XRP Token Surges on Positive Outlook in Ongoing Ripple vs SEC Case
XRP tokens surged over 20% in the past 24 hours after reports of issuer Ripple being well-placed to win its landmark case against the U.S. Securities and Exchange (SEC) emerged on Tuesday.
XRP traded at 45 cents on Wednesday, seeing trading volumes of over $5 billion amid interest from traders. Over $17 million worth of xrp-tracked futures were liquidated in a higher-than-usual figure as some traders were likely caught offside, Coinglass data shows.
Earlier this week, Ripple defendants made a new filing in support of their fair notice defense. The filing referenced rulings on SEC objections in the Voyager Digital Holdings bankruptcy case. It noted that the basis for Judge Wiles rejecting the SEC objections endorsed many of the arguments the Ripple defendants have presented in the filing.
Ripple (finally) filed the Voyage bankruptcy Judge's decision.— Jeremy Hogan (@attorneyjeremy1) March 20, 2023
The Judge uses abnormally strong language, stating that the U.S. regulators themselves cannot even agree on what criteria to use in deciding whether crypto is a security (Fair Notice).
We are getting close... https://t.co/zvLQ5zEWUV pic.twitter.com/0nCSMVuG0C
Traders likely reacted to rumors of the case already being settled on paper, some market observers opined.
“We’re seeing the XRP price jump by double digits and rally above its long-held resistance levels, as rumors filter through that Ripple and the SEC have possibly agreed to a settlement,” said Henry Liu, CEO of BTSE, in a Telegram message to CoinDesk.
“At the same time, others are speculating that Ripple could even emerge victorious from the court battle. Regardless of which faction is correct, the presumed resolution of the case in Ripple’s favor is driving this positive momentum,” Liu added.
Ripple has historically maintained a distance from its relation to XRP, the tokens that power some of Ripple’s products, and the XRP Ledger network. Any progression in the case causes XRP price movement, however.