The SEC has until May 14 to file its objections to the defendants’ filings. You can then submit a counter-declaration by June 4th.
XRP buyers are also getting support from the news that XRP holders can now use their tokens for mining and liquidity and engage in DeFi applications around the world. This gave the XRP investors an additional opportunity to receive passive income. Coupled with Ripple’s success in the SEC lawsuit, that news provided significant support for XRP, which continues to climb and has pretty good chances of surpassing $ 2