XRP, the payments cryptocurrency developed by the company Ripple, has suddenly rocketed higher, leaving bitcoin, ethereum and other major coins in the dust.
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the latest crypto price crash
The XRP price has jumped almost 10% over the last 24 hours after a positive development for Ripple in its long-running legal case with the U.S. financial regulator.
Meanwhile, bitcoin, ethereum and other top ten cryptocurrencies BNB, solana, cardano, Terra’s luna and avalanche have more or less traded sideways with the bitcoin price dropping back under the closely-watched $40,000 per bitcoin level.
Want to stay ahead of the bear market and understand what Fed interest rate hikes mean for crypto? Sign up now for the free CryptoCodex—A daily newsletter for crypto investors and the crypto-curious
The price of Ripple’s XRP has surged toward $1 per XRP after a rocky week for crypto markets that … [+]
On Friday, a document was filed in the legal battle between Ripple, two of its executives and the U.S. Securities and Exchange Commission (SEC), with the judge allowing Ripple to use a “fair notice defense”—meaning Ripple can claim the regulator failed to inform it that XRP and his public sails could potentially violate U.S. financial laws.
“Today’s order makes it clear there’s a serious question whether the SEC ever provided Ripple with fair notice that its distributions of XRP—since 2013—would ever be prohibited under the securities law,” Stuart Alderoty, Ripple’s general counsel, said via Twitter, adding: “Good to see the Judge rejecting the SEC’s attempt to prevent Ripple from pursuing its fair notice defense.”
Ripple and the XRP price has struggled over the last year due to the SEC lawsuit. The SEC accused Ripple of selling XRP as an unregistered security before launching action early last year.
The SEC filed against Ripple, its chief executive Brad Garlinghouse and co-founder Chris Larsen, alleging the sale of $1.3 billion worth of XRP by Ripple and its executives from 2013 to 2020 constituted an ongoing unregistered offering of securities.
“We’re expecting some decisions from the court, you know, sooner rather than later as it relates to a couple of decisions before the court but, look, it’s moved slowly,” Garlinghouse told Fox News earlier this month.
Judge Torres also denied Ripple CEO Brad Garlinghouse and cofounder Chris Larsen’s motion to dismiss the SEC’s individual charges against them.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
The XRP price has added 8% since this time yesterday after being sliding down the crypto rankings in … [+]
Scott Sheridan, market expert and CEO of tastyworks tastyworks comments: “This is something the U.S. has been looking at already. I don’t think the current Russia Ukraine situation was the genesis of this, but I do think it probably helped highlight the salience of the issue. It really remains to be seen what will come of this. From my understanding, we’re in an “exploratory” phase which has an indeterminate amount of time. But I do think it’s imperative to get first mover status in crypto. As the world’s reserve currency, you don’t want to risk being usurped because you were late to the party. As for the spike in bitcoin Wednesday, I think it was partly related to the announcement. We surely need some regulatory clarity in this space in order for institutions to become involved. Once we have that clarity and greater market participation, it opens a world of possibilities. Long term, crypto will have a role in finance. I’m convinced of that. I just don’t know what that role will look like just yet. But it probably makes sense for investors to have some exposure here and at a minimum, gain some understanding as to what differentiates one product from the next.”
Source: https://www.forbes.com/sites/billybambrough/2022/03/12/the-price-of-ripples-xrp-is-suddenly-surging-as-bitcoin-ethereum-bnb-solana-cardano-terras-luna-and-avalanche-are-flatflining/